What More Can I Do To Increase My Credit Score

[SouthJamaica]

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@MrsE wrote:

@SouthJamaica  - Easy enough to follow.  Thanks!

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@SouthJamaica wrote:

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@MrsE wrote:

Thanks @SouthJamaica!  Please let me know if you have any other pointers to help me get to the next credit rating.  Thx.

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Well it's easy to give you the pointers, may not be so easy for you to follow them:

1. No new applications for anything for a year.

2. Pay loans down but not off.

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Question @MrsE 

If they're so easy to follow, how come I can't follow them?

[MrsE]

Hi Everyone - 

Great news!  My bankruptcy from 2016 (CH13) has fallen off (yaaay) and all of my FICO 8 scores have soared...A LOT! I couldn't figure out how to share a screen shot so I've put the numbers below. I've finally crossed the 800 threshold with EQX and I'm only a few points away from 800 with EXP and TU. I haven't gotten any new credit since my last post in May and my utilization is at 10% or below. My FICO 9 scores haven't updated yet, but will post when they do. My new goal is to get all scores to 800 or greater, with the ultimate goal being 850 across the board.  Will keep you posted on my progress.

Thanks for all of the advice myFICO Community!

July 2023 FICO 8 Scores:
EQX - 813
EXP - 785
TU - 794

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@MrsE wrote:

Hi everyone!  It's been a little over a year since I posted my scores, so I thought I'd give an update.

FICO Score 8/9 comparison from Mar 2022 to May May 2023:

March 2022    
EQX - 675/712
EXP - 700/731
TU - 677/725

May 2023
EQX - 721/746
EXP - 737/710
TU - 694/744

Other Datapoints:
Credit Utilization: 1%
AAoA: EQX - 7yrs/2mo; EXP - 5yrs/11mo; TU - 6yrs/3mo
Inquiries 12: EQX - 1; EXP - 4; TU - 1

Here's what I've done since March 2022:
- paid off car financed in Feb 2020
- Opened 2 credit cards; Chase Freedom ($2.8K limit) and AMEX ($19K limit)
- Paid off Lending Point Loan
- Paid down Upgrade Loan to $5,840 (previous balance was $26K)
- Kept utilization down to 3% or lower
- Leased a vehicle in July 2022 for $49K for 3 years, but paid down lease to $15K as of March 2023
- Increased limits on all CCs

Not sure why Experian took a dip in score for FICO 9, but I assume due to some payoffs. Still aiming for 720 or higher on FICO 8 (TU) and FICO 9 (EXP), but new overall goal is to move from "Good" rating to "Very Good" for FICO 8/9 on all 3 bureaus.

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[Webspry]

Get that Utilization down to below 3% for starters, then get into a routine of paying balances in full before your reporting dates. Do your best not to buy things unless you have cash in the bank to pay off card before your reporting date in the future. You have a decent mix of credit types so you should see a nice gain in score. 

[CLabuser]

what's worked for me over the past is building a relationship with a major bank. Open an investment account/checking/savings/ and a managed account. Show the banks that you're willing to put in and after a few months of being a member and establishing a relationship, apply for your first card.

• investment account
• Savings
• Checking
• Deposits 

[Horseshoez]

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@CLabuser wrote:

what's worked for me over the past is building a relationship with a major bank. Open an investment account/checking/savings/ and a managed account. Show the banks that you're willing to put in and after a few months of being a member and establishing a relationship, apply for your first card.

• investment account
• Savings
• Checking
• Deposits 

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I don't think opening an investment account will have any benefit at all when it comes to trying to raise a credit score, and deposit accounts won't have any direct impact either.

[MrsE]

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Hi Everyone - 

Here are my updated FICO 8/9 Scores as of August 14, 2023.  I'm happy to say that they've all increased significantly.  Thanks for your advice myFICO community! :-)

August 2023 FICO Scores (FICO 8/ FICO Bankcard 8/ FICO 9/ FICO Bankcard 9)
EQX - 813/823/820/829
EXP - 791/806/790/793
TU - 790/820/807/816

My goal is still to get to 850 across the board. I'm confident that I'll get there within the next year.  Stay tuned! Will update in January 2024.

@MrsE wrote:

Hi Everyone - 

Great news!  My bankruptcy from 2016 (CH13) has fallen off (yaaay) and all of my FICO 8 scores have soared...A LOT! I couldn't figure out how to share a screen shot so I've put the numbers below. I've finally crossed the 800 threshold with EQX and I'm only a few points away from 800 with EXP and TU. I haven't gotten any new credit since my last post in May and my utilization is at 10% or below. My FICO 9 scores haven't updated yet, but will post when they do. My new goal is to get all scores to 800 or greater, with the ultimate goal being 850 across the board.  Will keep you posted on my progress.

Thanks for all of the advice myFICO Community!

July 2023 FICO 8 Scores:
EQX - 813
EXP - 785
TU - 794

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@MrsE wrote:

Hi everyone!  It's been a little over a year since I posted my scores, so I thought I'd give an update.

