I just got the notification MyFico app. My TransUnion score just jumped 14 points to 802!!! The most recent things to have changed was getting approved for the visa Marriott & discover increasing my limit in the last 4 days. I thought the inquiry would make them go down.
I seem to have found one way to lower your score. Mine got up as high as 812 in early 2014, then hovered around 800 through the rest of the year. However, that was the year we retired all our loans. Since then I have just been cruising along, debt free, watching my FICO slowly decline to 790 in September, than to 759 in October. Meanwhile, my wife took on a new mortgage loan this year, without me on the note, and her FICO increased steadily ever since, until ii is now 844. Since all our other accounts are joint, it appears to me that owing lots of money is a good way to improve your score and bieing debt free is a good way to torpedo it.
Starting Score: 777
Credit cards show all scores hit into 800 range with Transunion 808 as of this morning and experian 800. I plan to pull ficos here for first time in a year to get great snapshot of what's going on. I have 2 inquiries that roll off in 15 days. That should kick a in 810+ range. I have not applied for a new card or credit in 2 years before that 4 years. You have to get what you need and let your credit set for long periods. I use all 5 credit cards each month pay all off except one. I have 1 installment loan. 1/2 paid in full 24 to go.
All this started at a 533 FICO. if you think you can't do it think again. I did not have a high income had I this time frame would have been 5 years from 533 to low 800 range. I started by getting installment loans off my savings. Get the bank to loan you off your saving installment loans. That gave me over 100 points the first year. After another year I got my first credit card then 2 3 4 5 and wish I had gotten more buy all the excellent credit cards were out of reach so I sat tight. If you don't have excellent credit chances are you will get a turn down on those cards. Even at 800 I am not sure I want to apply for Amex or discover etc that require excellent. I have right at 32 000 now in credit card limit so I ask myself why do you need one. You will not spend enough to make it worth it and my quicksilver already sends me all the restaurant cards I can use.
Hard work does pay off. Nothing speeds up time. If your credit has slipped it's going to take time and for God's sakes 1 do not ever pay late again even by 1 day 2. Never exceed your credit card limit 3 never use over 30% of CL unless you plan to pay it off at end of minth. If you do you just backed up 1 year. Especially number 1.
All this started at a 533 FICO. if you think you can't do it think again. I did not have a high income had I this time frame would have been 5 years from 533 to low 800 range. I started by getting installment loans off my savings. Get the bank to loan you off your saving installment loans. That gave me over 100 points the first year. After another year I got my first credit card then 2 3 4 5 and wish I had gotten more buy all the excellent credit cards were out of reach so I sat tight. If you don't have excellent credit chances are you will get a turn down on those cards. Even at 800 I am not sure I want to apply for Amex or discover etc that require excellent. I have right at 32 000 now in credit card limit so I ask myself why do you need one. You will not spend enough to make it worth it and my quicksilver already sends me all the restaurant cards I can use.
Hard work does pay off. Nothing speeds up time. If your credit has slipped it's going to take time and for God's sakes 1 do not ever pay late again even by 1 day 2. Never exceed your credit card limit 3 never use over 30% of CL unless you plan to pay it off at end of minth. If you do you just backed up 1 year. Especially number 1.
The reason it drops your score they lose a way of tracking how you pay your bills or a mix of your bills. Yes you have to have credit or debt to maintain a good score but like anything don't get excessive like credit cards. The mortgage is probally the best Guage of how you pay bills and that is why you and her scores are trending upward. She should she herself bounce on and off 850. Now use your credit cards just pay all of them off every month except 1. Leave 1 % on it. You'll see a nice fico
I would like to add I went from 533 to 808 as of today transunion Fico Experian 800 with NO mortgage. Once I got to 740 I could not Qual for the property I want due to income. It has a rental on it that pays 80% of mortgage but I can't count it unless paid to me 1 year. The banks are tough now. I plan to start looking for some land and build something cabin wise I want.
One last thought. I want some dental work. Last time I put 10,000 yes 10k on my credit cards I went from 795 to 708 in 3 months flat. Had I not paid it off then it was headed on down. Thought about installment but means inquiry with possible turn down. Don't know yet. I do not want to lose this hard work. I have noticed once you hit around 800 and it drops it comes back up fast. Took from payoff of last 10k to back to 808 range today in like 4 or 5 months. May I was 708 today 808 paid credit cards off 3 months ago and doing so got 5k more in CL. Could have got more but wanted a hard Inquiry. It's a trip to figure all this out but I love it. My sister says I'm obsessed with it. After 533 Fico to 808 you bet I am obsessed with it. I never want to go back to those days. I could not even rent a car no credit card they had canceled them all.
One last thought. I want some dental work. Last time I put 10,000 yes 10k on my credit cards I went from 795 to 708 in 3 months flat. Had I not paid it off then it was headed on down. Thought about installment but means inquiry with possible turn down. Don't know yet. I do not want to lose this hard work. I have noticed once you hit around 800 and it drops it comes back up fast. Took from payoff of last 10k to back to 808 range today in like 4 or 5 months. May I was 708 today 808 paid credit cards off 3 months ago and doing so got 5k more in CL. Could have got more but wanted a hard Inquiry. It's a trip to figure all this out but I love it. My sister says I'm obsessed with it. After 533 Fico to 808 you bet I am obsessed with it. I never want to go back to those days. I could not even rent a car no credit card they had canceled them all.
Your suggestion about leaving 1% got me to thinking about a possible cause for my decline. I pay our balances in full several times a month, since we use our cards for everything, and usually have a hundred or so charges during the month. There have been times, though, when a large charge hits so late that my payment arrives after closing date. I'm going to take a look at the statements for the last year to see if any had large balances. I have never paid much attention to that, since I always pay off the entire balance, and then some, every month. As for your other suggestion, I tried leaving a $10 balance on cards once back in the 80's, but paying interest and finance charges bothered me too much. Since then the only balances I have run have been on "specials" when a store let me carry a large balance with no finance charges if paid in full within two or three years. I don't even remember checking my scores during those times. I would have gotten on wife's mortgage, but we are domiciled in different states, and the suggestion almost made the loan officer's head explode. My next plan is to cancel more cards. Last year we got rid of most of our store cards; this year some of the VISA's and M/C's are scheduled for the chopping block. Can't see paying for a card that is being used less and less. When Citi came out with their double cash back card we basically stopped using the others.
If you close those cards you will see a huge decrease in your FICO possibly if your average age of credit depends on them. If so get ready to lose some major points. Only reason I say 1 % as most say 10% some 30% as FICO algorithm is written but at 1% I can absorb that interest with the perk to my FICO.
Paying those cards in full each month has been long your FICO scores. I tried that 1 month and lost 11 points I never tried it again. It's tried and true by most here. So leave that 1%. Even if it's less it shows on my credit report as 1%.
Paying those cards in full each month has been long your FICO scores. I tried that 1 month and lost 11 points I never tried it again. It's tried and true by most here. So leave that 1%. Even if it's less it shows on my credit report as 1%.
Also if you leave a 1% balance on 2 cards you will again see a drop in your FICO. For some reason the algorithm does not like balances on multiple cards. I think it looks as if you are living off your cards. All this for 800 + fico people. If you leave 2 of 3 balances and need to and in 700 range that's fine but it will be hard to ever see 800 +. I never thought I would see it without a mortgage but I've dotted in and out of 800 now a couple of months. Missed a 3.00 balace on a card last month gave me 2 balances on 2 cards dropped me out of 800. It was just 3.00 pending that posted after I had made full payment on that card.
