gobbly1337

3 Contributions 120 People Helped

Member Since: April 2013

Most Helpful Contribution

how can i raise my credit score 100 points in 6 months

Mar 10, 2016
Helpful to 62 out of 69 people

Spot on.  This is basically what I did.  Went from ~640 to 750+ in 2 months, though it took more like 6 to set it up for that jump.  It really depends a lot on your current profile, so no one can answer you definitively, but the story above is a great example of what can be done if you understand how they are calculated.  It would behoove the OP to get a feeling for how the number is derived, and formulate a strategy specific to their credit profile.  There are some general rules of thumb that are good though.

Avoid more than 1-2 hard hits.  If you have 3 cards, you have what you need, if not, get 1-2 more, stop at 3.  Don't apply unless you are fairly sure you will be approved.  I did it with 2, 3 is more effective as you end up with more available credit.  If you have issues with credit and budgeting, don't even bother with this strategy.  You have to be able to quickly pay off what you put on cards, ideally in full by the due date.

I used 2 cards, started at 2k limits on both.  Moved all my spending to those cards, put ~1-1.2k a month on them, alternating back and forth, and paid it off each month.  In 6 months both cards went to 6k+ limits, one automatically, the other I had to request.  As soon as those higher limits hit, my score started to really climb.  The number 1 way I have seen to raise your score when you are closing in on the excellent scores is to increase your limit enough that you can shift all of your monthly spending to cards, stay under 20% utilization, and pay them off in full each month.

Not everyone is in that situation though.  The reason It worked is that I don't have much else that was pulling me down.  I didn't have terrible credit, I just didn't have a lot of it in general, specifically I lacked avail credit on revolving accounts.  I had 99.8% on-time payments, an average age just over 8 years, one paid collection and no records.  Climbing quickly isn't all that difficult for some, but climbing against a lot of negatives pulling you down is difficult to say the least, and in some cases unrealistic.  Some things you just have to fight the reporting company, or wait it out till they drop off naturally.

Activity (3 Total Contributions)

Why a Perfect 850 Doesn't Matter

Apr 10, 2015
Helpful to 57 out of 59 people

The problem with closing accounts is that account age plays a significant part in your score.  You are better off keeping your older cards (might as well see if they will raise your limit), charge a few small things to them each month and setup auto pay for the whole balance (capital one has a great autopay system).  You can still get some new cards and will end up with more avail credit (which will help your score).  Just be responsible and don't overuse them, setup auto pays for the full balance monthly, and rotate through them for a few bucks of spending a month.

how can i raise my credit score 100 points in 6 months

Mar 10, 2016
Helpful to 62 out of 69 people

Spot on.  This is basically what I did.  Went from ~640 to 750+ in 2 months, though it took more like 6 to set it up for that jump.  It really depends a lot on your current profile, so no one can answer you definitively, but the story above is a great example of what can be done if you understand how they are calculated.  It would behoove the OP to get a feeling for how the number is derived, and formulate a strategy specific to their credit profile.  There are some general rules of thumb that are good though.

Avoid more than 1-2 hard hits.  If you have 3 cards, you have what you need, if not, get 1-2 more, stop at 3.  Don't apply unless you are fairly sure you will be approved.  I did it with 2, 3 is more effective as you end up with more available credit.  If you have issues with credit and budgeting, don't even bother with this strategy.  You have to be able to quickly pay off what you put on cards, ideally in full by the due date.

I used 2 cards, started at 2k limits on both.  Moved all my spending to those cards, put ~1-1.2k a month on them, alternating back and forth, and paid it off each month.  In 6 months both cards went to 6k+ limits, one automatically, the other I had to request.  As soon as those higher limits hit, my score started to really climb.  The number 1 way I have seen to raise your score when you are closing in on the excellent scores is to increase your limit enough that you can shift all of your monthly spending to cards, stay under 20% utilization, and pay them off in full each month.

Not everyone is in that situation though.  The reason It worked is that I don't have much else that was pulling me down.  I didn't have terrible credit, I just didn't have a lot of it in general, specifically I lacked avail credit on revolving accounts.  I had 99.8% on-time payments, an average age just over 8 years, one paid collection and no records.  Climbing quickly isn't all that difficult for some, but climbing against a lot of negatives pulling you down is difficult to say the least, and in some cases unrealistic.  Some things you just have to fight the reporting company, or wait it out till they drop off naturally.

Why a Perfect 850 Doesn't Matter

Apr 10, 2015
Helpful to 1 out of 1 people

If you're paying two mortgages according to your report then I would think that is dragging you down.  Do you know your debt to income ratio and revolving utilization?  Those are big.