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Where can I improve? 22 year old

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Where can I improve? 22 year old

I'm 22 years old with a credit score around 762. My goal is to reach a perfect score but I'm assuming time is the main factor there. In the meantime, I think a realistic goal is to reach 800 first. What can I do to improve my score?

 

I have 4 revolving credit accounts:

American Express EveryDay Card, $7,500 limit;

Discover It Card, $6,000 limit;

Chase Sapphire Preferred Card, $6,400 limit;

Mastercard Titanium Card, $5,000 limit.

 

My oldest account is my Discover account, opened the day I turned 18 back in 2012. In Aug. of 2014 I opened my AmEx, in Aug. of 2015 I opened my CSP and this August I opened the Titanium card.

 

I have a student loan that is currently in deferement while I work on my masters (which I received a scholarship for so I don't have to take out any more loans!) and I also have an auto loan. Between the two I owe right around $50,000.

 

My total annual income is around $42,500.

 

I have 11 credit inquiries on my TU report, 2 falling off next month, and 3 on my EX report.

 

I've never missed a payment and I always pay in full. No baddies of any kind on my credit reports. Would opening new accounts now help bump my score?

FICO Score: 772 (Discover, as of 8/29/17); 760 (AmEx, as of 8/23/17); 772 (Barclays, as of 8/15/17)
Message 1 of 7
6 REPLIES 6
Senior Contributor

Re: Where can I improve? 22 year old

Message 2 of 7
Established Contributor

Re: Where can I improve? 22 year old


@deadrealism wrote:

I'm 22 years old with a credit score around 762. My goal is to reach a perfect score but I'm assuming time is the main factor there. In the meantime, I think a realistic goal is to reach 800 first. What can I do to improve my score?

 

I have 4 revolving credit accounts:

American Express EveryDay Card, $7,500 limit;

Discover It Card, $6,000 limit;

Chase Sapphire Preferred Card, $6,400 limit;

Mastercard Titanium Card, $5,000 limit.

 

My oldest account is my Discover account, opened the day I turned 18 back in 2012. In Aug. of 2014 I opened my AmEx, in Aug. of 2015 I opened my CSP and this August I opened the Titanium card.

 

I have a student loan that is currently in deferement while I work on my masters (which I received a scholarship for so I don't have to take out any more loans!) and I also have an auto loan. Between the two I owe right around $50,000.

 

My total annual income is around $42,500.

 

I have 11 credit inquiries on my TU report, 2 falling off next month, and 3 on my EX report.

 

I've never missed a payment and I always pay in full. No baddies of any kind on my credit reports. Would opening new accounts now help bump my score?


Do you have an installment loan if not Captool's advice will help as it will improve you credit mix.
FICO 8 Scores Eq 821 Ex 820 TU 841, 210K Available CL, 1% Util


Message 3 of 7
Frequent Contributor

Re: Where can I improve? 22 year old

Personally, I would forget about adding more credit lines and instead go for credit limit increases on your existing cards.  CLIs all at the same time; take the temporary hit for hard pulls on your accounts.  Then do nothing but garden your accounts and pay the bills.  In 6-12 months the impact will gradually disappear and you will have higher CLs to show for it plus lower utilization of your available credit.

 

In a couple of years you will likely apply for a mortgage but it looks like your financial health is in good shape and you are doing all the right things.  Scores above 760 don't net you any substantive benefits so just keep doing what you are doing and the the 800 score will come naturally as you age.


Starting Score: EQ 732 October 2007; Current Score: EQ 845; TU 900, November 2019; Oldest Reporting EQ Account: 17.9 years; EQ AAoA: 9.8 years.


Message 4 of 7
Moderator Emerita

Re: Where can I improve? 22 year old

To add to Roarmeister's wise post, also work out a plan to pay off your $50k in student loans. I know you are still getting your Masters and you have that cost covered - which is great, but come up with a plan to pay off that $50k rapidly rather than drag it out for 20 or 30 years after you graduate. JMO

Message 5 of 7
New Contributor

Re: Where can I improve? 22 year old

Thanks for the advice everyone! I think at this point I am going to hold off on adding another loan to my credit profile. Maybe down the road, but not now. I have been working to increase my credit lines across my accounts as often as I am able, but I've been hitting a wall due to my current income and lack of use on certain cards.
FICO Score: 772 (Discover, as of 8/29/17); 760 (AmEx, as of 8/23/17); 772 (Barclays, as of 8/15/17)
Message 6 of 7
Valued Contributor

Re: Where can I improve? 22 year old

You are doing very well with what you have currently.  I would let those cards grow with you.  When I was 22, I can tell you, those lines of credit you have are great.  My credit lines was no where in comparison to mines.  My limits were 600 and so.  

 

You do not need to add any more lines right now.  Treat those lenders well and they will treat you well.  

Barclay Reward MC 750|Cabela's 1k|Capital One QS1 3.4k|
|Sony Card 3.5k|
Message 7 of 7
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