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How can I raise my score of 657 to a score of 700+?

ADH522
New Member

How can I raise my score of 657 to a score of 700+?

Hello Everyone,

This is my first post on the forum, and I am looking for help rebuilding my credit score. I have had a 700+ score in the past, but because of medical reasons I was unemployed for a while which led to me carrying high balances on all of my cards for the last year or so. As a result my score dropped to 534 in December of 2018.

 

My current scores are as follows; Transunion: 657  Equifax: 652 and Experian: 630

 

Transunion shows 2 hard inquiries, one in January and the other in March of 2018.

6 total accounts 1 closed 5 open, Discover IT opened Sept. 1 2016 with a $1,800 limit, Capital One Quicksilver opened Oct. 12 2016 with a $750 credit limit, Credit One opened Oct. 13 2016 with a credit limit of $650, Chase Freedom Unlimited opened March 5 2018 with a credit limit of $4000, and a personal loan from Avant for $3700 opened on Jan. 8th 2018.

The closed account is a chrage off from the US DEPT of Education opened on Sept. 17 2017 and closed on Oct. 7 2018 and has since been paid in full. 

Credit card utilization: 23%

Age of credit history: 2yrs 3mos

Derogatory marks: 0

Payment History: 100%

 

Equifax shows 0 hard inquries, 6 total accounts 1 closed 5 open, Discover IT opened Sept. 1 2016 with a $1,800 limit, Capital One Quicksilver opened Oct. 12 2016 with a $750 credit limit, Credit One opened Oct. 13 2016 with a credit limit of $650, Chase Freedom Unlimited opened March 5 2018 with a credit limit of $4000, and a personal loan from Avant for $3700 opened on Jan. 8th 2018.

The closed account is a chrage off from the US DEPT of Education Equifax says opened Dec. 31 1969 which is not possible and has since been paid in full. 

Credit Card Utilization: 23%

Age of credit history: 2yrs 3mos

Deragatory marks: 0

Payment History: 100%

 

Experian shows 6 credit inquries; 1 in July of 2017, 1 in October of 2017, 1 in February of 2018, and 3 in March of 2018.

8 total accounts 3 closed 5 open, Discover IT opened Sept. 1 2016 with a $1,800 limit, Capital One Quicksilver opened Oct. 12 2016 with a $750 credit limit, Credit One opened Oct. 13 2016 with a credit limit of $650, Chase Freedom Unlimited opened March 5 2018 with a credit limit of $4000, and a personal loan from Avant for $3700 opened on Jan. 8th 2018.

The closed accounts are The US DEPT of Education opened Sept. 1 2017 and marked as a charge off in May of 2019 and has since been paid in full, and 2 collection accounts from Congress Collections both closed, paid in full, and in current status.

Credit Utilization: 23%

Age of Credit History: 2yrs 2mos

Public Records: 0

Payment History: 100%

 

This is the information that I currently have regarding my credit profile, any suggestions as to how to get my score in a better range would be greatly appreciated. Thank you all for taking the time to read this and help me in my pursuit of better credit. 

Message 1 of 6
5 REPLIES 5
FiresOut
Super Contributor

Re: How can I raise my score of 657 to a score of 700+?

Welcome to the forums! First thing right off the bat. Get your util under 8.99%. That would make a difference. All the inquiries listed have fallen off your FICO reports. FICO only holds a inq for 1 year. So I believe these scores you posted are from Credit Karma or some other Vantage site? Get your 3 FICO scores at freecreditreport.com. Cancel after the trial. Report back what your FICO scores are. Your probably already over 700 and dont even know it.

Message 2 of 6
ADH522
New Member

Re: How can I raise my score of 657 to a score of 700+?

