How to maximize your credit score using existing accounts?

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How to maximize your credit score using existing accounts?

Postby metz35 » Tue Oct 18, 2011 3:10 pm

Three years ago i had little credit and what credit i did have sucked. i was a 530 ish. i did some research eliminated some accounts wrote some letters made phone calls etc...

today im a 720 ish with multiple accounts, charge, credit, cars, house. i was wondering, if there is away to know what accounts to keep open, what to close, what to continue to use, that will maxamize my credit score. i currently hold 14 credit cards, which are all under 30% with the exception of 1 which is around 45%, and most at zero. any advice is appreciated!

discover (hsbc)
discover ( discover)
Wells fargo
amex zync
nordstroms signature
and 9 department store, home improvement, gas etc...

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Postby DoingHomework » Wed Oct 19, 2011 6:35 pm

The best thing you can do is pay off your cards as quickly as possible starting with the highest interest rate card. You could consider closing any zero balance accounts that are newer than your average account age.

But the bottom line is that 720 is a good score, though not very good or excellent. With your history the only thing that will improve it dramatically is time and good payment history.

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Postby naomibatac » Thu Oct 20, 2011 5:28 am

Well said by DH. Although, I'd like to add that maybe you can reduce your department store credit cards since some of your purchases can be covered by your regular credit cards. At least, you have lesser cards to manage and monitor.
[size=60]I don't have any relationship to the credit cards or companies discussed here. I am solely a regular member of this forum with no direct financial rewards from this site. My opinions are solely mine.[/size]

A mom of 3 and currently living life, and working for credit card helpline, a company dedicated to helping people get out of credit card debt.

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Location: Pittsburgh PA

Postby metz35 » Thu Oct 20, 2011 3:27 pm

thanks for the advice!!!! i guess all i can do is keep on keeping on. also is there any thing specific needed in a credit report to go over the 800 mark (my ultimate goal).

i mentioned in my earlier post that i am around a 720. that's with 20 hard pulls on each of the 3 bureaus... i doubt that would get me any where near 800. i know it hurts. but i cant imagine that much

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Postby FutureBillionaire » Thu Oct 20, 2011 7:14 pm

20 hard pulls is hurting your score. My EQ score is 10 points lower thant he other bureaus because of credit inquiries, and I have half of the number you have. I would close newer department store cards as was previously suggested.
Gas: Discover It, Penfed Platinum Rewards x2, Chase freedom, Citi TYP
Plane tickets: CSP
Groceries: AMEX BCP, Penfed Platinum Rewards,Citi TYP
Clothes: Express, Amex BCP, Discover IT
Amazon: Citi Forward, Cash +
Restaurants: Citi Forward, Chase Freedom, Discover IT, CSP
Hotels and other travel: Discover Escape, CSP
Movies: BofA travel rewards visa signature(fandango), Discover IT, Citi Forward, Freedom
Bars, clubs, tomfoolery: CSP, Citi Forward, Discover IT, Freedom
Balance transfers: Kroger 123 rewards
Bill Pay: Chase Ink Plus, Citi Forward
Everyday spending: Bofa Accelerated cash rewards amex, Discover Escape

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