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Score Improvement Hacks after the regular hacks have been exhausted

Just_my_opinion
New Member

Score Improvement Hacks after the regular hacks have been exhausted

Good evening fellow forum members,

 

I'm at the crossroads regarding how to increase or improve one's FICO scores.

 

Currently I feel that my credit card mix suits all my needs: premium, cash back, travel, rewards and everyday usage credit and charge cards.  In addition I have some low laying fruit credit cards that I got and utilized to rebuilt my credit and I now feel that they have served their purpose well; but currently see little to minimum use but--I simply can't get rid of because of the age of those accounts.

 

I utilize all the score hacks such as pay on time, CLI, 8-15% utilization rate; so is there anything  else one can do to increase their FICO scores absent of applying for additional credit cards that I truly don't need and probably won't utilize if added?

 

I recently paid off a personal loan, so that dipped my numbers a little in addition to recently adding two additional premium credit cards to my arsenal.

 

Well when you feel enough is enough and just simply want to improve your scores what's the best approach?

Thanks for any and all input of this subject.

 

Message 1 of 12
11 REPLIES 11
SouthJamaica
Super Contributor

Re: Score Improvement Hacks after the regular hacks have been exhausted


@Just_my_opinion wrote:

Good evening fellow forum members,

 

I'm at the crossroads regarding how to increase or improve one's FICO scores.

 

Currently I feel that my credit card mix suits all my needs: premium, cash back, travel, rewards and everyday usage credit and charge cards.  In addition I have some low laying fruit credit cards that I got and utilized to rebuilt my credit and I now feel that they have served their purpose well; but currently see little to minimum use but--I simply can't get rid of because of the age of those accounts.

 

I utilize all the score hacks such as pay on time, CLI, 8-15% utilization rate; so is there anything  else one can do to increase their FICO scores absent of applying for additional credit cards that I truly don't need and probably won't utilize if added?

 

I recently paid off a personal loan, so that dipped my numbers a little in addition to recently adding two additional premium credit cards to my arsenal.

 

Well when you feel enough is enough and just simply want to improve your scores what's the best approach?

Thanks for any and all input of this subject.

 


1. The passage of time without any applications for new credit or anything that could trigger a hard pull.

2. Reducing the number of accounts that report a balance.

3. Keeping individual revolving utilization low on every account that does report a balance.

4. Keeping aggregate revolvling utilization at 6% or lower.

5. Dropping aggregate installment loan utilization to 9% or lower.


Total revolving limits 698000 (605000 reporting) FICO 8: EQ 721 TU 742 EX 715

Message 2 of 12
simplynoir
Community Leader
Super Contributor

Re: Score Improvement Hacks after the regular hacks have been exhausted

Time

 

When you reach the point where you're content with what you have and have no desire to apply for anything else time is what's going to raise your scores now. Staying cleaning application wise with no new account or hard pull hits is going to be how you continue raising your scores. It's not a sexy answer but after timely payments and utilization the age of your accounts is the next biggest factor to scores. Why people who reached your state just go to the garden to tend to what they have and watch their scores grow. One can maybe argue getting a loan like an SSL to get those last few points since FICO likes to see installment loans, but it is possible to reach 850 (or at least get VERY close) without one

Message 3 of 12
Just_my_opinion
New Member

Re: Score Improvement Hacks after the regular hacks have been exhausted

Thanks for your insight, but would like to explore further some of your recommendations.

 

Firstly, several accounts consistently show zero balance; I put the minimum amount on the account just to keep them active and within the range to easily pay them off each month and because of this it looks as through there is no activity to report on those accounts.

 

I have heard many reports of accounts closing due to no activity so those account which are my early credit adopters here.  The installment loan is currently showing paid/close, sometime in the distance future I would like to purchase a car-but not in this pandemic market.

 

Now hard pulls is easily obtainable; but as for the utilization on 6% or lower it will be a little difficult simply because of the initial CL issued and until I'm eligible for CLI on those new accounts.

 

Honestly, it doesn't really take to  much spend to exceed 5% lol.

 

Thanks again.

Message 4 of 12
Just_my_opinion
New Member

Re: Score Improvement Hacks after the regular hacks have been exhausted


@simplynoir wrote:

Time

 

When you reach the point where you're content with what you have and have no desire to apply for anything else time is what's going to raise your scores now. Staying cleaning application wise with no new account or hard pull hits is going to be how you continue raising your scores. It's not a sexy answer but after timely payments and utilization the age of your accounts is the next biggest factor to scores. Why people who reached your state just go to the garden to tend to what they have and watch their scores grow. One can maybe argue getting a loan like an SSL to get those last few points since FICO likes to see installment loans, but it is possible to reach 850 (or at least get VERY close) without one


Thanks for your insight.

 

I currently have 5 hardpulls on my reports and about 4 new cards this year alone.

 

I truly feel that the cards I use most are of real value as far as low APR transfers, travel rewards, cash back and everyday spending.

 

As far as sexy, well that's for the holidays lol; but pretty darn cute for the remainder of the year if good enough Smiley Happy

 

Message 5 of 12
SouthJamaica
Super Contributor

Re: Score Improvement Hacks after the regular hacks have been exhausted


@Just_my_opinion wrote:

Thanks for your insight, but would like to explore further some of your recommendations.

 

Firstly, several accounts consistently show zero balance; I put the minimum amount on the account just to keep them active and within the range to easily pay them off each month and because of this it looks as through there is no activity to report on those accounts.

