cashman

How to increase"good" scores

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My GF has great credit her scores are 729-737-744 but she hasn't seen her score go up very much in the last year. What do you think would be a good step to improve the score?

Here is an overview of credit report info:

General Info:

Lates: 0

Derogatory accounts: 0

BK: No

Judgements: 0

Liens: 0

Inquiries last 24 months: EX: 2, EQ: 0, TU: 2

Current Credit Accounts:

Alliant CU Car Loan

Loan Amount: $21,000

Balance: $17,500

American General Finance:

Limit: $5,000

Balance: $0

Bank of America Credit Card:

Limit: $5,000

Balance: $0

Capitolone

Limit: $1,250

Balance: $0

Chase Credit Card:

Limit: $15,000

Balance: $3000

Chase Credit Card:

Limit: $1,500

Balance: $0

Chase Credit Card:

Limit: $2,000

Balance: $0

Citi Card

Limit:$1,500

Balance: $0

WFNNB Furniture Financing

Limit: $6,000

Balance: $1,750

WFNNB VS Credit Card:

Limit: $1,300

Balance: $0

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It doesn't really matter whether those are FAKO scores or the FICO scores that us consumers are allowed to see (which are closest to the FICO Bank Card scores), with that many CCs, that's about as good as its going to get. She might see a little bit of a score jump is she increased the "utilization"...in other words, carryed a little higher balance on some of the cards...but that's like saying she might pick up more men if she dressed a little sluttier. Not a good idea. As far as the CC companies go, her scores are right where they want them...the scores indicate that she pays on time, and there's still room for them to get in on the action.

If you're looking to increase her FICO Mortgage Score, close the crap1 card, the WFNNB VS card, and two of the chase cards.

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If you're looking to increase her FICO Mortgage Score, close the crap1 card, the WFNNB VS card, and two of the chase cards.

While I fix my credit mess she is looking to increase her (mortgage) fico scores so we are the best possible position with our 25% downpayment to qualify for a great mortgage rate without having to go the FHA route!

I hear you on the VS and Crap1 cards but how do the chase cards "hurt", those are her oldest credit lines (10y = 2K, 6y = 1.5K and 2y = 14K). Closing two of those might impact the score because her average account age will dramatically decrease!

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In general (nobody knows for sure because FICO scoring is secret) but, "age" of CCs should only really help the FICO Bank Card score (the "sucker" score). Of more importance to the FICO Mortgage score should be those things that might keep you from paying the mortgage...in other words, open, non-secured accounts.

IMHO, FICO Mortgage scores are hignest when there are only two CCs with medium available credit and relatively low balances....credit available for emergencies, but not so much that it will be used frivously. So, in fact, she might want to close the American General account also.

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Good thread.

I am also curious about how to get into the 800s.

I have been in the 760s-780s for several years. Unfortunately, it has gone down some because I just bought a new house and a ton of people had to pull my credit.

I suspect that once my mortgage is about 2-3 years old, along with my Credit Cards being about 5 years old, it should go up.

Not sure though.

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.....What do you think would be a good step to improve the score?

So you wanna improve your score? - send extra payments into your installment debt payments (home, car, etc)- over 4 to six months it gets reported as you being more responsible, your rewarded by a higher score.

Needless to say -

- on time payments.

- the length of credit history.

- keeping your credit balances under 50%/25% of your credit limits.

- not to many people checking your credit.

- no collections or judgements....

...:):):)

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- not to many people checking your credit.

^ive always forgotten this ;(

That is a score killer. If you get a few inquiries within a short period of time it can knock you 25-50 points. The FICO algorithm appears to penalize you for shopping for new credit (presumably as a sign of a need for additional credit).

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The FICO algorithm appears to penalize you for shopping for new credit (presumably as a sign of a need for additional credit).
Again, it depends on which FICO score. Multiple inquiries probably doesn't hurt the sucker score, certainly hurts the New Car score, but may not hurt the mortgage score depending on what kind of credit you were looking for. The various scoring models do look at who's doing the inquiry.

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