How to increase score

[Anonymous]

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@Anonymous wrote:

This is maddness...something seems way off here.

I currently work in the banking & finance industry and I have never heard of any such 800 score requirement for a job; however there does exist such exclusions due to certain major negatives being listed on a CR.

I would think a FICO requirement that high would open a company up to age discrimination lawsuits. One thing to say if you ever mess up financially you're unclean and unwelcome the rest of your life (I wouldn't want to work for a company like that anyway) but it is rather difficult for anyone under the age of 25 to 30 to have an 800+. Almost like saying you have to have at least a little gray hair...

[MidnightVoice]

It is possibly just the equivalent of requiring X years of experienve in an appropriate area.

[Anonymous]

Perhaps...it would make a good test case though. The company would need to prove that the ability to maintain an ultra-high FICO (not just avoiding bankruptcy or other major baddies) was germane to the job, and that's where I think they'd be in some trouble.

[MidnightVoice]

Well, for $350,000 per year there must be SOME requirements, surely?  If not, where do I apply!! 

[Anonymous]

There are also "some" more requirement

MBA from Finance, Accouting or relative financial field

Fico Score of 800 plus

License Series 6,63 and lot of test to take out... probably 11 licenses

30 million of us have score of 800 plus... 18% of Fico score is that true?

and all of those people have gray hair?

Message Edited by ctnbpl on 05-25-2007 03:04 PM

[MidnightVoice]

13% have 800+ FICO scores, not 18%

And yes, most of them probably have 20 years of genuine credit or a very, very rich family 

[Anonymous]

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@Anonymous wrote:

This job is for broker-delear at NYSE

Annual Gross Income $350,000

Young 25 years old

What should I do to increase my credit fast?

I dont have any loan currently

Will " Add more debt" for example $2,000 total to my credit card and pay it with 6 month

in addition get a personal loan for $6,000 and pay it with 1 year will get me to score of at least 780?

I plan to get a job on August 2008

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You might try to add your parents trade lines!!!

[Anonymous]

how about line of credit in bank account willl this help?

[Anonymous]

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@Anonymous wrote:

how about line of credit in bank account willl this help?

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It might, but it would be time before it helped you and it too comes with an inq.

How much time do you have to meet the 800 target?

You should also see out discussion on hitting an 850 FICO score.
850 FICO thread. There are some examples of a credit reports 830 and higher.

Message Edited by ilovepizza on 05-26-2007 08:00 AM

[Anonymous]

Oww you need 71 points. Inquiries will drop you 20-30 for 1 year. And if they use non FICO inquiries can count up to 2 years.

I don't know how much time you have before you need to hit 800's.
If less than 1 year the only thing I can think of is trade lines. That probably would do it from what I learned. If you have time, lets say 2 years. Having a total of 6 credit cards might give you extra help. But that has not been proven yet and will take 2 years to really boost you. Spending more money and paying it back. I never got points for that. Just made my score drop and come back. If you pay down more there is some room to go a tiny bit higher. Lower than 4% UTL would be better. IDK, your profile is very new. I can see 60 point gain but 73. Not sure. My account is not old enough for my goal they tell me. But I gave my self 2 years to reach my goal, and still may not because of age of accounts. My goal is 100 gained points in 2 years. I've done well, but it has also been many months and not close to target yet. I don't have the option of trade lines yet, but I am working on it.

I don't know how to boost you there in under 2 years, even 1 year would be very hard with out someones trade lines added. But I very well can be wrong and hope I am. If you had more years, I'd say almost almost a sure thing. Time is a factor here.

Message Edited by ilovepizza on 05-26-2007 08:09 AM