FireMedic1,
Thank you for getting back with me. I took your advice and pulled my scores using a free trial at freecreditreport.com. The updated scores are as follows. Experian: 630 Equifax: 666 Transunion: 662. Experian and Equifax reflect no inquiries and transunion reflects 2 inquires; 1 on 3/5/18 and 1 on 1/4/18. They both show as coming off two years from the inquiry date.
So my scores are better than expected, but I would still like to bump them into that 700+ range what would you suggest my best course of action to be?
Also thank you again for helping me!
Message 3 of 6
Overmedicated
Community Leader
Valued Contributor

Re: How can I raise my score of 657 to a score of 700+?


@ADH522 wrote:
FireMedic1,
Thank you for getting back with me. I took your advice and pulled my scores using a free trial at freecreditreport.com. The updated scores are as follows. Experian: 630 Equifax: 666 Transunion: 662. Experian and Equifax reflect no inquiries and transunion reflects 2 inquires; 1 on 3/5/18 and 1 on 1/4/18. They both show as coming off two years from the inquiry date.
So my scores are better than expected, but I would still like to bump them into that 700+ range what would you suggest my best course of action to be?
Also thank you again for helping me!

Your inquiries may be on your credit report for 2 years but you'll have gained all of the points back after 1 year.  If you want to raise your scores, the last thing that you should do is apply for any new accounts.

 

For scoring purposes, your 23% utilization is too high.  This also doesn't paint the whole picture since FICO takes into account both individual card utilization and overall utilzation.  You can have 23% overall UTI but still have individual cards maxed out which would be a score killer.

 

Without knowing the ins and outs of every detail of your reports, ideally you would want to reduce the number of accounts reporting a balance.  The AZEO(All Zero Except One) method is going to be your best bet.  Pay all credit card balances to 0 except one and leave a small balance reporting on 1 card.  You shouldn't go over 8.9% of your credit limit on any card but more importantly, your overall UTI should not exceed 8.9%.  Paying off whatever you owe may take some time depending on your finances but that is the general direction you would want to head in.  Hope this helps.

 

 

 FICO 8
Message 4 of 6
ADH522
New Member

Re: How can I raise my score of 657 to a score of 700+?

Overmedicated,
I am thankful that you have taken the time to evaluate my profile and offer your advice. I am definitely working on paying off the high balance on my discover card. Fortunately I have been able to pay down everything else this year, and am hoping to have it paid off by the end of the year. I will take your advice on the AZEO method and keep my utilization below 8.9%
How long do you recommend I wait after lowering my utilization, before opening any new accounts?
Thank you again for your assistance it is greatly appreciated.
Message 5 of 6
Overmedicated
Community Leader
Valued Contributor

Re: How can I raise my score of 657 to a score of 700+?


@ADH522 wrote:
Overmedicated,
I am thankful that you have taken the time to evaluate my profile and offer your advice. I am definitely working on paying off the high balance on my discover card. Fortunately I have been able to pay down everything else this year, and am hoping to have it paid off by the end of the year. I will take your advice on the AZEO method and keep my utilization below 8.9%
How long do you recommend I wait after lowering my utilization, before opening any new accounts?
Thank you again for your assistance it is greatly appreciated.

Well unfortunately opening new accounts is a necessary evil sometimes.  Time is a big factor in determining scores.  If you want a new card then apply.  But you have to understand the scoring costs associated with the opening of a new account.

 

You often receive a score bump when your youngest account hits 12 months old.  Whenever you open a new account, you are reducing the average age of accounts, resetting your age of youngest account to less than 12 months, and taking a point loss from the inquiry.  This is the reason that I said you should not apply for any new credit if you are trying to improve your scores.

 

Just for reference:

People that are capable of having perfect scores have an average age of accounts somewhere around 7 years.

You can achieve perfect scores with 3 cards and a loan(you have 4 and a loan so this is good).

 

I know people including myself don't like to wait for things but a big penalty to your profile is it is young.  Sometimes doing nothing to your profile is the best thing you can do.    

 

 

 FICO 8
Message 6 of 6
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