How to increase my credit score!!

[Anonymous]

I'm having some very difficult time increasing my score! In the past year and a half. I've gone from a 430 overall score to 660. The only issue I'm currently having is that my score has been the same for about 5 months. I haven't opened up any new accounts. Haven't missed any payments in the last 13 months. I have 2 credit cards both unsecured through NFCU. 1 auto loan that's in great standings. No collections. 

My current scores through each bureau is 

Equifax 659

Transunion 663

Experian 662

I have great credit utilization, mixed credit is great, and the other scoring factors as well. I still have 2 accounts that were charged off. But that's been over 3 years ago. 

What are some other things I could do, to help increase my credit scores? 

[Remedios]

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@Anonymous wrote:

I'm having some very difficult time increasing my score! In the past year and a half. I've gone from a 430 overall score to 660. The only issue I'm currently having is that my score has been the same for about 5 months. I haven't opened up any new accounts. Haven't missed any payments in the last 13 months. I have 2 credit cards both unsecured through NFCU. 1 auto loan that's in great standings. No collections. 

My current scores through each bureau is 

Equifax 659

Transunion 663

Experian 662

I have great credit utilization, mixed credit is great, and the other scoring factors as well. I still have 2 accounts that were charged off. But that's been over 3 years ago. 

What are some other things I could do, to help increase my credit scores? 

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When you say you made all payment for the past 13 months, does that mean you had late payments before that (but after other accounts were charged off)? 

In any case, COs will have significant impact for the entire time they are on your CR, and so can lates (depnding on severity and recency). 

Are those COs paid or unpaid? Any of them updating? 

[Anonymous]

Yes I had late payments before with the 2 CO accounts. And they're unpaid. Tried settling with the creditors, but they weren't open to the idea of taking less. None of them are updating. So that's a plus. 

[MudkipsRKooL]

yea you probably won't reach 700+ until those drop off. After that you might hit 750+, depending on your profile. That's how this credit system works. Someone in the 750s with 1 late payment or missed payment will lose 100 points and stay that way until it's removed.

[Anonymous]

Would paying those CO's work? I know they'll stay on there until they time out. But will my score rise with having them showing paid?

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@MudkipsRKooL wrote:

yea you probably won't reach 700+ until those drop off. After that you might hit 750+, depending on your profile. That's how this credit system works. Someone in the 750s with 1 late payment or missed payment will lose 100 points and stay that way until it's removed.

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[Anonymous]

What are the limits on your cards and are you carrying balances on them? Utilization is a huge scoring factor, and if you have balances reporting on both, you could be costing yourself a lot of points. Also, the unpaid chargeoffs are factoring into your utilization ratios, which is hurting as well.

[Anonymous]

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@Anonymous wrote:

What are the limits on your cards and are you carrying balances on them? Utilization is a huge scoring factor, and if you have balances reporting on both, you could be costing yourself a lot of points. Also, the unpaid chargeoffs are factoring into your utilization ratios, which is hurting as well.

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1 card has a 2k limit, while the other has a $6300 limit. The 2k card is always paid down to 0, and the other card I keep about a $300 balance on it. Whenever I check my utilization ratios. The CO's seem to never show up on there. 

[Anonymous]

If that's the case then my guess would be that the derogs are weighing you down heavily and will need to be addressed in order to see increases. 

[SouthJamaica]

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@Anonymous wrote:

I'm having some very difficult time increasing my score! In the past year and a half. I've gone from a 430 overall score to 660. The only issue I'm currently having is that my score has been the same for about 5 months. I haven't opened up any new accounts. Haven't missed any payments in the last 13 months. I have 2 credit cards both unsecured through NFCU. 1 auto loan that's in great standings. No collections. 

My current scores through each bureau is 

Equifax 659

Transunion 663

Experian 662

I have great credit utilization, mixed credit is great, and the other scoring factors as well. I still have 2 accounts that were charged off. But that's been over 3 years ago. 

What are some other things I could do, to help increase my credit scores? 

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You can optimize your revolving utiliation by letting 1 card report a zero balance while the other reports a small balance each month.

You can optimize your installment utilization by paying the loan down to 9% of the original loan amount.

You can optimize your aging factors by not applying for any new credit, or anything which might generate a hard pull.

With the passage of time your scores will increase.  Hang in there. I would say that gaining 230 points is a pretty great achievement.

[Anonymous]

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@SouthJamaica wrote:

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@Anonymous wrote:

I'm having some very difficult time increasing my score! In the past year and a half. I've gone from a 430 overall score to 660. The only issue I'm currently having is that my score has been the same for about 5 months. I haven't opened up any new accounts. Haven't missed any payments in the last 13 months. I have 2 credit cards both unsecured through NFCU. 1 auto loan that's in great standings. No collections. 

My current scores through each bureau is 

Equifax 659

Transunion 663

Experian 662

I have great credit utilization, mixed credit is great, and the other scoring factors as well. I still have 2 accounts that were charged off. But that's been over 3 years ago. 

What are some other things I could do, to help increase my credit scores? 

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You can optimize your revolving utiliation by letting 1 card report a zero balance while the other reports a small balance each month.

You can optimize your installment utilization by paying the loan down to 9% of the original loan amount.

You can optimize your aging factors by not applying for any new credit, or anything which might generate a hard pull.

With the passage of time your scores will increase.  Hang in there. I would say that gaining 230 points is a pretty great achievement.

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Thanks a lot! I've been busting my tail trying to rebuild my credit. Also! Whenever you refer to paying the loan down to 9%. Are you referring to the accounts that were charged off?