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Interested in credit score improvement

Established Member

Interested in credit score improvement

Hi. From my understanding, if there are no negative items on a fico score, it'll increase 3 points per month...? I read this in a forum. If this correct, why is the system designed like that? Is the system designed to where people have to wait a year just to buy something big again? Pretty ridiculous to me. Was it like this before the war in the middle east? Was it like this before the world trade center was hit?

Message 1 of 44
43 REPLIES
Valued Contributor

Re: Interested in credit score improvement

If it's in the internet tubes, it must be true.
Message 2 of 44
Valued Contributor

Re: Interested in credit score improvement


@duku2020 wrote:

Hi. From my understanding, if there are no negative items on a fico score, it'll increase 3 points per month...? I read this in a forum. If this correct, why is the system designed like that? Is the system designed to where people have to wait a year just to buy something big again? Pretty ridiculous to me. Was it like this before the war in the middle east? Was it like this before the world trade center was hit?


Welcome @duku2020.  I'm not exactly sure where that info is coming from or how you are tying it to world events.  But we would certainly be glad to help you on your subject of credit score improvement.  Do you mind giving us your scores and any other info or related questions you may have?  Thanks

 
                                            

Total Credit: $218,900Utilization: 1%AAoA: 5yrs, 5mthsInstallments: Car Lease, Marcus LoanBaddies: 0On Chop Block: Nobody NA

             
             
                          DSC-27.1K | NFC-25K | ALI-25k | WAL-10k | BoA-22k | BB-12k | NFL-15k | LOW-35k | AMX-19.3k | CHA-10k | PF-8.8k | C-DC-9.7k
Message 3 of 44
Community Leader
Senior Contributor

Re: Interested in credit score improvement

Welcome, @duku2020. Smiley Happy

 

"Three points per month" is definitely inaccurate.

 

But FICO scores do increase as account ages and payment history increase. And yes, it's been that way since the events you mentioned. One of the scores still commonly in use precedes the turn of the millennium.

 

How much a score increases depends on one's profile. The best we can do is make an educated guess as to how much and how quickly it might go up.

Message 4 of 44
Established Member

Re: Interested in credit score improvement

RonM21,

 

I don't know you. Not sure why I would give personal information that easy on here, as people view these questions, comments...

What particular things/stuff are you asking for again??

Message 5 of 44
Valued Contributor

Re: Interested in credit score improvement


@duku2020 wrote:

RonM21,

 

I don't know you. Not sure why I would give personal information that easy on here, as people view these questions, comments...

What particular things/stuff are you asking for again??


You do not have to provide any information about your credit scores or profile if you choose not to.  When you ask a question, we ask for some of the information to best help you.  Without more detailed info, all we can do is guess and give you general answers that may not be specific to your situation.  If you would like, you can view the other threads in these forums to see how these conversations work.  We are here to help.

                                            

Total Credit: $218,900Utilization: 1%AAoA: 5yrs, 5mthsInstallments: Car Lease, Marcus LoanBaddies: 0On Chop Block: Nobody NA

             
             
                          DSC-27.1K | NFC-25K | ALI-25k | WAL-10k | BoA-22k | BB-12k | NFL-15k | LOW-35k | AMX-19.3k | CHA-10k | PF-8.8k | C-DC-9.7k
Message 6 of 44
Established Member

Re: Interested in credit score improvement

Hi,

HeavenOhio, your reply seemed to be useful. I don't know how experienced you are with the FICO scoring system, but I do have a another question... Is it true that once a collections account is removed from a credit report a fico score can increase then decrease because of the collection account removal?

Message 7 of 44
Established Member

Re: Interested in credit score improvement

RonM21,

 

Ok... What information would you like to know to better help me?

Message 8 of 44
Valued Contributor

Re: Interested in credit score improvement


@duku2020 wrote:

RonM21,

 

Ok... What information would you like to know to better help me?


Your subject mentioned you were interested in improving your credit scores.  So, to help you with that we first have to gauge where you currently stand.  Usually, we ask things like:

 

*What are your Fico Scores?

*Any Credit Cards?

*What's you Credit Card Utilization?

*Any Collections or other Negatives on your report?

*Any Installment loans?

 

Then, once we have some of that info, we can begin to evaluate your situation and give you some tips.  You may not even know what some of the questions mean, and we would also help you with that.  You give that info if and when you are comfortable and we would be glad to help you out.  Thanks

                                            

Total Credit: $218,900Utilization: 1%AAoA: 5yrs, 5mthsInstallments: Car Lease, Marcus LoanBaddies: 0On Chop Block: Nobody NA

             
             
                          DSC-27.1K | NFC-25K | ALI-25k | WAL-10k | BoA-22k | BB-12k | NFL-15k | LOW-35k | AMX-19.3k | CHA-10k | PF-8.8k | C-DC-9.7k
Message 9 of 44
Valued Contributor

Re: Interested in credit score improvement


@duku2020 wrote:

RonM21,

 

Ok... What information would you like to know to better help me?


As you can see by Ron's and my signature lines, we give out our information so that if we have a question others are easily able to help and answer.

 

If you know them your current FICO scores from EQ, TU, and EX

How many applications for credit have you made in the past 24 months and what CRA is reporting

The accounts that you have that are open and current, how much you owe and credit limit

How many CC accounts and/or installment accounts

The accounts that you have that are closed and in good standing

The accounts that have derogatory items listed whether open or closed (if you have any)

The accounts that are charged off or in collections (if any)

 

Any other relevant information that you think will help us answer your question.

 











Credit isn’t just a score, it’s a skill.
Message 10 of 44