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what to do to make it to 750-800

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

For starters,, try transferring half of the balance from; Citi Dividend MasterCard / $5,187.11 - $8,700.00 to Chase Sapphire Visa Signature. The Citi bank card is considered maxed out. Then, just keep paying your credit cards on time, without and late payments.


If you keep going up and down with your balances, that goes against you. Try to continually keep your balance going down and always pay more than the minimum payment. In time, your score will go up.  May take (1) year to get  above 750.

 

My score is above 760 in all 3 redit bureau..

Message 41 of 45
Valued Contributor

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


@bdhu2001 wrote:

@grasshopr961 wrote:
HI all. This thread does not apply to me so much as I am still in the building stages trying to get where most of you are at. Thought I would weigh in as this is where I hope to be in the next couple years for some ideas on how to get there. Right now stuck in the low 700's because of a bad financial situation about 5 yrs ago that is fixing to be gone in the next couple years. One thing I noticed when looking at the OP's profile was no installment loan. Do you have a mortgage, auto loan, or any other type of installment account? I thought types of credit played some role. If not wanting to be tied down by a major purchase now, could a person take that credit account2it a balance and transfer it to some kind of personal bank note of the installment type instead of revolving debt and note a considerable bump as that would show more than one type of credit? Just wondered.

Good point.  Paying down Citi will give you immediate boost(it should be at no more than 30 which is $2610.It's even better to have it less than 10%).  Other than that, time and mix of credit are your friends. Many subscribe to getting two small shared loans here's a link to a post that gives details.

 

Anyway good luck and good credit journey.


 

Is it less than 10% of the total available credit for all cards combined or 10% of a single card's available credit?  I always thought it was under 10% of all cards combined then I read something last year so I started keeping mine under 10% of the one card's credit limit. Ends up being 1-2% of my total available credit.

 

 

Cap 1 - $23,000 / Lowe’s - $17,000 / Barclay Apple Rewards - $15,000 / Capital 1 - $15,000 / Walmart - $15,000
Cap 1 - $12,000 / PenFed - $10,000 / JC Penney - $10,000 / Discover IT - $9700 / Discover IT - $7500
NFCU - $7300 / Barclay Rewards - $5400 / DCU - $5,000 / Merrick - $2400 - Total - $154,300

EQ - 765 / TU - 761 / EX - 755
Message 42 of 45
New Visitor

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

I used to do mortgage years ago, custom retail loans.  And it was very important to have at least 1 of each category on your credit report to reach those higher scores: Mortgage, Installment, and Revolving credit lines.  Given I haven't been in mortgage since before the reccestion I do still research often and that hasn't seemed to change.  I could be wrong but if you don't have any mortgages or installment loans like a car loan that may be preventing you from those higher scores.

Message 43 of 45
Super Contributor

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


@masscredit wrote:

@bdhu2001 wrote:

@grasshopr961 wrote:
HI all. This thread does not apply to me so much as I am still in the building stages trying to get where most of you are at. Thought I would weigh in as this is where I hope to be in the next couple years for some ideas on how to get there. Right now stuck in the low 700's because of a bad financial situation about 5 yrs ago that is fixing to be gone in the next couple years. One thing I noticed when looking at the OP's profile was no installment loan. Do you have a mortgage, auto loan, or any other type of installment account? I thought types of credit played some role. If not wanting to be tied down by a major purchase now, could a person take that credit account2it a balance and transfer it to some kind of personal bank note of the installment type instead of revolving debt and note a considerable bump as that would show more than one type of credit? Just wondered.

Good point.  Paying down Citi will give you immediate boost(it should be at no more than 30 which is $2610.It's even better to have it less than 10%).  Other than that, time and mix of credit are your friends. Many subscribe to getting two small shared loans here's a link to a post that gives details.

 

Anyway good luck and good credit journey.


 

Is it less than 10% of the total available credit for all cards combined or 10% of a single card's available credit?  I always thought it was under 10% of all cards combined then I read something last year so I started keeping mine under 10% of the one card's credit limit. Ends up being 1-2% of my total available credit.

 

 


The urban legend is 10% on one card. I think it's bunk. As long as total utilization is down, regardless of cards with balances, that should do it.

Check the TU updates, it's All Bankcards, they are not tracking changes in individual cards. The earlier note about leaving small balances on most cards is fine.

 

Now, I will grant that letting all cards report a small amount from basic PIF usage probably won't get you to 850, but to get to 850 you have to have been borrowing and paying perfectly for a very long time, and then (very important) no longer borrowing anything significant. This is because FICO measures risk of default. The only way to be "no risk of default" is to not borrow anything.

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 44 of 45
Super Contributor

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


@Superfedz wrote:

For starters,, try transferring half of the balance from; Citi Dividend MasterCard / $5,187.11 - $8,700.00 to Chase Sapphire Visa Signature. The Citi bank card is considered maxed out. Then, just keep paying your credit cards on time, without and late payments.


If you keep going up and down with your balances, that goes against you. Try to continually keep your balance going down and always pay more than the minimum payment. In time, your score will go up.  May take (1) year to get  above 750.

 

My score is above 760 in all 3 redit bureau..


Does the OP have a 0% APR offer to move the amounts to CSP? That seems doubtful, I haven't heard any reports of CSP offering 0% APR, and that would be the only reason to suggest such a BT.

 

The other item you might have missed is the large number of INQ on all bureaus. Just letting those drop off will be the next real increase in OP score; not even paying down the existing card is going to make a whole lot of difference while those are still weighing on the file.

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 45 of 45
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