How can I improve a 732 credit score?

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4 posts
Centium
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How can I improve a 732 credit score?

Postby Centium » Thu Jun 21, 2012 2:14 am

Hello,

I'm 22 and I've had credit for 4 years now (will post accounts below) and have never missed a payment on any account. I have 732 credit score with CK and I was wondering if you guys had any tips on improving my score. I was thinking about taking a small $2k personal loan out with the bank I recently completed a $10k auto loan with (paid 1 year early) and paying the loan within 2 months. Also was considering opening a Zync or Sapphire Preferred.

Citi Dividend Visa - Balance $0, Limit $10k
Kohl's - Balance $0, Limit $700
Dell Preferred Acct - Balance $0, Limit $2500
10k auto loan - 60 months, paid in around 50.

I currently have no debt and just wanted some suggestions on how to further improve my score. Thanks.
Amex Zync - NPSL (since 06/2012)
Kohl's - $700 (since 05/2010)
Dell Preferred Account - $2,500 (since 03/2009)
Citi Dividend World Elite Mastercard - $10,000 (since 11/2007)


Dues
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Location: texas

Postby Dues » Sat Jun 23, 2012 9:25 am

Greetings Centium!

I'm rather curious about this myself if taking a small loan out would help to further improve my rating as well. My score is about 770 but I've got 2 years on your credit age.

When I checked my score the main things that got my score where it is was 0 late payments, not actively seeking credit and a low overall usage. Since then I've added on 2 new credit cards which will likely make a small dent in my score but long term it should help to raise the score. (through more open lines of credit and to help keep a low % utilization)

Main things hurting my score was a young overall age and not enough lines of credit.. Most people with higher scores than myself have average age of account 10+ years. At the time I only had 1 credit card - so only having 1 line of credit was also hurting my score.

I actually was declined a card with Capital one and the reasons for that was young average age, not enough lines of credit (only 1 at the time) and not owning a house =(

I obviously can't say this is the best option for you but if I were in your shoes I'd apply for 1 more credit card to help raise the overall available credit (although that citi 10k limit is pretty high in itself) and make sure to keep the % utilization low and in time your score should keep going up. (I'm a pretty big fan of the AmEx blue cash rewards)

It seems like you've been doing everything right. How old are your Kohl's and Dell accounts? If either of them is particularly young and another card is particularly old it may benefit to close the Kohl's for example to help your overall account age.

Keep doing what you're doing and I'm positive in time your score will continue to rise.

agp
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Postby agp » Sat Jun 23, 2012 12:54 pm

The only thing you can do that will improve your score immediately is to lower your % utilization. To maintain a good score, keep paying all your balances on time. To improve your score in the future, open up a few more cards (it will lower your score now) and keep them open. With the new cards, keep a low % utilization and pay them on time as well even if you have 0% APR for X months.

And for first/early credit cards, try your local credit union. The process of application is longer, but your chance of being approved is higher. CU are also great for loans as well should you need them as they tend to offer lower rates.

Main Card: Amex Platinum
For gas: Penfed Platinum Cash Rewards
For travel & dining: Chase Sapphire Preferred

ahazen1
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Location: Missouri

Postby ahazen1 » Sat Jul 07, 2012 5:23 am

Is the Dell Preferred Account safe and secure? For example is it a scam, I saw on the internet alot of bad reviews?



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