Is it possible??? Please help

[SSH0126]

Is it possible to obtain a big credit score increase if you have only credit cards pay the entire balance off each month, do not miss any payments over a two year period and not to apply for any new credit?

#2 or do we need a mixture or credit types? Right now we only have visa and mastercards.

#3 Estimate of course no one is a mid reader if this was done how much do you think it could jump point wise if all of the above was done????

Thanks in advance for anyone that can respond to all.

[moondog7324]

Your on the right track- low utilization and a history of on time payments will cause your score to increase- so will it increase as the average age of accounts gets longer. On the other hand a mixture of credit- revolving(CC's), installment(auto) and mortgage will also increase your score- but at the same time it will cause the average age of your accounts to be shorter. I would not charge more than 30% of the credit limit at any given time and pay in full each month to avoid finance charges.

My advice- do what you are doing, DO NOT open accounts and get into debt to increase your FICO. Manage your debt, not your FICO. You seem to be on the right path, and are showing responsibility, that will pay off in the long term.

Message Edited by moondog7324 on 11-05-2009 11:59 AM

[SSH0126]

Thanks. I have low credit score and but have paid items off. This is what I was going to try and seem what happens. I was thinking on trying to get a car financed for a mixture(becasue I heard its better to have a mix) instead of buying it cash. I really would liek to just get the car cash and deal with the credit card payments for two yrs and pray that I at least get in the high good range.Possible?

[llecs]

Ditto. Just focus on what you have now. You can hit 800 with what you have. Adding a car will drop your score, with much of the points rebounding within a year, but there may be a slight drain on your score up to the point you make your last payment. IMO, not worth financing anything for a FICO score and certianly not worth it if it results in a long-term drop up to the point you PIF.

[MarineVietVet]

Welcome to the forums.

I agree with the advice you've received. Credit mix is only 10% of the total FICO score so it's not a biggie.

(myfico)
7/09 TU-742 EQ- 779
8/09 TU-765 EQ- 783
9/09 EX pulled by lender 802

CC interest free as of 8/09
Time can heal all wounds and a low FICO.
"Hello my name is Sandy and I'm a recovering crediholic".