How can I raise my credit score more? It only goes up 1 point every now and then

[jas21630]

I have 1 credit card with about a $15,000 limit and I usually keep anywhere from $900 to $1400 revolving on it every month. I dont have any loans out or anything else like that. I have more than $20,000 in savings. My credit score only goes up 1 point every now and then when i pay the credit card to a lower monthly statement amount then it was the month before. My Fico score is at around 650 and I would like to figure out what I need to do to get to around 750?

[happyman1976]

when I strated rebuilding 4 years ago my credit score stayed the same until I added some more credit cards and used them every month paying the bill and after few months dong then I started to see 12 point upswings. I also added a one installment loan and that really helped a lot. i do find it amazing that you have a credit card with a 15k limit with a 650 Fico score so congrats on that. it takes time.

[ABCD2199]

You need a minimum of 3 open credit cards and 1 installment load reporting for tons of free FICO score boosting.

See my signature link for both the AZEO method and the Alliant SSL Technique. Both are cheap or free to do and can get you 40-60 points in a month or two.

6 months to two years from that point you'll be in the 750-780 range.

Three years more and 800s will be close.

[HeavenOhio]

I agree with the advice to get two more cards. But choose cards that'll benefit you rather than anything you can get your mits on.

And the Alliant loan is the best option for someone who doesn't have a financial need to borrow money. Once you follow the steps, you'll be paying off $44 over the course of five years. Interest charges will amount to about $9.

In the meantime, keep your reporting balance under 8.9% of your card's limit. That's $1,335 on a $15,000 card.

[CreditGuyInDixie]

Nice catch by Heaven that our OP's balance of 1400 is too high for the best score. 

I am a bit concerned that our OP's score is 650 with total utilization in the 5-8% range most months.  It suggests the possibility that he might have a late payment on one or more of his three reports.  Our OP doesn't mention his reports at all -- just the score.  So the first thing I'd recommend is pulling his reports and looking carefully at what they say.

Our OP doesn't describe his score as a FICO 8 score -- merely as a "credit score."  Making sure that he is looking at a FICO 8 Classic score for all three bureaus would be a good move as well.

He can get both reports and scores via the $1 trial offer at Credit Check Total.  Pricier is the $30/month myFICO Ultimate product, but I wouldn't recommend that for him -- way too much cost given his profile.

Finally, even when he's followed the excellent advice he's gotten from the other folks on this thread, he will only have four accounts total on his reports.   FICO considers a small number of accounts to be a "thin" profile, and that in turn affects the scorecard you get placed in and your maximum possible score.  Four accounts may well be enough to make classify you as "not thin" (I suspect that may be true for all models) but that's not known for sure.  So a good medium term goal would be to gradually raise the number of accounts he has to six.  The advice to only open accounts that you really like is very sound, however -- no need to open junk cards or to worry too much about the four vs. six account distinction.  Just a helpful goal for the medium/long term.

My own personal recommendation is to take the steps in this order:

(1) Pay card down to under $1300 and moving forward make sure you pay the amount on the statement in full within the first couple weeks after you get it.  Always make sure the balance is under $1300 before the statement prints.

(2)  Pull scores and 3B report at Credit Check Total.  Look carefully at reports for derogs.

(3)  Implement the Share Secure Loan Technique that you were linked to.  It's in ABCD's signature.

(4)  While you are waiting for the scoring boost from the SSL Technique, scout around for two cards you like.  Wait to apply until your score is higher.

(5)  Apply for two more cards.

(6)  Use the new cards within 30 days of getting them.  Then use the AZEO approach mentioned by ABCD.

[Anonymous]

Lots of good advice in this thread for the OP.  By implementing the SSL technique and AZEO (with 3 revolvers) and bringing aggregate utilization to the top tier, the OP can pick up 50 points.  That gets him half way to his goal and this can be accomplished in 1-2 months.

Knowing where he's geting his credit score(s) from is important, but the point CGID makes regarding the probable presence of a negative item(s) is pretty strong whether we're talking FICO scores or VS 3.0 scores to be honest.  Knowing where the OP stands with respect to negative items would be very helpful in pointing him in the right direction as far as advice.

[jas21630]

The one credit card account I have open, I've had that account for 11 years. Will the new credit cards bring my credit score down at first becaouse it will make my average accounts open alot lower?

[Ardecko]

Maybe.

The point bucket for utilization is higher than the combined point buckets for age of accounts and inquiries. Adding additional lines will lower your overall utilization and kick in couple of freebie points for good behavior.

My personal net results for 1->2 cards were -2 on EQ and +1 on EX.

[Anonymous]

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@Ardecko wrote:

Adding additional lines will lower your overall utilization and kick in couple of freebie points for good behavior.

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Can you explain what you mean by this? 

And OP, we still need to know where you are seeing your credit score from.

[jas21630]

To be exact my 3 FICO 8 scores are EQ667, TU670, and EX656. I am getting these scores from this website (myfico.com)