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best way to increase credit score

lildannyld13
New Visitor

best way to increase credit score

question, would anyone have any suggestions/advice for increasing my credit score? all scores are around (655-668) Ive noticed that as my debts get lower my credit steadily increase, should i just pay all my credit card off? i would just be left with my mortgage as an account with a balance and thats a 80/20 loan which has to open accounts.

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4 REPLIES 4
NormanFH
Super Contributor

Re: best way to increase credit score


@lildannyld13 wrote:

question, would anyone have any suggestions/advice for increasing my credit score? all scores are around (655-668) Ive noticed that ass my debts get lower my credit steadily increase, should i just pay all my credit card off? i would just be left with my mortgage as an account with a balance and thats a 80/20 loan which has to open accounts.


Carry less than ten percent of your Credit Limit over each month on your credit cards. You might also benefit from some installment credit - a personal loan from a bank or credit union or auto loan. It may initially lower scores but after paying on it you'll get a bump.

Most Recent FICO 8 Scores EX616/TU587/EQ607 01/09/2018 Starting scores 553/485/543 08/25//2017
~~~Credit lines~~~~
SDFCU VISA Secured $250
Discover Secured $200
Message 2 of 5
timothylee
Established Contributor

Re: best way to increase credit score

Installment loans can help but, revolving is always the way to go.

 

Lower your cards and keep them down to a 30% balance. 10% is always good to but, you don't have to be at 10%. You can be at 30% and still be fine.

 

 

 

Current Scores (9/9) - Equifax 542 - TransUnion 560 - Experian 563

$500
Message 3 of 5
myjourney
Super Contributor

Re: best way to increase credit score


@lildannyld13 wrote:

question, would anyone have any suggestions/advice for increasing my credit score? all scores are around (655-668) Ive noticed that ass my debts get lower my credit steadily increase, should i just pay all my credit card off? i would just be left with my mortgage as an account with a balance and thats a 80/20 loan which has to open accounts.


Welcome to the forum 

No need to go out and get an auto or personal loan as you already have a healthy credit mix.

FWIW a mortgage is an installment loan 

 

All to often we sometimes forget to ask question to give you the best advise that applies to your situation because each person is different and the circumstances that apply to them.

 

My question OP is why are your scores so low with a good mix of credit.

Which leads me to baddies or high UTL or both? Kick me if i'm wrong Lol I've been kicked occasionally too but not often Smiley Embarassed

 

UTL do your best to keep it under 10% of course you may find you have better results at 3,4,5% play with it until you find the sweet spot for you. (everyone's is different)

Depending on your profile thick or thin you maybe able to carry balances on multiple cards and still see increases 

But the golden rule is 1-9%

Before you app think...
Have you done your research of the CC?
Does it fit your spending?
Do you have a plan for the bonus w/o going into debt?
Can you afford the AF?
Do you know the cards benefits? Is it worth the HP?
Message 4 of 5
takeshi74
Senior Contributor

Re: best way to increase credit score


@lildannyld13 wrote:

question, would anyone have any suggestions/advice for increasing my credit score?


Scores are based on the data in your reports so we would need to know the details of your reports to assist.

 

You can start here:

http://www.myfico.com/crediteducation/whatsinyourscore.aspx

 

Begin with the biggest slice and see how reports stack up.  Derogs will fall under Payment History so address them first -- hit the Rebuilding subform to see what you can do.  Utilization falls under Amounts Owed.

 

How many cards do you have?  How is their payment history?  Any other derogs?  What's the utilization like on your cards?

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