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Question By
btothefifth

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How can I raise my credit score by 20 points in 1 month?
My credit age is 3 years, score is slightly below 740, and and I am looking to get a mortgage loan. I am told that I have to pay additional points on the loan because my score is below 740 and want to raise my score high enough to avoid these point penalties.

I obtained a 4-year car loan 1 year ago (so about 25% is paid off). Would paying off an additional 25% of the car loan significantly boost my credit score?

My credit card utilization, payment history, and derogatory remarks are all excellent, however I have had a lot of credit inquiries recently, only have 2 accounts (a credit card and a car loan), and a poor credit age (3 years).

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Top Contributor
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Sounds like you're already doing everything you can do. Logically you would think paying off more of your loan (but not paying it off) would help because I know one of the factors keeping my score down according to Experian's credit tracker is my balance owed on my installment loan is too high. 
You can't fix average age of accounts, you don't want to open a new account at this critical time anyway. I would have suggested getting your utilization below 10%, but you say it's excellent. 

I would take that money that you could apply to your auto loan and just pay points up front. You know what you're getting that way, whereas you might throw all this cash at the car and then have your credit go up a measly three points. I would stick with what you KNOW.

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