SCORE INCREASE??

[Anonymous]

I think Im at that point where the only thing that is going to increase my score is time and keeping up with my payments. Im just curious if I can expect to see a jump in my score when my oldest card hits the one year mark? Right now it only seems to go up 1 point every first of the month.

[Anonymous]

You should, but you'll probably get a bigger boost when your AAoA hits a year. What is your AAoA now?

[Anonymous]

You may see a small bump (a few points) on your oldest account's one-year anniversary, but you are more likely to see a noticeable increase once your combined AAoA passes the year mark.  AAoA is only about 15% of your FICO score, so you will never get 100 points at once from AAoA milestones, but you should see some points once youe average crosses the one-year line.

You're in the hardest part of rebuilding = where time is all that is left and nothing else for you to do but maintain.  It's like watching paint dry sometimes... and it's hard to be excited about something that inherently isn't exciting (waiting) - but congrats all the same!

[RonM21]

I agree this is a tougher time in the rebuild process because you have to get things established and begin to build a history before you can start to see real progress being made. This all takes patience and time, which is not easy for most.

[Anonymous]

Thank u for the responses. Helps a lot.

[HR530]

Right now I'm kind of in the same boat. Me and my wife dug ourselves out of the mid 400's. And now we are both just getting into the 600's. And the huge monthly increases that we were seeing of (20-23 points) have become, a increase of 2,3, maybe 4 points. We weren't sure either what to do now. Let it inch back up on its own??

[Anonymous]

I do believe one thing that will improve my score after the initial drop will be to finance a car. I was pre approved last week thru Cap1 for up to 20k. We are really in the market for a new car so we have been looking at some of the qualifying dealerships. I'm pretty sure that in time that will help with a good mix of accts. Right now I only have the 2 Cap1 cards. Also CLIs. I was denied on my QS1 card after my 2nd statement cut so I'm having to wait on the 6 mo mark.

[Anonymous]

If you only have 2 cards then you should get at least 1 more. The reason 3 cards are recommended is because you get dinged for having half (or more) of your cards reporting a balance and if you only have 2 then when 1 reports a balance then that's half of the cards. You also get dinged if no cards report a balance.

[SouthJamaica]

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@Anonymous wrote:

I think Im at that point where the only thing that is going to increase my score is time and keeping up with my payments. Im just curious if I can expect to see a jump in my score when my oldest card hits the one year mark? Right now it only seems to go up 1 point every first of the month.

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You can help your score by having all but one of your cards reporting zero balances, and the one reporting having a balance of 9% or less.