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what to do to make it to 750-800

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Senior Contributor

Re: what to do to make it to 750-800


@colinstu wrote:

as far as I know, inqs lose their weight / hit on score after 6 mo of receiving them. they don't drop off the report entirely until 1 yr. 


Inq will stay on your report for 2 yrs but will not count for Fico after 1 yr Smiley Happy

Message 11 of 45
Regular Contributor

Re: what to do to make it to 750-800


@lg8302ch wrote:

@colinstu wrote:

as far as I know, inqs lose their weight / hit on score after 6 mo of receiving them. they don't drop off the report entirely until 1 yr. 


Inq will stay on your report for 2 yrs but will not count for Fico after 1 yr Smiley Happy


ah ok! double from what I thought. thanks!

FICOs: TU 775 | EQ 784 | EX 773
Amex BCE $15,000 | Discover IT $11,600 | Chase Freedom $7,000 (Visa Sig) | Citi DoubleCash $6,000 (WEMC) | Chase AARP $6,000 | Barclaycard CashForward $4,000 | Barclaycard Rewards $2,000 | Capital One Quicksilver $1,750
Message 12 of 45
Established Contributor

Re: what to do to make it to 750-800


@RyGuy4690 wrote:

Any insights to grow my score from the current 717 eq/176 tu/706 ex to around the 750-800 mark? 

right around 10 inq TU, 14 EQ, 16 EX

somewhere in that area, multiple were done within the same day for a new car bought in October 

 

It does not seem like I am too far away. 

 

Cards look like this:

 

CardOutstanding BalanceCredit Line
American Express Premier Rewards Gold CardALWAYS PAY IN FULLNPSL
American Express Blue Cash Everyday$0.00$500.00
American Express Gold Delta SkyMiles 0.00$4,100.00
US Airways MasterCard by Barclays Bank$0.00$10,000.00
Bank of America Cash Rewards Signature Visa$0.00$5,000.00
Discover Card$0.00$3,400.00
Chase Sapphire Visa Signature$0.00$10,000.00
Chase Southwest Premier Visa Signature 0.00$5,000.00
Chase Marriott Rewards Premier Visa Signature 0.00$5,000.00
Citi Dividend MasterCard$5,187.11$8,700.00
Best Buy store card$0.00$1,400.00
Macy's store card$0.00$2,900.00

My score is similar to yours except EQ at 650.i still dont know why it is 50 points lower than my EX. My inqs same as you with 7 expected to fall off this sep. However my score has stuck at 703 EX 711 TU 650 EQ for 3 months, maybe bc my AAoA is low, 1.8 yrs

Message 13 of 45
Valued Contributor

Re: what to do to make it to 750-800


@RyGuy4690 wrote:

Any insights to grow my score from the current 717 eq/176 tu/706 ex to around the 750-800 mark? 

right around 10 inq TU, 14 EQ, 16 EX

somewhere in that area, multiple were done within the same day for a new car bought in October 

 

It does not seem like I am too far away. 

 

Cards look like this:

 

CardOutstanding BalanceCredit Line
American Express Premier Rewards Gold CardALWAYS PAY IN FULLNPSL
American Express Blue Cash Everyday$0.00$500.00
American Express Gold Delta SkyMiles 0.00$4,100.00
US Airways MasterCard by Barclays Bank$0.00$10,000.00
Bank of America Cash Rewards Signature Visa$0.00$5,000.00
Discover Card$0.00$3,400.00
Chase Sapphire Visa Signature$0.00$10,000.00
Chase Southwest Premier Visa Signature 0.00$5,000.00
Chase Marriott Rewards Premier Visa Signature 0.00$5,000.00
Citi Dividend MasterCard$5,187.11$8,700.00
Best Buy store card$0.00$1,400.00
Macy's store card$0.00$2,900.00

This is where AAoA becomes important.(Average Age of Accounts) With the scores you have now I'm guessing your AAoA is around 2 years amiright?

 

If you pay down the Citi balance to less than $870 and when your AAoA hits 4 years, your score will be about 800 across the board.

 

It is very difficult if not impossible to receive an 800 score with an AAoA of less than 4 years. Many people have tried but weren't able to do it.

 

As long as you don't add anymore CCs and you keep your reports clean, your scores will keep climbing month to month. By having 12 CCs like you do, when adding new credit, your scores will hardly drop at all. You are paying the price of having a bit lower scores now to make your scores rock solid in the future. Just make sure to keep all these cards open.


Starting Score: EQ 653 6/21/12
Current Score: EQ 817 7/10/19 - EX 802 7/13/19 - TU 815 6/03/19
Message 14 of 45
Moderator Emeritus

Re: what to do to make it to 750-800


@lg8302ch wrote:

@colinstu wrote:

as far as I know, inqs lose their weight / hit on score after 6 mo of receiving them. they don't drop off the report entirely until 1 yr. 


Inq will stay on your report for 2 yrs but will not count for Fico after 1 yr Smiley Happy


Everyone's credit report is unique and generalizations are the name of the game. That said, your "average age of account" is short, the "oldest acount" will affect scoring and utilization (systems seem to really like 1% to 9%) is a big one. Again, everyone's credit file is unique. For me 1% utilization is key with AAoA at 6 years and oldest account at 13 years has me into the 800s for a year now. Truth I was in the 800s at a lower number of years but apped for cards with inquiries and down went the score. Gardening and letting the affects of inquirys fade (a year can help) along with not apping which drags on the AAoA. In credit (despite the marketing hype we see everywhere), patience is the name of the game it is not a quick fix.

