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How To Increase Scores - College Student

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Anonymous
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How To Increase Scores - College Student

Well I was curious and here is what I found:

TransUnion 739
Equifax 734
Experian 719

I have 4 credit cards:

BOA Visa Student Platinum:
- Opened 03/2005
- 2500 CL
- Started at a 900 CL

Citi Bank Premier Pass
- Opened 03/2007
- 7500 CL
- Started at 2,500

BOA AMEX Rewards (2500CL)
- Opened 10/2007
- 2500 CL
- Started at 1,000

Best Buy Card
- Opened 12/2005
- 1,100 CL
- I haven't used this card for about 2 years.

I do understand I haven't had credit for that long, nothing I can do about that!

I generally balance the BOA cards with about ~200 and the Citi currently has 1,300 on it but I'll be paying it off soon. I apply for credit line increases on these cards every 6months and I've never been denied.

One of the negatives that has me worried are my student loans. The loans show up as seven different balances and I still have 3 semesters left until I graduate. Should I consolidate my loans senior year and begin paying so the balances are seen as one?

Should I also consider purchasing a CD or something small at Best Buy every month to keep that card active? Considering its been 2 years I wouldn't be surprised if it has been deactivated.

I had one inquiry in August 2007 from Citi when I asked for an 3,500 increase in credit.

Positive:
- No collections
- No missed payments
- Mix use of credit cards
- Limited use of available credit - 8%
Message 1 of 4
3 REPLIES 3
Anonymous
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Re: How To Increase Scores - College Student

You are doing great and your scores are already pretty good. Just let it age.

Also student loans (so long as you pay them on time or defer them) have very little impact on your credit score negatively even with that many. Consolidating won't remove the accounts from your total accounts count (My dh has about 20 listed on one of his reports, but only one that is his consolidation, the rest are closed/transferred). It says he has too many accoutns (b/c they count closed accounts too) and even with a 40% usage he has credit scores in the 730-750 range.


Edited to add: I would probably still consolidate so you only have one or two payments instead of a bunch to remember.

Message Edited by caliborne on 05-08-2008 06:58 AM
Message 2 of 4
Anonymous
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Re: How To Increase Scores - College Student

Forget the best buy card. They close the account after 6 months. and you've got great scores without that card and you aren't going to miss another $1100 in available credit. You just need to keep up with your payments, keep your balances low, and let it all get older one month at a time. Other than that, there isn't much else you can do to get your scores any higher.
Message 3 of 4
Anonymous
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Re: How To Increase Scores - College Student

Sounds like you're on the path to good credit...you'll probably gain 5 or 10 points for paying the balances down.

Bear in mind that with no baddies and a FICO score well into the 700s, there's not much you won't get approved for, and your rates are near prime. Raising your FICO score over 760 or so is largely just for snob appeal. :-)
Message 4 of 4
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