How To Increase Your Credit Score In 3 Months?

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GoCreditGo!
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How To Increase Your Credit Score In 3 Months?

Postby GoCreditGo! » Wed Nov 20, 2013 12:53 pm

Any tips to bump your credit score in a 3 to 6 month time span?


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bisbicos
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Postby bisbicos » Wed Nov 20, 2013 3:37 pm

First step would be to lower your credit utilization as much as possible. The lower the better
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Zync NPSL
Discover: Discover More (5% rotating categories) 12k
Mastercard: Chase Freedom (5% rotating categories) 4.6k
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Citi Dividend (5% rotating categories) 5.6
Capital One Journey (1.25% cash back) 1.25k
BofA AAA (5% on gas) 2.5k
PenFed Platinum Rewards (5% on gas 3% groceries) 7.5k

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keno
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Postby keno » Wed Nov 20, 2013 3:42 pm

This is the method that's worked well for me in the past too. I've seen a 20-25 point increase in my credit score after significantly lowering my CU.
AmEx Zync NPSL
Discover It 8.4k
BofA 5k
NASA 4.8k
Chase Freedom 4.7k
AmEx Clear 2k
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MemberSince99
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Postby MemberSince99 » Wed Nov 20, 2013 4:09 pm

The easiest way to get a big bump besides the obvious things of getting baddies removed and low utilization if it's high is Amex backdating. That's the only legitimate trick I know of.

Not sure if that's an option for you.

GoCreditGo!
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Postby GoCreditGo! » Thu Nov 21, 2013 3:36 pm

My credit card utilization is at 0% already. Should I over pay?


bisbicos wrote:First step would be to lower your credit utilization as much as possible. The lower the better

GoCreditGo!
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Postby GoCreditGo! » Thu Nov 21, 2013 3:38 pm

What is AMEX backdating? My Amex is in Canada right now and I don't currently have a US Amex. I have been a member since 2007 though.


MemberSince99 wrote:The easiest way to get a big bump besides the obvious things of getting baddies removed and low utilization if it's high is Amex backdating. That's the only legitimate trick I know of.

Not sure if that's an option for you.

whit
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Postby whit » Thu Nov 21, 2013 4:19 pm

if your utilization is 0%
for clarification does that help with the credit score much? I understand letting it sit there and accumulate the history of the line of credit but

leaving a credit card open with no usage isn't as effective as one with balance reporting? just curious because if not using it won't make a difference I may just use one card solely

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Postby ajacks108 » Mon Nov 25, 2013 10:11 am

quickest way to bump is to lower your utilization. However if its at 0% i usually hear it is a bad thing/neutral thing. It gives off the impression of nothing... pretty much. What that means is by having 0% utilization score they can't tell if you are a risk or not. You have the credit yet you don't use it. Do you not trust yourself to pay it back? You also have not built up the reputation of paying back your debts. Which btw payment history is also a decent chunk to your credit score. Some smaller things that you can't really change are avg age of credit, and # of accounts and of course credit inquiries all of which have a smaller effect on your credit score.
[size=80]Amex Premier Gold
Chase Freedom - CL $8,000
Chase United Mileage Explorer card - CL $6,900
Banana Republic - CL $4000
Chase Slate - CL $3,000
Target - CL $2000
Ann Taylor Loft - CL $1000[/size]

GoCreditGo!
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Postby GoCreditGo! » Wed Nov 27, 2013 8:34 pm

My utilization is at about 2%. My limits are low so sometimes it's 2% and sometimes it's 90%. I did a number at Restoration Hardware today. How does that look, if I pay for it right away for the full transaction amount?

MemberSince99
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Postby MemberSince99 » Wed Nov 27, 2013 11:26 pm

2% on one card would be better than 0%, believe it or not.


Otherwise, just keep paying your bills as you are, don't add new inquiries, that sort of thing.


Amex backdating is where when you already have an Amex card or have had one in the past, such as 99 for me being the year I first became an Amex member and got a card from them, any cards you get in the future they put in your credit as being opened in the same year. So I have 3 cards I opened this year but are backdated to 1999 and thus raise my score by giving me 3 cards opened in good standing for 14 years.


Yeah it's good stuff.



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