Starting Score: 000
Current Score: 850
Goal Score: 850


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Message 15 of 45
Established Member

Re: what to do to make it to 750-800

Wow you have a lot of credit accounts. I only have 3 and scared to open more. I thought too much credit hurts, Im trying to get where you are score wise. One thing your missing...FingerHut. Don't laugh...Expensive, yes but easy bump and quick.


Starting Score: 525
Current Score: 651
Goal Score: 750


Take the myFICO Fitness Challenge
Message 16 of 45
Regular Contributor

Re: what to do to make it to 750-800


@BellyBell wrote:

Wow you have a lot of credit accounts. I only have 3 and scared to open more. I thought too much credit hurts, Im trying to get where you are score wise. One thing your missing...FingerHut. Don't laugh...Expensive, yes but easy bump and quick.


If you're smart with credit, too much credit doesn't hurt. 

 

Anyone in their right mind (who already has good credit) wouldn't waste their time with FingerHut. 

FICOs: TU 775 | EQ 784 | EX 773
Amex BCE $15,000 | Discover IT $11,600 | Chase Freedom $7,000 (Visa Sig) | Citi DoubleCash $6,000 (WEMC) | Chase AARP $6,000 | Barclaycard CashForward $4,000 | Barclaycard Rewards $2,000 | Capital One Quicksilver $1,750
Message 17 of 45
Established Member

Re: what to do to make it to 750-800

 


@colinstu wrote:

@BellyBell wrote:

Wow you have a lot of credit accounts. I only have 3 and scared to open more. I thought too much credit hurts, Im trying to get where you are score wise. One thing your missing...FingerHut. Don't laugh...Expensive, yes but easy bump and quick.


If you're smart with credit, too much credit doesn't hurt. 

 

Anyone in their right mind (who already has good credit) wouldn't waste their time with FingerHut. 


Ahh...I didn't know that. Maybe I will quit being scary and apply for more. Thanks.

 

Anyone that is stuck and wants a score bump will be smart to use Fingerhut....not because they have great prices or because they are such a great company (overpriced and they kinda suck) but because they report consistently, give easy credit increases and cause quick score jumps. My Trans jumped 30 points after 1 increase. So yea....smart people will choose FingerHut.


Starting Score: 525
Current Score: 651
Goal Score: 750


Take the myFICO Fitness Challenge
Message 18 of 45
Super Contributor

Re: what to do to make it to 750-800

but then I would have to buy something from FingerHut.... no, not happening Smiley Happy

 

In certain stages of FICO scoring, FingerHut could indeed help a score, due to being able to get the credit in the first place if one is not otherwise able to. At higher FICO scores, there are cards which you will be able to get to replace the FingerHut.

High Bal Jan 2009 $116k on $146k limits 80% Util.
Oct 2014 $46k on $127k 36% util EQ 722 TU 727 EX 727
April 2018 $18k on $344k 5% util EQ 806 TU 810 EX 812
Jan 2019 $7.6k on $360k EQ 832 TU 839 EX 831
Message 19 of 45
Super Contributor

Re: what to do to make it to 750-800


@RyGuy4690 wrote:

Any insights to grow my score from the current 717 eq/176 tu/706 ex to around the 750-800 mark? 

right around 10 inq TU, 14 EQ, 16 EX

somewhere in that area, multiple were done within the same day for a new car bought in October 

 

It does not seem like I am too far away. 

 

Cards look like this:

 

CardOutstanding BalanceCredit Line
American Express Premier Rewards Gold CardALWAYS PAY IN FULLNPSL
American Express Blue Cash Everyday$0.00$500.00
American Express Gold Delta SkyMiles 0.00$4,100.00
US Airways MasterCard by Barclays Bank$0.00$10,000.00
Bank of America Cash Rewards Signature Visa$0.00$5,000.00
Discover Card$0.00$3,400.00
Chase Sapphire Visa Signature$0.00$10,000.00
Chase Southwest Premier Visa Signature 0.00$5,000.00
Chase Marriott Rewards Premier Visa Signature 0.00$5,000.00
Citi Dividend MasterCard$5,187.11$8,700.00
Best Buy store card$0.00$1,400.00
Macy's store card$0.00$2,900.00

Since you have a fair number of good limit cards, and only one reporting a balance, that's the max you will expect for now.

The INQ need to grow old and drop off, is one thing.

So in the mean time, you can use and allow those other cards to report balances even though you PIF by the due date. Since you ultimately want to app for other cards with these and other lenders, showing usge is often beneficial. There are seasons of FICO score management. Since you want to get to 750, you've got some time to go, to add more months of history to your file.

 

You've also got a bunch of AF cards in there. Are you planning on or are you already paying those AF amounts? If you are planning on cancelling some of them to avoid AF, that's going to require some transition to another active account to replace them somehow. If you stay with the same cards, it makes your trip to 750 easier. 800, as noted, will take quite a while, so in both cases it is best to have cards you are going to hold and use for that long term, regardless of AF.

High Bal Jan 2009 $116k on $146k limits 80% Util.
Oct 2014 $46k on $127k 36% util EQ 722 TU 727 EX 727
April 2018 $18k on $344k 5% util EQ 806 TU 810 EX 812
Jan 2019 $7.6k on $360k EQ 832 TU 839 EX 831
Message 20 of 45
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