Raise Credit Score 650 to 700+

no way to know for sure but if you are using 90% now..I would think if that was down to say 10% you could get a significant increase. Try using the simulator to get an idea.

 

yes it will work. You can test this theory by disputing the balance on the larger portions (not all). If you can leverage most of your CC debt to one single card, then dispute it, you'll see your score rocket well over 700 probably.

 

If equifax allows you to dispute on line they wont calculate what you have in dispute for your score... if you dispute all your balances at once you will be taking all of those accounts out of the equation... if you move all your debt to a card and only dispute that you are not changing as many variables and will get a better reading

 

I'm amazed your score is at 650 usually a 90% ratio is when your score is dismal and credit cards start dropping your credit lines and upping your rates(because they can).

One thing you could do would be to get people you know with good credit histories and low balances to add you as an authorized user to their accounts.

 

I have 8 open cards with 0 balances but I don't know what to do next to raise my scores. I barely have any savings so I can't charge a lot to pay down later neither can I get a cd secured loan. Is there anyway to raise a score to 700+ if there is no debt to pay down??

 

it seems that they like to see a good mix of credit on your file. When I got a cd secured loan from usaa which didn't report as secured my score shot up 40 points before it was even paid off(it was also a large loan, so that could be a factor). I would try getting a piddly loan for maybe a few hundred dollars and then paying it off(make sure there is no prepayment penalty)

 

I would just try to get some other types of accounts on there. Fico seems to reward multiple account types. You should be able to do a cd secured loan for a few hundred at least(remember you usually get 90% of your cd money back immediately). And maybe just get a regular installment loan for a few hundred.

 

The answer is a resounding YES.


Saar

 

exotic,

This applies to FICO scoring (EQ particularly) and is based on our personal experience with two sets of credit reports over a period of a year.

Get each of your individual balances below 50%. Even if it is only by $1. When our last one did it was worth around 20 points.

The breaks for number of revolving accounts with balances are over 5, over 10. If you can get to 10 cards or less with any balance at all that was worth about another 20 points, getting to 5 cards with any balance at all was worth another 20ish.

It may sound silly that a $200 balance on a $300 credit limit would hurt your scores more than a $4500 balance on a $10K limit but it WILL.

We found that paying down installment loans was of no value at all.

Hope this helps.

DemPooches

 

Dem,
Been doin' your homework, haven't you!

 

LOL

It was of necessity. We needed to gain some serious CLs fast to grow our business.

Due to what we've learned here we've pulled together about 250K in CLs this year. Have made the investments we needed and we're now looking forward to our next step which is doing the same thing in more locations.

Hopefully it will be done with a somewhat more conventional financing method though. We don't relish trying to pull together another 300-400K in credit card lines.

It's been fun though.

DemPooches

 

If you haven't already I would recommend going after biz credit, someone I know has about 1.5 million in credit lines. I estimate it would be very easy to get at least half a million in credit line if you have a pg with a good history and high credit limits on at least one card (a lot of cards base the credit line on your highest credit line)

What biz are you in?

 

I guess it could best be described (without getting too specific) as specialty retail.

DemPooches