How to get to 700 and up score

[ladyvg270]

I have a

finger hut account cl 300 i bal 188.34

bestbuy cl 500 bal 188

Visa through credit union cl 800 bal 203

speedway cl bal 240

loan cl 500 bal 237

Overdraft protection through credit union cl 1,000 bal 531.70

Capital one cl 1,000 bal 484

BOA visa platnum cl 2000 bal 550

Visa from credit union cl 2000 bal 969.25

Kay Jel cl 5,000 bal 130

I also have the following accounts below but I paid them off

montgomery ward cl 400 bal zero

walmart cl 125 bal zero

Radio Shack 500 bal zero

macy 200 bal zero

target 200 bal zero

im also on my husband American Express Gold card charge card zero bal

I have 30 inquiries alone in 2011 and its only Aug.. please someone give me some advice on how to get my score over 700 right now my score is 659 transunion not sure what equifax and experian is. I havent applied for credit sense June 2011 and Im trying my best not to. I know I will get denied but I keep thinking I'm not.

Oh I forgot to mention I pay all my accounts ontime I have never missed a payment I have on about five credit cards above that was open this year in the beginning of 2011.  and I have a medical judgement that was paid off on my transunion credit report. and thats it nothing else in collections on my reports. all showing good standing.

[Booner72]

Your utilization is too high, and the amount of accounts with balances is too many.  New credit will only make your score go down at this point.  For optimal points, only ONE of your revolving accounts should show a balance, and that balance should be 1-9% of the limit.  Anything over 80% utilization is considered maxed out, anything over 50% gets a ding, and more than 30% is also a ding.

I would bet you would be over 700 if you got your balances to zero, save one.

If your goal is higher points, start with the maxed out cards (or those high and close to the limit) and get those to zero, then keep going down your list.

[Booner72]

You might not get over 700 on the credit report that has the judgment.  Depends how long ago it was.

[ladyvg270]

thank you what about the inquiries how long should I not apply for credit if I want to buy a house by 2012- 2013? Also, closing a account is that bad? if not when is it good to close an account, and will my credit score drop? Thank You

[kjm79]

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@ladyvg270 wrote:

I have a

finger hut account cl 300 i bal 188.34 = 63% UTIL

bestbuy cl 500 bal 188 = 37% UTIL

Visa through credit union cl 800 bal 203 = 25% UTIL

speedway cl bal 240 = If no limit is reported this is probably not included in your UITL. 

loan cl 500 bal 237 = 47% UTIL

Overdraft protection through credit union cl 1,000 bal 531.70 = If this reports, 53% UTIL

Capital one cl 1,000 bal 484 = 48% UTIL

BOA visa platnum cl 2000 bal 550 = 28% UTIL

Visa from credit union cl 2000 bal 969.25 = 48% UTIL

Kay Jel cl 5,000 bal 130 = .03% UTIL

I also have the following accounts below but I paid them off

montgomery ward cl 400 bal zero

walmart cl 125 bal zero

Radio Shack 500 bal zero

macy 200 bal zero - doesn't report a limit so is no included in UTIL. 

target 200 bal zero

im also on my husband American Express Gold card charge card zero bal - Honestly not sure how this reports, if it reports a CL then you have more available credit. 

I have 30 inquiries alone in 2011 and its only Aug.. please someone give me some advice on how to get my score over 700 right now my score is 659 transunion not sure what equifax and experian is. I havent applied for credit sense June 2011 and Im trying my best not to. I know I will get denied but I keep thinking I'm not.   Is that 30 inquiries spread out across the 3 reports or just one?  Are those 30 within THIS year?  If so, I'd suggest freezing your reports so temptation doesn't win out next time you're itching to app for something.  Inquiries remain on your reports for to 10 years but are only factored into your score for one year. 

Oh I forgot to mention I pay all my accounts ontime I have never missed a payment I have on about five credit cards above that was open this year in the beginning of 2011.  and I have a medical judgement that was paid off on my transunion credit report. and thats it nothing else in collections on my reports. all showing good standing. You've opened a lot of accounts within the past year, depending on the age of your other accounts, that most likely hurt your AAoA big time.  Stop apping and let things grow. 

Right now you have approx. 21% overall UTIL.  But FICO scores individual AND overall UTIL.  You have multiple cards that are carrying a heavy UTIL ratio and this is hurting you.  Scores in the 700 range are possible, even with your judgment (assuming it's older).  I have a BK from 04 and right now am carrying 24% UTIL.  My scores are reflected below.  I'm dinged for high UTIL.  At one point, my EQ was at 721 and TU was 712 when I had around 11% UTIL.  So even with a public record, if you watch your UTIL you can get those higher scores.  I have 4 inquiries with TU and am not dinged for it.  I have 7 with EQ and it shows as a negative factor on my reports.  Watch your UTIL, APP's, and INQ and you will get the higher scores you are wanting. 

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Your other questions:

"thank you what about the inquiries how long should I not apply for credit if I want to buy a house by 2012- 2013? Also, closing a account is that bad? if not when is it good to close an account, and will my credit score drop? Thank You"

When looking to buy a house, you should not apply for any new credit for the 12 months prior to you applying.  So STOP now.  lol  Closing an account can be bad because when you close the account you lose that accounts credit limit and then risk having higher UTIL because of the lost CL.  When you get your UTIL under control and can maintain control it it, then close any unwanted accounts.  Typically, unless the card has an annual or some other type of fee, there's not need to close it.  Sock drawer it, let it get a little older and if you don't use it, eventunally OC will close it (which IS NOT bad).  The only time your score will drop when closing an account is if you have a higher UTIL ratio becuase you lost the CL, as I stated above.  A closed positive account will stay on your reports for 10+ years from the date of closing.  So the longer you can keep a card open, the better it helps your score in the long run. 

[Booner72]

I agree w/ all the advice but I think for some people closing accounts is necessary.  If that person cannot stop themselves from charging  on their credit, then that person should not have store cards and should only use their credit card if they can pay in full.  Think of how much a person actually pays for an item if they charge it and don't pay it off.

In 2007 I qualified for a JCP 300 CL (My first account since my bk).  I promptly, right then and there, put school clothes on and maxed out that card.    So, since 2007, I have been paying for those school clothes each and every month.  I didn't pay it off until May of 2011.

I had no idea how utilization is factored in scoring, I had no idea about any of it.  I'm very happy that FICO dings so hard for carrying high balances.  This will prevent ANY further stupid use of credit on my end.