How to increase my credit score!!

[Anonymous]

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@Anonymous wrote:

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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?

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@Anonymous he's saying if you have loans, you will get a boost on 8/9 when the aggregate loan utilization falls under 9.5%.

Are the charge-offs Updating regularly?

[Anonymous]

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@Anonymous wrote:

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@Anonymous wrote:

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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? 

---

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?

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@Anonymous he's saying if you have loans, you will get a boost on 8/9 when the aggregate loan utilization falls under 9.5%.

Are the charge-offs Updating regularly?

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Ok! That makes perfect sense! I'm trying to soak up as much information I possibly can. As I'm still learning. But to answer your question. No! None of those charge offs are reporting. Haven't reported in over 3 years. 

[Remedios]

I don't know how much you got left on the loan, but I would not be dumping huge amounts of money just to satisfy scoring system.

If terms on your loan are bad, refinance if you can. 

Financially, paying a car loan off is very unwise move.

When life happens again, then what?

The whole "loan below 9%" is true, but only applicable when additional payments push the future date. If it doesn't, your score is boosted for a few months, and then you experience scoring loss from not having an open loan, and you're out of money. 

[Anonymous]

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@Anonymous wrote:

---

@Anonymous wrote:

---

@Anonymous wrote:

---

@SouthJamaica wrote:

---

@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? 

---

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.

---

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?

---

@Anonymous he's saying if you have loans, you will get a boost on 8/9 when the aggregate loan utilization falls under 9.5%.

Are the charge-offs Updating regularly?

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Ok! That makes perfect sense! I'm trying to soak up as much information I possibly can. As I'm still learning. But to answer your question. No! None of those charge offs are reporting. Haven't reported in over 3 years. 

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@Anonymous that's why they're not being counted in utilization. Yeah paying that loan down is not always the wisest thing to do plus you get points just for having it open overtime, too. You Gotta consider everything. 

[Anonymous]

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@Remedios wrote:

I don't know how much you got left on the loan, but I would not be dumping huge amounts of money just to satisfy scoring system.

If terms on your loan are bad, refinance if you can. 

Financially, paying a car loan off is very unwise move.

When life happens again, then what?

The whole "loan below 9%" is true, but only applicable when additional payments push the future date. If it doesn't, your score is boosted for a few months, and then you experience scoring loss from not having an open loan, and you're out of money. 

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I haven't paid the car off or down as of yet. As it just made a year last month. But I'm currently purchasing a home, and the lender is requesting me to pay the car off or sell it. To help lower my DTI. As it stands. Those 2 CC and that auto loan. Are the only open accounts I currently have. I would like to open up a shared pledge loan and maybe another CC. To mix up the credit profile. But I can't due to me getting ready to close.

[Anonymous]

So the wisest thing to do here. Is forget about the CO accounts, focus on the positive credit I have now. And just let time do what it needs to do. Would that be the ideal thing to do? 

[Anonymous]

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@Anonymous wrote:

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@Remedios wrote:

I don't know how much you got left on the loan, but I would not be dumping huge amounts of money just to satisfy scoring system.

If terms on your loan are bad, refinance if you can. 

Financially, paying a car loan off is very unwise move.

When life happens again, then what?

The whole "loan below 9%" is true, but only applicable when additional payments push the future date. If it doesn't, your score is boosted for a few months, and then you experience scoring loss from not having an open loan, and you're out of money. 

---

I haven't paid the car off or down as of yet. As it just made a year last month. But I'm currently purchasing a home, and the lender is requesting me to pay the car off or sell it. To help lower my DTI. As it stands. Those 2 CC and that auto loan. Are the only open accounts I currently have. I would like to open up a shared pledge loan and maybe another CC. To mix up the credit profile. But I can't due to me getting ready to close.

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@Anonymous You are in a pickle.

[SouthJamaica]

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@Anonymous wrote:

---

@SouthJamaica wrote:

---

@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? 

---

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.

---

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?

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No. I was referring to your one open loan, the auto loan. When that gets paid down to 9% of the original amount of the loan, you will probably get a nice boost in your FICO 8's and 9's.

[Remedios]

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@Anonymous wrote:

---

@Remedios wrote:

I don't know how much you got left on the loan, but I would not be dumping huge amounts of money just to satisfy scoring system.

If terms on your loan are bad, refinance if you can. 

Financially, paying a car loan off is very unwise move.

When life happens again, then what?

The whole "loan below 9%" is true, but only applicable when additional payments push the future date. If it doesn't, your score is boosted for a few months, and then you experience scoring loss from not having an open loan, and you're out of money. 

---

I haven't paid the car off or down as of yet. As it just made a year last month. But I'm currently purchasing a home, and the lender is requesting me to pay the car off or sell it. To help lower my DTI. As it stands. Those 2 CC and that auto loan. Are the only open accounts I currently have. I would like to open up a shared pledge loan and maybe another CC. To mix up the credit profile. But I can't due to me getting ready to close.

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Well, since you said you don't have high utilization and only one loan, what else is being counted towards DTI? 

That number consists of your obvious obligations such as listed minimum payments for cards (you only have two),and installment loans (you only have one), so is it income issue or are they counting your charge offs in DTI? 

I'm asking because nothing you said points to high DTI, but if they are telling you that, there has to be a reason or they are wrong.