Higher Credit Score Needed Asap

For just about anything you want to get off your chest about credit cards.
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CKB750
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Postby CKB750 » Sun Jan 25, 2015 5:45 pm

InCreditWeTrust wrote:Keep in mind there are a number of factors that determine your credit score.

1) Credit Card Utilization % (General rule is stay less than 50%)
2) Derogatory Marks
3) Payment History (pay your bills on time)
4) Age of Credit History (The higher the age usually the better, this you have no control over*)
5) Credit Inquiries

The biggest thing you need to do is reduce your credit card utilization rate as others here have suggested. Second thing make sure to pay your bills on time. Overtime, you will see your credit score rise up. Note the first three factors have the highest impact on your credit score.


*Unless you cancel a credit card bringing down or up your average credit history depending on the age of card.


Well that will be the first thing I will be doing is bring all my balances to $0,Pay off my judgement (I guess I would need to send a letter of satisfaction to all 3 CRA's) And I been paying all my bills on time So now I will see how the score goes once that's all done


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CarefulBuilder14
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Postby CarefulBuilder14 » Sun Jan 25, 2015 6:37 pm

InCreditWeTrust wrote:4) Age of Credit History (The higher the age usually the better, this you have no control over*)


*Unless you cancel a credit card bringing down or up your average credit history depending on the age of card.


The cancelled account's history remains on the report for several years. Cancelling a card would change AAoOA (the extra O is for 'Open'), but not AAoA. FICO looks at AAoA. Cancelling a card would change the rate at which AAoA grows over time, though.
Wallet: Prestige CSP SchwabPlat Freedom It Hyatt SallieMae AAPlat
SD: Arrival BrooksBros BCE ED IHG
Letting new accounts cool off since May
Really not sure what I'll add next or when

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InCreditWeTrust
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Postby InCreditWeTrust » Sun Jan 25, 2015 7:54 pm

CarefulBuilder14 wrote:The cancelled account's history remains on the report for several years. Cancelling a card would change AAoOA (the extra O is for 'Open'), but not AAoA. FICO looks at AAoA. Cancelling a card would change the rate at which AAoA grows over time, though.


Good to know, thanks!

takeshi
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Postby takeshi » Mon Jan 26, 2015 9:13 am

Address your derogs and get your utilization in check. General recommendation is actually to not exceed 30%, however, for optimal scoring lower is probably better. If you want every possible point when applying allow only one balance to report at 10% or less.

CKB750 wrote:And which cards will I most likely have a better chance of getting approved for besides the ones that I stated above after everything is paid off I'm looking for a card that I will get approved for such as Chase freedom,Chase Sapphire, discover It Etc....

No idea. We're not underwriters for those creditors. Fix your issues and then worry about applying.

InCreditWeTrust wrote:Age of Credit History (The higher the age usually the better, this you have no control over*)

You do have control over at least part of it. Opening new accounts will lower AAoA.

CarefulBuilder14 wrote:The cancelled account's history remains on the report for several years. Cancelling a card would change AAoOA (the extra O is for 'Open'), but not AAoA. FICO looks at AAoA. Cancelling a card would change the rate at which AAoA grows over time, though.

Immediate impact due to closing a card is to utilization.



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