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Advice needed for increasing score

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New Contributor

Advice needed for increasing score

I am working on improving my credit score to my goal of finally being in the 700's across all 3 bureaus. I recently got approved for a NFCU CC and Merrick Bank CC. My current utlization is at 63% (I know this needs to come down to under 9%) and I am at 88% Utilization on my opensky CC. I am planning on paying these off immediately and going with the AZEO concept. 

 

I have some CO from 2017 that are on my account because I went through a tough time financially. I currently have a Harley loan and a Car loan through Ally, so I have a good mixture of credit. Also with work I am an AU on my bosses CC that typically has a Utilization of about 60-80%. Is this hurting me more then helping me. Its for work so I really do not have a choice about having the CC.

 

What are somethings I could do to improve my credit and finally get into the 700's?




Message 1 of 16
15 REPLIES 15
Established Contributor

Re: Advice needed for increasing score

Does the company pay off the balance every month?

Message 2 of 16
Senior Contributor

Re: Advice needed for increasing score


@falcon7xx wrote:

I am working on improving my credit score to my goal of finally being in the 700's across all 3 bureaus. I recently got approved for a NFCU CC and Merrick Bank CC. My current utlization is at 63% (I know this needs to come down to under 9%) and I am at 88% Utilization on my opensky CC. I am planning on paying these off immediately and going with the AZEO concept. 

 

I have some CO from 2017 that are on my account because I went through a tough time financially. I currently have a Harley loan and a Car loan through Ally, so I have a good mixture of credit. Also with work I am an AU on my bosses CC that typically has a Utilization of about 60-80%. Is this hurting me more then helping me. Its for work so I really do not have a choice about having the CC.

 

What are somethings I could do to improve my credit and finally get into the 700's?


You said most of it that will help getting your personal util down. Ask the boss to get your own card and get yourself removed from his/her account. Or use your card and give him the statement to pay. No reason you should be penalized for his/her util reporting. No more lates and if you could pay off 1 of the loans. That would be great. Only need 1 reporting really. What are your current scores and where did you get them from?

You can do the Credit Check Total for a buck and cancel after the trial is up.





My posts are JMHO. I DO NOT claim to be a FICO expert. Just sharing my experiences from rebuild to recovery after BK DC. My siggy is not to brag at all. Just to show fellow members what can be accomplished when you do it right and play the FICO Credit Game.
Message 3 of 16
Valued Contributor

Re: Advice needed for increasing score

2nd the above as well.  Sounds like you already know the path to decreasing your utilization, both individual and overall.  Being an AU on a card with over 80% repetive utilization is greatly affecting your score most likely, so whatever it takes, I'd have myself removed immediately.  I'm sure it's for work, but in no way should a work card be negatively affecting your own personal profile... so as suggested perhaps your own work card?  I'm shocked a person in a leadership position would even permit that to occur as it's unfortunate and put you in a less than ideal spot.



Message 4 of 16
Community Leader
Mega Contributor

Re: Advice needed for increasing score

The card you're AU on, is it used for business purchases? 

 

The reason I am asking is if those are large purchases, OP may not be able to use their own cards due to limit constrains, so using "their own" may not be an option in this case. 

 

Also, if the COs happened in 2017, getting into 700s may be  a tad bit difficult in the time frame you've set.

 

I dont mean to discourage you, it's just that at this point in time, it's better if you focus on paying off debt and letting your cards age. That will always yield favorable results. 

Your finances are more important than scores, though, once you start getting one in order, the other one will follow.

EX 759 EQ 774 TU 753


Message 5 of 16
Valued Contributor

Re: Advice needed for increasing score

I am an AU on a 15 year old account, and it periodically gets high utilization and it hurts to look at, but it brought my average age to >2yrs and seems to not really be hurting (I know what my FICO was before the AU hit).   If you don't have a choice about it, then don't stress it.

Honestly, all you really need is time.  Get your utilization down, and don't stress AZEO unless you're going for a mortgage.   As long as you keep your individidual UTIs below the 28.9% threshhold, you should be fine over time.

Those COs are what's going to hold you back the most.   Get them paid off, or try for a pay-for-delete.  If they won't PFD, pay them and then use the goodwill-saturation technique (you can find it here in the forums).  Just be aware that it might take some time and work.  Don't get discouraged, and remember that time (positive history as well as aging baddies) will help you more than anything.

Oct 2019


Garden goal: keep on keepin' on
Usually a faithful practitioner of AZE5or6or7; working on AZE1or2 and grumbling about it.
Message 6 of 16
New Contributor

Re: Advice needed for increasing score

Ok so the Charge-offs happened in 2017 when I lost a business and could not afford to pay back the credit card companies the money owed. I ended up settling all the debts to stop any legal action. The first late payments on those cards all happened in 2016, so I dont know if it counts as a 2017 or 2016 because I thought the clock starts counting on the first deliquent payment.

 

As far as the AU, it is a business card and there is no way I can afford the charges that happen on that card without having my own credit card with a high CL.

 

I have not had a baddie since 2017 with those charge offs and everthing is closed and settled. I am hoping to hit the 700's by the end of the year but i do not know if that is possible.




Message 7 of 16
Community Leader
Mega Contributor

Re: Advice needed for increasing score


@falcon7xx wrote:

Ok so the Charge-offs happened in 2017 when I lost a business and could not afford to pay back the credit card companies the money owed. I ended up settling all the debts to stop any legal action. The first late payments on those cards all happened in 2016, so I dont know if it counts as a 2017 or 2016 because I thought the clock starts counting on the first deliquent payment.  Date of the first 30 day late 

 

As far as the AU, it is a business card and there is no way I can afford the charges that happen on that card without having my own credit card with a high CL.  Maybe your next card with Navy will have more favorable results and you'll be able to remove yourself at that time (that's if you're planning on applying with them) 

 

I have not had a baddie since 2017 with those charge offs and everthing is closed and settled. I am hoping to hit the 700's by the end of the year but i do not know if that is possible.


You will see some scoring gain once your own cards are paid down. As far as AU card goes, see above. 

If AU card is not required for your job, remove yourself if you're simply looking to increase score. If that would change anything employment wise, I would not mess with it till you have a card you could pay with and get reimbursed. 

 

Utilization on any card that's in 60%-80% range "hurts" especially when your own cards have low limits and nothing to pad aggregate utilization. Based on recent thread, that's at least 20 points or more. 

 

 

 

 

 

 

 

EX 759 EQ 774 TU 753


Message 8 of 16
New Contributor

Re: Advice needed for increasing score

How long do you think it will take to get "good" credit again. I wanted to get to a point sooner than later where I would not have a problem getting any time of mortgage or auto financing without high interest rates.

 

Also in order to increase CL with some of my current card companies am i better off using the card frequently and making payments frequently. I just got a NFCU CC with a $700 Limit. Would i be better off using it for everything and making payments once a week to pay it down?




Message 9 of 16
Senior Contributor

Re: Advice needed for increasing score

Like Reme said above. Its going to take so time with the CO's. They will lose some ding as time passes. You dont have to pay weekly. Use it and PIF. Rinse and repeast. The computer doesnt give extra points for multiple payments in a month. Just be responsible with any creditor and dont be late. The time it took to get in the hole. It takes twice as long to get out of it. It will fly by quick before you know it.





My posts are JMHO. I DO NOT claim to be a FICO expert. Just sharing my experiences from rebuild to recovery after BK DC. My siggy is not to brag at all. Just to show fellow members what can be accomplished when you do it right and play the FICO Credit Game.
Message 10 of 16
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