I am curious how some of you creditnetters have these awsome scores and mine really suck. I do not have any negatives as of 3/2002, have re-established credit since 2/2000. I have 2 citi cards close to the limit (I know this probably docks some points) but I have paid off about 8-9 cards ranging from 200-3000. My scores when I checked in March were as follows: Experian 601 Equifax 632 TU 512 PLEASE tell me how to boost my scores. I have 4 or 5 visa/mastercards,2 gas cards and 2 installment car loans, no mortgage loan and no retail cards like sears, macys, foleys. Unless you can count 2 conn accounts but those are installments loan too. thanks
I have 24 years of "PERFECT" payment history...I DON'T KNOW. I pay off cards, LOSE points. My wife had 741 now @ 686.
Having any card at over 50% utilization will cost MAJOR points. I lost over 60 points when two citi cards showed 70% + utilization. Your overall debt/cl ratio is also important. Your TU score must be better than 512 with no baddies. Do some bt's if possible, but don't let your cards go over 50% and your scores will rise.
Oh yeah, don't forget to open some retail cards. For some insane reason, the random number generator thinks you are a better risk if you have some retail cards in your credit mix. A mortgage wouldn't hurt either.
MANY people have given up on SCORES... I should follow them!!! It's more important to get the lowest rate, and the highest credit limit possible (with-in reason). I'M WISHING FOR THAT $50,000 CITIBANK @ PRIME + 0.90%...
RETAIL is in the mix...BUT they almost always take VISA/MC/AMEX/DISCOVERCARD... Some people have gas cards too...they all take VISA/MC/AMEX/DISCOVERCARD...
I did have 1 mervyns and 1 target but I closed them because they gave me 200.00 on each. I think that is a waste, such a low credit line. If you use it one time, you have just about maxed it out which probably drops your scores too. But I promise you, my TU score is 512 last I checked in march. Just applied for sears, got denied. So keep flowing with the advise. thanks
Don't discount the power of those $200 retail cards. Don't use them if you don't want to, but if you are trying to play the score game, you're going to need them.
You may want to request those retail cards reopened. Ya, the CLs are a waste, but your score most likely is being reduced by not having any open. Remember, credit mix is 10% of your credit score. I see Dave and I had the same idea at the same time. Oh, by the way, on my TransUnion, I am now showing the "not enough satisfactory retail cards" reason code and I have 3 retail cards opened and 2 closed all with perfect payment histories.
Also -- in your case the four reason codes you get with your score will probably be very helpful. What were they?
okay..I just maxed out discover at 0% interest and paid off some stuff... so my score is gonna go down becuase the other cards show o balance and I'm maxed out on 1 card???.... so you're saying it's just not the whole ratio, it's individual card ratios too??? ARGH!!!!!! Ozzy.
On a recent denial, Here is what they listed for my four reasons for denial * Proportion of balance to high credit on bank revolving accounts (which I knew about) * Length of time accounts have been established * Number of accounts with balances * Number of recent Inquires I dont think I have any more than the norm for number of acccounts w/balances. I have about 8 and we have a good income. I'm not overextended. But I did have to take advantage of the BT offers from Citi so I guess as those 2 come down and my report ages more, my score should increase. Does anyone else have high balances on some of their cards and have high scores?
I have the same problem you do. But my scores are 660 - 712 range. Perfect credit but high credit utilization. I have to pay off the cards to get the scores up. I owe a lot more than you do and have higher balances on each card. Most are neat their max utilization
Since we are on the subject, I've noticed past and present posts that everyone has 4 reason codes. I only have 2 listed, I was told that I should have four, does that mean something is wrong with there software?
