Currently 650, all consumer debts paid off. How to get to 740?

[Anonymous]

Hi Everyone,

My last late payment was 13 months ago.

I recently paid off (through settlements) 3 credit cards.  

My score did improve from low 5's to mid 6's which was great.  However, I'm interested in knowing how to get to 740 and beyond at this point.

I have a mortgage and student loan debt.  I have 2 credit cards totaling about $3,500.  I owe a total of $200.

Is it just a time / waiting game or is there anything I can do to help increase faster?

[Brian_Earl_Spilner]

Just time now. You can launch a goodwill campaign to try and get lates and derogatory accounts removed, but that's about it.

[OmarGB9]

You could also perhaps try adding a third card to have the ideal 3 CCs + 1 open installment loan mix. Also be sure to implement AZEO, wherein you pay all cards down to zero except one bankcard which you leave a small $15-$20 balance on.

[alexgold9393]

Time is your biggest friend here. Give it 6 months of AZEO and add a 3rd card. Don't go for the fancy cards as your score won't support them. Good luck

[Nikita2008]

Maybe higher trade lines will boost it some. I was in a similar boat as yours, except my last late was more recent, like 6 months ago.

On December 26 I was pulling scores in the range of 585-597. Now they are 666-697. I'm currently at 18% utilization ( although some things have not updated, so util is actually lower) I paid everything down like crazy, and got some limit increases. I got a couple of substantially higher limit cards, I got a little boost with each card. I don't know your entire picture so I don't know how well it will work for you. It worked for me.

You can try some goodwill campaigns. I don't know which lenders you are late with. Some lenders are more amenable than others. I was able to get one lender to remove all 12 lates I had with them. I was denied by another, and never heard back from 2 others. Worth a shot.

Im not sure it will take you to 740, but it may get you closer.

[7774x]

Until derogs, lates  are removed, $0 balances mean little .. with  maybe a small  score increase....I went from 90 % utilization to 50 % to 30 % to now 3% ,fico score moved up 8pts ..one of fico reasons ?  I now Have too many cards with zero balances..I  only have 4 credit cards! Tu Fico8....692...lol ..The derogs will fall off in dec of  this year

[USMC_Winger]

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@7774x wrote:

Until derogs, lates  are removed, $0 balances mean little .. with  maybe a small  score increase....I went from 90 % utilization to 50 % to 30 % to now 3% ,fico score moved up 8pts ..one of fico reasons ?  I now Have too many cards with zero balances..I  only have 4 credit cards! Tu Fico8....692...lol ..The derogs will fall off in dec of  this year

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This sounds like you got the "All Zero" (AZ) penalty.  Did your reason code show "No recent revolving balances" and "Your credit report shows no recent balances on your revolving accounts. Your FICO® Score was hurt because you are not currently demonstrating active revolving credit management"?

If so, you can bump your FICO scores up some more (~10 to 20 total FICO points) with the "All Zero Except One" (AZEO) method by choosing one national bankcard (VISA, M/C, AMEX, or Discover) that isn't a Chase CC with a credit limit below $31,000 to report a balance of $100 or less and have the other credit cards (revolving/open-ended accounts) report $0 balances.  Also ensure that the balance reported on your chosen bankcard is less than 29% of that card's CL and less than 9% of the aggregate CL of all your revolving/open-ended credit accounts.

If one or more of your CCs is an AU CC, then you can receive the AU AZ penalty, too, and you'd need to address that with the AZEO method, too.

[7774x]

 Thanks will try it..