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

[Ardecko]

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@Anonymous wrote:

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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.

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• It's my understanding that the first three cards are freebies towards your score(although this may be a side affect of the others).
• the additional cards will lower overall utilization
• 3 cards is the minimum to properly AZEO

Edit: "good behavior" being good credit behavior, doing things that makes FICO 08 happy

[HeavenOhio]

My best guess is that you'll be dinged for your AAoA (average age of accounts) and AoYA (age of youngest account) going down. But with three cards, you'd be able to take advantage of the fact that you can allow less than half of your cards to report a positive balance. And as time goes on, the thicker file will benefit you. Your utilization is already good, so that aspect is probably a wash. The Share Secure loan, once it's paid down to $44, will add significantly, possibly 30 or so points.

[joltdude]

One possibility is your second card will actually bump your score UP slightly and the third temporarily might drop it..... your going to lose a bit due to AAoA but ripping off the bandaid sooner will actually help you in the longer term.. (having the 2 additional lines building up the AAoA over time at the same time)... 

[atarvuzdar]

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@Anonymous wrote:

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?

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As others have said - possibly, due to the drop in AAoA and AoYA--but I'm guessing that since you're focusing on increasing your FICO that you may have had the intention of applying for new credit in the future anyway. If so, getting those new accounts would also impact several of your various age categories. Ultimately, being able to take advantage of the AZEO and loan methods should far outweigh the negative of opening new accounts. Good luck with whatever you choose to do!

[Anonymous]

My 3 fico 8 scores are EQ667, TU670, and EX656. Does anyone know what would be the best credit cards to open in my situation? Since I have bank accounts with both Bank of America and Navy Federal should I get the Bank Of America Cash Rewards Credit Card and the Navy Federal Credit Card?

[Anonymous]

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@Anonymous wrote:

My 3 fico 8 scores are EQ667, TU670, and EX656. Does anyone know what would be the best credit cards to open in my situation?

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Generally speaking, opening credit cards based only on score isn't the greatest idea.  Do you have any cards currently at all?  If you are just starting out, usually Capital One Platinum and Discover are two of the most commonly recommended.

[NRB525]

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@Anonymous wrote:

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?

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OP, welcome first off.

You have had the card for 11 years or so. Are there any late payments in your credit file? The 650 - 670 range of score with that low utilization indicates you may have had some lates or collections in the past?

What bank is your credit card from?

[Anonymous]

I have a Wells Fargo credit card and I did have a high utilization rate for awhile. Also I have 2 medical bills that were in collections, I actually gotta check and see if I paid those off or not. For awhile now I havent been paying attention to my credit and have to go back through and see if I paid those off or not. The version on myfico.com membership I have it gives me one credit report a year so I am going to have to check my credit report and see where I stand. Thanks for welcoming me and all the advice!!!!