From 558 to 696 in 11 months - How do I break 700+?

[rayy166]

Good morning everybody,

I have been working on rebuilding my credit since Feb 2018 - I started out with a Credit score of 558 as of today I am at 696.

Unfortunately I have 10 open acounts(15 total) with a total credit limit of only 14000 (26% Utilization).

My oldest credit card is from Kay jeweler, with a credit limit of  $300. Would you all recomend asking for a credit line increase?

What should I do to boost my score even more? My average age of credit history is 2 yrs 8 mos. 

Student loans: 7k

Auto loan 17K

I am happy with what I have acomplished so far, however, I woud love to go even higher.

[Anonymous]

Assuming these are FICO scores - It really doesn’t matter how many accounts you have. Pay down revolving utilization below 19% and you will get 10-15 points by my estimation. Go below 9% and you will get another 10-15. There is your 700. Best wishes.

[rayy166]

I am going off of Credit Karma and Credit Sesame. I thought it was bad to have too many open acounts? 

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@Anonymous wrote:
Assuming these are FICO scores - It really doesn’t matter how many accounts you have. Pay down revolving utilization below 19% and you will get 10-15 points by my estimation. Go below 9% and you will get another 10-15. There is your 700. Best wishes.

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[FireMedic1]

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@rayy166 wrote:

Good morning everybody,

I have been working on rebuilding my credit since Feb 2018 - I started out with a Credit score of 558 as of today I am at 696. Are these Fako or FICO scores? Get your EX FICO for free at Discover Scorecard.

Unfortunately I have 10 open acounts(15 total) with a total credit limit of only 14000 (26% Utilization). Fortunately you have 10 accounts. I'd hold off on apping for a while.

My oldest credit card is from Kay jeweler, with a credit limit of  $300. Would you all recomend asking for a credit line increase? Any CLI thats a SP is fine. Aviod HP CLI's for now.

What should I do to boost my score even more? My average age of credit history is 2 yrs 8 mos. Another reason not to app right now or for a while. Your AAoA will drop below 2yrs and you'll take a score hit.

Student loans: 7k

Auto loan 17K

I am happy with what I have acomplished so far, however, I woud love to go even higher.

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It takes time. Pay your bills on time. No more apps and let things grow. Thats a lot in 11 months and all those new accounts and inq's need to age. Once time passes your scores will rise. More acounts wont help. FICO doesnt look at how hight your overall credit lines are. Dont be late, pay on time, and see the results in a year. Below in my sig is for rebuilders to see what can be done in 3 yrs. Not to brag. Good Luck!

[Anonymous]

Having too many accounts isn’t a big deal IMO. How many are new? I have tons of new accounts and I crossed over 700 in 6 months from 580. You need to look at FICO scores in order to make intelligent assessments on strategy. But paying down your utilization would be a good first step to maximizing your scores.

[rayy166]

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It takes time. Pay your bills on time. No more apps and let things grow. Thats a lot in 11 months and all those new accounts and inq's need to age. Once time passes your scores will rise. More acounts wont help. FICO doesnt look at how hight your overall credit lines are. Dont be late, pay on time, and see the results in a year. Below in my sig is for rebuilders to see what can be done in 3 yrs. Not to brag. Good Luck!

Are these Fako or FICO scores? Get your EX FICO for free at Discover Scorecard.

Mhm, according to the discover score card, my Fico Score is 754, length of credit is 4 years, with 17% utilization.

Thats unexpected. How is this even possible? Credit Karma states something completly different, and so does Chase VantageScore

 Fortunately you have 10 accounts. I'd hold off on apping for a while.

Holding off, Got it. Ill check if Kay Jeweler is SP or HP.

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[Anonymous]

Vantage scoring system is a totally different algorithm. That’s awesome score. Now pay down your utilization and you might have another 20-30 points. Closer to 800’s 😎

[rayy166]

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@Anonymous wrote:
Vantage scoring system is a totally different algorithm. That’s awesome score. Now pay down your utilization and you might have another 20-30 points. Closer to 800’s 😎

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Thanks! Im still trying to understand how all this works...So do most lenders use Fico? I read there was FICO 8 and 5, which one does the discover score card display? And which score is most important. Im so confused right now.

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[Harmony12]

OP,

Most lenders will use your FICO scores although certain lenders will have their own model to use. Discover uses FICO 8. You can pull all of your FICO scores including mortgage and auto scores on myFICO. Congrats on the significant score in less than a year.

[rayy166]

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@Harmony12 wrote:

OP,

Most lenders will use your FICO scores although certain lenders will have their own model to use. Discover uses FICO 8. You can pull all of your FICO scores including mortgage and auto scores on myFICO. Congrats on the significant score in less than a year.

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Got it, thank you! Would you guys recomend asking for CLI now ( one of my cards), or should I just wait for an automatic inrease?