 

Paying them off, and paying them off before they report, are two different things.  You want to report mostly zero balances.  A zero balance reporting does NOT look like there is no activity.  Several of the data fields for each account indicate the activity prior to the reporting date.

 

I have heard many reports of accounts closing due to no activity so those account which are my early credit adopters here.  The installment loan is currently showing paid/close, sometime in the distance future I would like to purchase a car-but not in this pandemic market.

 

Your question was about score improvement. A car loan doesn't improve your scores, it decreases them.

 

Now hard pulls is easily obtainable; but as for the utilization on 6% or lower it will be a little difficult simply because of the initial CL issued and until I'm eligible for CLI on those new accounts.

 

You asked how to improve your scores, and that's how.  Whether it's hard or easy is irrelevant to the question you asked.

 

Honestly, it doesn't really take to  much spend to exceed 5% lol.

 

As I said above, we're not talking about how much you spend, we're talking about how much reports.

 

Thanks again.


 


Total revolving limits 698000 (605000 reporting) FICO 8: EQ 721 TU 742 EX 715

Message 6 of 12
FireMedic1
Super Contributor

Re: Score Improvement Hacks after the regular hacks have been exhausted


@Just_my_opinion wrote:

Good evening fellow forum members,

 

I'm at the crossroads regarding how to increase or improve one's FICO scores.

 

Currently I feel that my credit card mix suits all my needs: premium, cash back, travel, rewards and everyday usage credit and charge cards.  In addition I have some low laying fruit credit cards that I got and utilized to rebuilt my credit and I now feel that they have served their purpose well; but currently see little to minimum use but--I simply can't get rid of because of the age of those accounts.

 

I utilize all the score hacks such as pay on time, CLI, 8-15% utilization rate; so is there anything  else one can do to increase their FICO scores absent of applying for additional credit cards that I truly don't need and probably won't utilize if added?

 

I recently paid off a personal loan, so that dipped my numbers a little in addition to recently adding two additional premium credit cards to my arsenal.

 

Well when you feel enough is enough and just simply want to improve your scores what's the best approach?

Thanks for any and all input of this subject.

 


FICO doesn't look at the rewards your cards give. Nor the name of the creditor. As @SouthJamaica said. Basically use your cards all you want. There is no 5% usage rule. Nor the internet dont use over 30% rule. Its what you pay it down to that reports each month. The more you use a card. The better chance you'll have at CLI's. But always go by if you cant pay it. Dont charge it. Emergencies only.






Homeowner since Sept 2020. My posts are JMHO. My siggy is not to brag. Just sharing my experiences after BK from learning here from rebuild to recovery from the @ 540's.
Message 7 of 12
Just_my_opinion
New Member

Re: Score Improvement Hacks after the regular hacks have been exhausted

Wow!

Appreciate the insight, but "tone" is everything even in written form.

 

Just to clarify I in fact do pay the balances off prior to the reporting date and therefore reflects a zero; you were however helpful in stating that the activity on the account is reflect on the reports versus just showing a zero balance.

 

You previously mentioned loans etc; therefore I merely mentioned that my credit may change with the thoughts of an auto loan; however this is not on the horizon any time soon and therefore not an immediate concern of mine nor justifies any verbal spanking since as you so simply stated my question was and still is improving my scores which is in fact my primary goal.  If you did not understand my response to my initial inquiry an apology is due to you/me.

 

Overall, I did in fact as for solicited advise which you have provided, so thank you once again.


@SouthJamaica wrote:

@Just_my_opinion wrote:

Thanks for your insight, but would like to explore further some of your recommendations.

 

Firstly, several accounts consistently show zero balance; I put the minimum amount on the account just to keep them active and within the range to easily pay them off each month and because of this it looks as through there is no activity to report on those accounts.

 

Paying them off, and paying them off before they report, are two different things.  You want to report mostly zero balances.  A zero balance reporting does NOT look like there is no activity.  Several of the data fields for each account indicate the activity prior to the reporting date.

 

I have heard many reports of accounts closing due to no activity so those account which are my early credit adopters here.  The installment loan is currently showing paid/close, sometime in the distance future I would like to purchase a car-but not in this pandemic market.

 

Your question was about score improvement. A car loan doesn't improve your scores, it decreases them.

 

Now hard pulls is easily obtainable; but as for the utilization on 6% or lower it will be a little difficult simply because of the initial CL issued and until I'm eligible for CLI on those new accounts.

 

You asked how to improve your scores, and that's how.  Whether it's hard or easy is irrelevant to the question you asked.

 

Honestly, it doesn't really take to  much spend to exceed 5% lol.

 

As I said above, we're not talking about how much you spend, we're talking about how much reports.

 

Thanks again.


 


 

Message 8 of 12
Just_my_opinion
New Member

Re: Score Improvement Hacks after the regular hacks have been exhausted

Thanks for the advice and words of encouragement much appreciated 

Message 9 of 12
NYC_Fella
Regular Contributor

Re: Score Improvement Hacks after the regular hacks have been exhausted


@Just_my_opinion wrote:

In addition I have some low laying fruit credit cards that I got and utilized to rebuilt my credit and I now feel that they have served their purpose well; but currently see little to minimum use but--I simply can't get rid of because of the age of those accounts.


While your main question has been answered, keep in mind that closing accounts does not reduce or AAoA or AoOA (at least not for 10 years). It does increase your utilization but if the CLs are small, that should have little effect as well.

Message 10 of 12
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