Getting scores up to and past 800

[MidnightVoice]

BillWillCharge wrote:

My net worth is 60mm+

During the political season, and with charity at the end of the year, I run a couple cards with 100K CL's to 50 or 60% but only do that once or twice a year.

Quite honestly, with a net worth of over $60 million and the ability to pay off CC bills in excess of $100K in a month, are you really worried about your scores?

You seem to be doing quite well 

[Anonymous]

I helped some people pull credit scores and when they learned they had around 790 and they traumatized. The first comment they say usually is why is my score so bad? I explained to them they would not be declined with anything over 720 with 760 being the top. They were fine after that. They just had no clue what a good and bad score was. All they ever heard was good, bad, great, ect.. but never the numbers.

[MattH]

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@Anonymous wrote:
Yes. You can loose up to -40 or -50 points for 12 months for those inqs when you get a new phone, -10, cable TV inq, -10 they add up and stay on your score for 12 months. Totally not fair.. But that sounds like what is bringing your score down.

New account less than 12 months old -10

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Hmm, that's curious, when I finally got Comcast they did NOT pull my credit.

We've been in this condo six years, and we almost never watch TV, the set is used almost entirely for viewing DVDs. Only reason we got cable at all was because DSL became unreliable, and Comcast actually would charge MORE for Internet alone than for Internet bundled with basic cable for reasons known only to their marketing folks. Of course they do keep trying to persuade us to spring for digital cable...

[haulingthescoreup]

Comcast didn't run my son's credit either, when he got his own place. I've always wondered about that!

[Anonymous]

Hi!  I'm in the "so close" range...EQ 796 EX 792 TR 748, 11/20 info.  The skinny:  I have a paid off HELOC which TR is showing as "paid off legally for less than full value" and a DEC 2005 last late payment date which simply isn't right since the HELOC was paid off in full when I sold my house, so I need to work on correcting that (only showing on TR, but the other two are just about right). 16yrs 5 months of history; no late payments on EQ/EX; 7 debts with balance (4 CC, 2 mortgage, 1 auto), almost $6000 revolving at 7% of total credit avail, and something like 25-30 accounts (old and current) reflected.  I've been using 2 CCs regularly and pay off due amt each month and have 4 others that I use every three months to maintain some activity.

Qs/Comments:  1) I've been worried about closing 2-3 of the unused CCs for fear of reducing my overall credit limit.  Should I, and if I do can I/should I request increases from the remaining CCs to compensate...or would that be likely to happen over time anyway?  2) I happened to use 2 of the unused cards just before my last credit check to show activity so they had like $36 used...won't make the same mistake next time; 3)  what is the % of any single CC limit usage I should be at or below?  4) I use my CC all the time because I get 1-5% cash back...is $600 really the rule or is % of usage more important?

I'm working off the following rules:

-show usage on active CCs every three months at least; don't show usage on more than 1 the month I pull my report

- payoff my second mortgage (highest interest rate)

- maintain 7% or less total CC limit usage

- and of course, pay my CC balances in full each month

Any feedback?

Of note, I also had an ID theft back in Dec 2005...what a pain!  Still have a creditor hasseling me (Universal Fidelity put an inquiry on my EX without my consent).  I think I need a lawyer.

THANKS in advance for helping me join the 800 club!!!

[cobaltnv]

Welcome to the forums kmeline!  

I would not recommend closing your credit cards unless you have an annual fee. If you do decide to close your 2-3 unused accounts keep in mind that cl is only important if you let a balance report. As far as utilization goes % utilization is more important than a $$ value. You must also consider both % util on the card and total % util. That is you will get dinged if one of your cc reports a 50% util even if your total util is below say 7%. You will probably see a small jump in your credit scores (I did) if you pay your balances below 1% utilization before your statement date and only let one cc report on any given month.

Good luck reaching the 800 club!!  I too am working on getting into the 800 club (1 for 3 so far). When my most recent cc has its birthday in feb hopefully I will be 3 for 3 :-). 

[Woodpaq]

Hello All,

   A brand newbie to this forum who has long since been getting emails from myFico.com but have really been motivated to join this club.  I've always been a saavy credit analyzer who learned at about age 17 the value of good credit from mom, and about a 5 minute lesson of about how not paying for a credit card is like paying 50.00 for a 20.00 pair of pants.  This has been my measuring stick since.  Anyhow back to current.  I'm 35 now and, due to the economic downturn of 2001 and the massive layoffs, I, for the first time, accrued debts in the $$$$$ amounts.  2 years ago after being married, my debt went from about 7,000 to about 24,000 due to my wife being a female LOL and the upstarts of that arrangements, plus not making the most money and the inlaws being in L.A. 

   So to current date, thankfully I have pursued a better job, paid off two CC's totaling 14,500 from Nov. 2007 to Sept. 2008 (yes I'm a-hustling) and now am at the mid 15,000 debt total. Unfortunately the wife is no longer working or else I had hoped to be about at under 5,000. 

   About this time last year I was at an average of about 730-740 across the board but in August this summer, a medical bill my wife accrued but never took care of got reported to my credit report and whammo, down to about 650.  I couldn't believe it, but no prob, just paid it off and called experian to remove it.  As of now,

EQ=749

EX=741

TR=750

   In the short time (minutes literally) I've been browsing this forum, I've learned one thing that is shaking my debt-score strategy.  I did like many have which is attack the higher interest cards and low balance cards first, thinking my 0% APR will be there always and I'll have time to get to it later.  Well, later is April next year and I'm at 8,300 out of 10,000 (gulp) so thank you guys for showing me I need to concentrate my payments to this card to get up to that 800 mark.  The other cards (5 total) are 30% of total or less and aren't near the allowable amount my BankAm transfer card is.  I guess the main thing I focus on is that it's a blessing to have a great job and be able to pay all of your regular reoccuring bills and have enough to make 800.00-1,500.00 payments a month toward debt only, but whoa unto us who don't have a decent job, or any job at all.  If we know better, we need to do better.  Be encouraged FICO-ricans!!! 

[llecs]

Welcome to the forums, woodpaq!

[haulingthescoreup]

Hi, glad you found us! And I'm happy to hear that you've recovered from the rough times. It helps many members to see success stories.

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Woodpaq wrote:

2 years ago after being married, my debt went from about 7,000 to about 24,000 due to my wife being a female LOL ...

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Umm... would it have helped had you married a male?

(just as an fyi, the membership of these forums is probably right at 50/50 male/ female. And the women here tend to be pretty vocal. Just a word to the wise. )

[CreditAble]

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@Woodpaq wrote:

 Be encouraged FICO-ricans!!! 

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"FICO-ricans". 

That is a word that could be used very often around here.

Many in these forums should be proud to be a FICO-rican.

Wow do you pronounce it?

Is it  FICO- Reecan?

 or  FI corehcan? 

Message Edited by CreditAble on 12-18-2008 05:27 PM