FICO Score 8/9 comparison from Mar 2022 to May May 2023:

March 2022    
EQX - 675/712
EXP - 700/731
TU - 677/725

May 2023
EQX - 721/746
EXP - 737/710
TU - 694/744

Other Datapoints:
Credit Utilization: 1%
AAoA: EQX - 7yrs/2mo; EXP - 5yrs/11mo; TU - 6yrs/3mo
Inquiries 12: EQX - 1; EXP - 4; TU - 1

Here's what I've done since March 2022:
- paid off car financed in Feb 2020
- Opened 2 credit cards; Chase Freedom ($2.8K limit) and AMEX ($19K limit)
- Paid off Lending Point Loan
- Paid down Upgrade Loan to $5,840 (previous balance was $26K)
- Kept utilization down to 3% or lower
- Leased a vehicle in July 2022 for $49K for 3 years, but paid down lease to $15K as of March 2023
- Increased limits on all CCs

Not sure why Experian took a dip in score for FICO 9, but I assume due to some payoffs. Still aiming for 720 or higher on FICO 8 (TU) and FICO 9 (EXP), but new overall goal is to move from "Good" rating to "Very Good" for FICO 8/9 on all 3 bureaus.

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@MrsE wrote:

Hi Everyone - 

Great news!  My bankruptcy from 2016 (CH13) has fallen off (yaaay) and all of my FICO 8 scores have soared...A LOT! I couldn't figure out how to share a screen shot so I've put the numbers below. I've finally crossed the 800 threshold with EQX and I'm only a few points away from 800 with EXP and TU. I haven't gotten any new credit since my last post in May and my utilization is at 10% or below. My FICO 9 scores haven't updated yet, but will post when they do. My new goal is to get all scores to 800 or greater, with the ultimate goal being 850 across the board.  Will keep you posted on my progress.

Thanks for all of the advice myFICO Community!

July 2023 FICO 8 Scores:
EQX - 813
EXP - 785
TU - 794

---

@MrsE wrote:

Hi everyone!  It's been a little over a year since I posted my scores, so I thought I'd give an update.

FICO Score 8/9 comparison from Mar 2022 to May May 2023:

March 2022    
EQX - 675/712
EXP - 700/731
TU - 677/725

May 2023
EQX - 721/746
EXP - 737/710
TU - 694/744

Other Datapoints:
Credit Utilization: 1%
AAoA: EQX - 7yrs/2mo; EXP - 5yrs/11mo; TU - 6yrs/3mo
Inquiries 12: EQX - 1; EXP - 4; TU - 1

Here's what I've done since March 2022:
- paid off car financed in Feb 2020
- Opened 2 credit cards; Chase Freedom ($2.8K limit) and AMEX ($19K limit)
- Paid off Lending Point Loan
- Paid down Upgrade Loan to $5,840 (previous balance was $26K)
- Kept utilization down to 3% or lower
- Leased a vehicle in July 2022 for $49K for 3 years, but paid down lease to $15K as of March 2023
- Increased limits on all CCs

Not sure why Experian took a dip in score for FICO 9, but I assume due to some payoffs. Still aiming for 720 or higher on FICO 8 (TU) and FICO 9 (EXP), but new overall goal is to move from "Good" rating to "Very Good" for FICO 8/9 on all 3 bureaus.

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[CLabuser]

here's the thing, having an investment account through a major institution will contibute to a bigger CL, thus increasing scores/total CL and lower utilization. it's all relative in the credit umbrella. 

[Horseshoez]

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@CLabuser wrote:

here's the thing, having an investment account through a major institution will contibute to a bigger CL, thus increasing scores/total CL and lower utilization. it's all relative in the credit umbrella. 

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Please stop with the bogus information; what you're saying won't work.

[Webspry]

Pay down your balances. No new inquiries. Time will increase your score 

[CLabuser]

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@Horseshoez wrote:

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@CLabuser wrote:

here's the thing, having an investment account through a major institution will contibute to a bigger CL, thus increasing scores/total CL and lower utilization. it's all relative in the credit umbrella. 

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Please stop with the bogus information; what you're saying won't work.

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You must be kidding me lol, I have close to 500k in CLs ALONE across many accounts. I don't and never had a w-2 filing. I report mid 5 figures NET every year and have funded many accounts through various banks and instituions and i'm under the age of 30. I would post screenshots if I could just because of how wrong you are. BALANCES IN BANK ACCOUNTS ARE TAKEN HEAVILY INTO CONSIDERATION WHEN APPLYING FOR CREDIT.

The same way the are when applying for a loan. it's the same concept. You think it's being lucky or having a good "standing" in order to have good credit? Credit and scores are purely a concept of manipulating numbers, and with your 6 cards, clearly you're in no position to make anyone feel small here. 

I'm not in the business of saturating methods, so take this lesson on the chin and sharpen up your game. Don't call me out because if you're not ready to compare credit reports this discussion is over, and being a bully won't get you anywhere. I joined this forum to help people and give small bits of advice through my own personal experinces in credit success and cleansing.