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Question By
chismommy

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help increase credit score in 3 months
I signed a contract to have a house built and its due to be ready the first week in August.. well my credit scores are not going up high enough... right now Im at 647 615 & 627. I need that middle score to go above 620-640.. How can I improve this by July?
I have 3 credit cards with very low balances... 7.00 4.00 & 8.00.. I buy small things with these cards just to reflect usage on my credit report. I pay them all on time right before the due dates. I dont know where I am going wrong. I need a boost, and quickly! Please share any advise you can provide!

thanks!

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Make Larger purchases

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 My Father in law, Who is in real estate told me of a trick he advises his clients about when they need to raise scorres,  Make a few larger purchases each month, Things that you would normally pay with a debit card or cash.  Get your usage up to about 15%-20% a month. DO NOT pay off the entire balance each month.  Pay off 90% of the balance. Floating a small balance will cost you a bit in interest, but its worth it when your trying to raise your score.  These balances seems to work in your favor.  The large payments and carried balances should help your score rather quiclkly.  He advises doing this for at least 6 months, But since you will need to qualify in July or August, I would use this process until you get the loan and then go back to your old habit of paying off the cards.  Also Don't do anything that will have a negative effect like miss a payment or apply for any new credit.

Good Luck

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chismommy

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Thank you so much! I will try this and hopefully I will increase my scores!

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Helpful to 1 out of 1 people

I agree with EddyTX, my score is always higher when I have a balance on my cards instead of a zero balance.  

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