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need help in raising my score ?

jasp169
Visitor

need help in raising my score ?

hello there i am 38 years old and i need help in raising my credit score. my fico score through credit karma transunion 563, equifax 594

exp 543. i have 2 credit cards american express and capital one. i also have a car loan with bridgecrest and i also have a loan with onemain and another loan with acceptance now.

 

american express is max out at $3000

capital one credit limt is 1500 and i am at 1490

car loan will be paid off in august 2020

acceptance now loan will be paid off in august 2020

onemain should be paid of in nov of 2022.

now that i am making more money i am ready to start paying down the credit cards maybe send them 500 to 800 a month untill its paid off. i am trying to see in what way should go to raise my score asap. my goal is to start looking into buying my first home next year. plase help. thank you.

Message 1 of 15
14 REPLIES 14
AllZero
Super Contributor

Re: need help in raising my score ?

For optimized scoring; aggregate utilization 8.9% or below, individual utilization 28.9% or below. See AZEO, All Zero Except One card reporting a balance.

 

You're maxed out so your receiving maximum penalty points.

Message 2 of 15
AllZero
Super Contributor

Re: need help in raising my score ?

Message 3 of 15
AllZero
Super Contributor

Re: need help in raising my score ?

Free mortgage scores


EX2 + 3 Bureau report for $1 at Experian or CreditCheckTotal (part of Experian). Cancel in 7 days or less to avoid the reoccurring charge.
TU4 WyHy quarterly score. Not sure on membership requirement. Maybe hard pull TU?
EQ5 Get a savings account with DCU. Soft pull EQ to be a member. Free monthly score.

Message 4 of 15
dragontears
Valued Contributor

Re: need help in raising my score ?

Paying your cards down will give you the fastest credit boost. 

 

A tip completely based on finances (this has no effect on scoring): if you are carrying a balance and paying interest, make your payment as soon as possible after your statement cuts instead of on the due date. The reason is credit cards use the "average daily balance" method to calculate interest charges so the sooner you pay the lower your average daily balance will be and the less interest you will pay.

Scores hover around 800
Haven't been AZEO in over a year
Rome was not built in a day, neither is a good credit profile
Message 5 of 15
Trudy
Valued Contributor

Re: need help in raising my score ?


@jasp169 wrote:

hello there i am 38 years old and i need help in raising my credit score. my fico score through credit karma transunion 563, equifax 594

exp 543.


If I missed I'm sorry.  But I don't see where the score model was addressed.  Credit Karma does not provide FICO scores.  They provide Vantage 3, used by less than 10% of lenders.  Not sure where you're pulling your EX score.

 

But several have mentioned where you can get FICO scores.  You may find they are close or could be far apart. You should probably start there and get a true picture of your FICO scores. But the information provided above is sound and reducing your UTL will definitely improve your scores because you're maxed on CC.  For scoring, bringing each card's UTL below each known threshold should produce positive results (88.9%, 68.9%, 48.9%, 28.9%, 8.9%).   

 

Not sure what Onemain is but if it's not an installment loan, keep in mind you'll likely lose some points if all installment loans are paid off.  But as often stated, finances over scores.

 

Good Luck!

FICO - 8: 02/10/21 AU 8 BC 8
FICO - 9: 02/10/21 AU 9 BC 9
F5,F4,F2 02/10/21 AU... BC...
Vantage 02/10/21
As of 03/01/21:
AoOA - 25Y0M | AoYA – 0Y4M | AAoA – 11Y10M
Open: 11 CC: (1 reporting 17.22% : 0.48% AGG UTL) | 1 PLOC | 1 MTG loan: 66.74% UTL
Closed: 1 MTG loan | 2 Auto loans | (EQ) 2 CC, (EX & TU) 1 CC
INQ: (EQ) 0/24 | (TU) 2/24 | (EX) 1/24
Message 6 of 15
AllZero
Super Contributor

Re: need help in raising my score ?

Agree with Trudy, as mentioned up thread, CreditKarma is great for monitoring your reports. The scores should be ignored.

Message 7 of 15
M_Smart007
Epic Contributor

Re: need help in raising my score ?

Message 8 of 15
M_Smart007
Epic Contributor

Re: need help in raising my score ?


@jasp169 wrote:

hello there i am 38 years old and i need help in raising my credit score. my fico score through credit karma transunion 563, equifax 594

exp 543. i have 2 credit cards american express and capital one. i also have a car loan with bridgecrest and i also have a loan with onemain and another loan with acceptance now.

 

american express is max out at $3000

capital one credit limt is 1500 and i am at 1490

car loan will be paid off in august 2020

acceptance now loan will be paid off in august 2020

onemain should be paid of in nov of 2022.

now that i am making more money i am ready to start paying down the credit cards maybe send them 500 to 800 a month untill its paid off. i am trying to see in what way should go to raise my score asap. my goal is to start looking into buying my first home next year. plase help. thank you.


Also if you plan on buying a home? ..Do not apply for any credit 1 year prior to applying for a mortgage.

Also you will want to pay your debt down as close to zero as possible.

 

Good Luck!

 




Message 9 of 15
jasp169
Visitor

Re: need help in raising my score ?

Thank you very much for your input !!!

Message 10 of 15
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