Increasing my Credit score

For just about anything you want to get off your chest about credit cards.
4 posts
OSBRanger
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Increasing my Credit score

Postby OSBRanger » Wed Apr 02, 2014 9:25 pm

Hello,

This is my first post to the forum. I really need some advice.

I am 21 yrs old and I am new to credit; I have had a BoA CC for 6 months now. Today I was approved for an AMEX Everyday Blue Cash CC.

I started monitoring my score on CK and I dont know how accurate/official that score is. It started out at 734 and stayed there until today when it dropped to 710. It dropped bc of the AMEX inquiry.

I pay my balance off each month and keep my utilization to ~20%.

How can I keep my score increasing?

My parents are fixing to renew our cell phones, and I want to put the new plan under my name and let them pay for it. I have heard that paying a bill can help your score?

Is there anything else I can be doing?

Does utilization play key roll in increasing a score?

Any advice would be greatly appreciated.

~OSB


mdl28
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Location: TX

Postby mdl28 » Wed Apr 02, 2014 11:47 pm

Just pay your current cards on time and in full each month. And you will get there. Cell phone under your name will not help your score but if you don't pay it it will hurt your score. Go figure. Good luck
MDL

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MemberSince99
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Postby MemberSince99 » Thu Apr 03, 2014 6:56 am

CK is not a meaningful score anyway. It only gives you an IDEA but no lender uses it. Don't put too much concern into what it is. It's about as meaningful as the grades you got in the 1st grade.


Like mdl28 said just use them and pay them, there is no real short cut you are doing it right.


Don't obsess about it, does no good. Just let it happen. Think of it like going on a date - just let it happen don't sweat it.

takeshi
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Postby takeshi » Thu Apr 03, 2014 10:33 am

OSBRanger wrote:I started monitoring my score on CK and I dont know how accurate/official that score is.

Depends on what you mean. It's highly accurate for its own model. It's completely unreliable if you're trying to use it to determine your FICO's.

OSBRanger wrote:How can I keep my score increasing?

I don't recommend fixating on any score but if you're wanting to improve yours then consider the factors that go into your FICO's:
http://www.myfico.com/crediteducation/whatsinyourscore.aspx

OSBRanger wrote:Does utilization play key roll in increasing a score?

Utilization is "Amounts Owed" in the link I provided.



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