Have I reached the limit of Improving my Credit Rating??? (credit card, loan)

[dubstyle247]

Maybe someone here can help. My wife and I are going for a mortgage in the near future and I have done my best to read everything I can on here about improving my credit score. My wife has perfect credit, but in the past (as recent as 2007) I have a few 30-60 day late payments on some of my accounts. In the last couple years I have paid everything on time and have paid down my credit card to $0. I still use it monthly and pay in full whenever I do or sometimes leave a very small balance. I have a $7K balance on an auto loan but that is the extent of my debt.
My score is currently 675. I'd love to get it slightly higher before applying to secure the best rate. Is my score "stuck"? Have I reached the max it will go until some of those late payments start coming off (years from now)???

Could the fact I only have 1 Credit Card be affecting me adversely? It only has a $2K limit. To be honest, my business has begun to take off and I'm damn proud of the fact I live the lifestyle I do without having ANY debt other than my truck payment. Should I apply for another CC? Should I go to a credit re-scorer??? Should I just accept the fact that this is as good as its gonna get right now? Will paying down the auto loan help much? I really don't have $7K sitting around other than our saved down payment for our home. I also have a couple of inquiries which seem to be affecting the score ever so slightly...... I really appreciate everyones help. Thanks for reading.

[Elke Mariotti]

Originally Posted by dubstyle247

My score is currently 675.

Could the fact I only have 1 Credit Card be affecting me adversely? It only has a $2K limit.

Should I apply for another CC?

I also have a couple of inquiries which seem to be affecting the score ever so slightly...... I really appreciate everyones help. Thanks for reading.

Yes, the inquiries do affect your score somewhat. And you're at a critical score, so it matters. Hope you can get it up to at least 680 (720 would be better). BTW, the lender will look at all three scores (you're only mentioning one) and use the mean score (the middle score) for purposes of rates, available programs, etc.

Applying for another CC will hurt your credit at this point - it would be counter productive at this time
However, you could ask your present card issuer for an increase in your credit limit; that would change whatever debt-to-available-credit ratio you have. Lenders like to see no more than 30% of available credit used (ideally).

Hope this helps somewhat

[Sam82]

Don't charge more than $200 a month (which is 10% of your credit limit) and pay on time. Also, make a slightly higher payment towards your car if you can afford to do this. That way, the balance will go down quicker. As time goes on your score will improve. How near in the future are you going to be buying the home?

[dubstyle247]

we are looking to buy something within the next few months. i am currently several months ahead on my auto loan as i'd like to pay it off a year early (this year). thanks for the tips but it seems that im doing all i can to help my score right now.

i do have a second CC which is also paid off completely but this card does not even show up on my credit report. is there something i can do about that? should i call the card company and ask why it isnt reported or just leave it alone? the card is active, i use it occasionally and pay it off in full.

[Sam82]

Did you check your reports from all 3 credit bureas? Not all companies report to all of the bureas.

[dubstyle247]

Originally Posted by Sam82

Did you check your reports from all 3 credit bureas? Not all companies report to all of the bureas.

sure did. my card, that i have had for about 2 years now is not on any of them. go figure.
if it makes any difference, its a WAMU Business CC although my name is on it with my "business name" across the top. it was NOT opened through my business instead it was offered to ME because i own a business.

i asked the local WAMU branch what will happen with this card with the change over to Chase and they told me it will remain a "WAMU" card until it expires and then i will automatically get a new Chase business CC

[Sam82]

That is strange. You can try to call the credit bureau and ask them. Best of luck

[Elke Mariotti]

Originally Posted by dubstyle247

if it makes any difference, its a WAMU Business CC although my name is on it with my "business name" across the top. it was NOT opened through my business instead it was offered to ME because i own a business.

It may be a WaMu reporting quirk - possibly "reported" under the business name. I wouldn't rock the boat at this time. If it shows up as "new" credit card it would ding you...
Reducing your CC debt to improve your ratio is your best bet - could be enough to get you at least over the 680 hump.
Also, as I mentioned before, requesting (and getting) a credit limit increase on your CC improves your ratio and can bring up your score.

[dubstyle247]

i think i will try getting a credit limit increase...... i have had the card for 2 years and have never been late, plus its at a zero $ balance as well. we shall see.

[suzie02]

Does your wife have any cc that she can make you an authorized user. This will really help you.
Also if the business card has been not reported by error when it gets added it would not be added as new credit. The key is the date opened. When you call Wamu make sure they do not change you card number and make it a new account but that they start reporting it correctly.