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Turned my credit around from bad to good last few years. Have been paying bills on time, no high debt to income only one credit card max of $300 but keep utilization below 30% never keep a balance. Current scores are Experian..752... Equifax..707...trans...721. Which direction should I go to raise my score closer to the 800's, should I just roll as is, grab another credit card, pull a secured loan??? It's been a long road to recovery but time has been a healing....
Technically you don't have to do anything but continue to pay off your cards in full.
Credit line increases will generally come automatically and won't cost you a hard inquiry pull or lower your average age of credit.
If that doesn't work for you then prepare to watch your score decrease, temporarily, if you want to apply for new CCs which will decrease your average age of credit and increase your hard inquiries.
Your utilization is way to high for a $300 limit card. Call them up and ask to raise at least to $1000. If they won't you will need to open a 2nd card.
For those questioning "why an 800 credit score as 750 is great". I ask Why not?
It can only help, not hurt.
I am self-employed, something very hard to get certain loans on. I was able to get a 140,000 mortgage for a house.
My last new truck the finance guy said he worked at a bank before and with my 820 score at the time said I don't need to show anything. I could write down income as $1 a year and they'd let me get the loan. A week later I even got a letter saying that the rate they gave me was LOWERED by 1/2 point. And even with a couple CC's run up, a truck payment and a mortgage, I was still able to get a boat loan a year later.
Now, on top of the score (and a reason for it) has been longevity of credit. I never cancelled a card. I had 3 trucks payed off early. I had multiple cards And, even though I try to double or triple CC payments when I can (seasonal work) when I can't, such as the heart of winter, I always pay more then minimum, even if just a small amount. That way it shows you pay more then minimum and from what I understand, that helps.
Then again, um, you may not want that score above 750 as it just might make it too easy to get credit/in trouble!
No, I don't have that score now, but I am still paying more then minimums and on time so its not bad. Yes, I got in over my head and have too much debt, spending too much on my businesses so not getting much of a return, turning 5 years of full time to part time because of 2 heart attacks, kidney failure, dialysis and then upon getting back on my feet losing the whole tourist season to a kidney transplant.
Now I'm trying to fix it by selling my truck to get another with no payment and pay off a couple CC's and pay down a couple more! But with my medical history and my type of work I will never cancel/rip up a CC as they might be needed!
Last edited by marlinfshr; 01-14-2023 at 03:53 PM..
I'll reiterate that depth/amount of credit issued is more important than just a score. You can have one CC and pull a high score, but not potentially not get a even a mortgage. Banks want to see your ability to pay over time and on many different types of credit. A high score with the trifecta of CC, auto and mortgage with high 7's and you're in much better shape than a single line of credit and 800+
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