My score is now 750 and I don't know how or why

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3 posts
SyZstats
 
Posts: 2
Joined: Sat Aug 16, 2014 5:22 am
Location: Northern California

My score is now 750 and I don't know how or why

Postby SyZstats » Sat Aug 16, 2014 5:25 am

Hi,

To give a brief backstory, I was maxed on my one and only card for about 4 years, around $2400 of $2500. Wells Fargo upped the limit to $3600, and I got capped around $3500. The limit was again upped to $4800, and I stayed around $3600.

Circumstances changed for the better, and I started putting $500 a month towards it 3 months ago, so it's now at $2,000

I know my utilization was horrible, and it's still not amazing, but I don't know how I went from 677 3 months ago to 750 now

http://i.imgur.com/c3uXQpX.png

Does this mean that when I pay off the entire card, my score will be in the excellent range? And if this is true, what card should I look to open if my goal from here forward is to never hold a credit card balance and to just use it for cash back / rewards?

Thanks for helping me get on my way to being financially stable and (hopefully) eventually wealthy


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onion
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Posts: 262
Joined: Tue Jul 01, 2014 8:59 pm
Location: Jacksonville, FL

Postby onion » Sat Aug 16, 2014 2:05 pm

Your score definitely will improve in this situation, but nobody could tell you exactly how much. CreditKarma is not a real FICO score, but it is useful to give you an idea of which direction your score is heading in. You've gotten your utilization down and your account has gotten older, so it has definitely increased. If you want to know your real FICO credit score, you'll have to pay for that.
FICO TU - 728 - 8/14
FICO EX - 716 - 7/14
FICO EQ - 740 - 7/14

Bank of America Cash Rewards - $2,400
Best Buy - $3,000
American Express Blue Cash Everyday - $8,000
American Express Everyday - $10,000
Discover It Chrome - $500 (AU on fiancée's card, helping her build credit)
American Express Platinum - NPSL
Barclaycard Arrival+ - $3,000
Capital One Yamacard - $11,000

SyZstats
 
Posts: 2
Joined: Sat Aug 16, 2014 5:22 am
Location: Northern California

Postby SyZstats » Sat Aug 16, 2014 3:10 pm

According to that report, my utilization has been at a C rating for the past month, yet my score increased from 697 last I checked (around August 4th)

What FICO score do I need to be at to be considered in the top tier?



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