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Question By
eoverton

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How many revolving credi accounts do I need to have active in order to increase my credit score?t
I currently only have 3 revolving accounts, and no late payments, but my credit score isn't increasing... What should I do to raise it?

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Rebuilding Credit

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I have been a real estate agent for over 10 years and I have seen some amazing things done to help rebuild credit! Try settling the deliquent accounts, and after you settle them ask the collections company to stop reporting them to your credit report as deliquent. Then contact the credit bureau's to request that the negative reports be removed. Moving forward check periodically to make sure all of the above things discussed are happening, and after everything is cleared up on your credit and your scores have risen try applying again. If you are still denied then try applying for a secured card, but ALWAYS make the payments by the due dates. It may also help if you have someone who you trust, to add you on their credit card accounts as an authorized user (the person does not have to give you the extra card for this idea to work). Do this only if you are absolutely sure the person ALWAYS makes their payments on time and carrys a low debt ratio. So remember if the person miss payments it could hurt your credit also.

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Helpful to 34 out of 35 people

Here are some ways to help increase your credit score

  • Pay down the current debt on those 3 revolving accounts
  • Pay your bills on time every time
  • Use only about 20% of your limit on each of those cards (example: $300 spent on a $1500 credit line is 20% utilized)
  • Apply for new credit in moderation or only when you really need to,... don't apply for new credit too often as that may lower your score by adding multiple hard inquiries and lower the average age of credit history.
  • simply give it time, if you keep paying on time and dont max out your credit cards your credit score will simply begin to rise as the average age of your credit lines increases.

Also keep in mind sometimes the credit bureaus don't update their info which Credit Karma retrieves to update your credit score. There have been times where it took over 3 months before there has been changes made to my report so I believe that could be a factor why your score isn't increasing.

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credit score 785 stuck there for years

Helpful to 2 out of 3 people

Like score to increase, yet have been stuck at 785 for many years.

Have many accounts, w/balances paid off monthly, w/small balances, but zero at end of statement payments

Large credit lines, open but not utilized *so have a low debt ratio)

Never a late payment

30 yr credit history *impeccable" w. credit

So, what can I do to increase score to 850?

Haven't applied to new cards past year, before that scores went up and down by 10 points.

Help....

.

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Reply by
joltsquish

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Helpful to 6 out of 8 people

No balances on statement cut date?

If thats the case. thats part of your problem...

At least what others have said.. is ideally you have at least 1 cc reporting no more than 8% utilization (a balance at least untill the statement CUT date).... then you pay it in full... and then the rest you can PIF after the statement cuts... PIF before the statement cuts does NOT help you..

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Reply by
gryf

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Helpful to 1 out of 1 people

Well, you should just be glad that The Great FICO doesn't dock your score further.

It's patently obvious that you're diligent with your records and pay off quickly. You're a poor prospect. Banks don't want you because they'll make less on you.

If you want to raise your score, you have to carry balances. The algorithms behind that score were written and modified by 10lb brains who were paid a lot of money to figure out how to con us.

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credit report

why is my credit so low

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Rebuilding credit

Helpful to 0 out of 1 people

Hi I currently am in the process of rebuilding my credit, my score is around 580, I have 9 deliquent accounts that are all more tha n 4 years old. But I get refused for new accounts because i do not have enough revovlving accounts open ( I have 0 right now). I just refinanced my car and brought my rate down by more than half but I am looking to get a store card or gas card to bhelp start the rebuilding any suggestions considering my current condition, thank you!

Reply by
HappyToHelp

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6 People Helped
Helpful to 0 out of 1 people

I have been a real estate agent for over 10 years and I have seen some amazing things done to help rebuild credit! Try settling the deliquent accounts, and after you settle them ask the collections company to stop reporting them to your credit report as deliquent. Then contact the credit bureau's to request that the negative reports be removed. Moving forward check periodically to make sure all of the above things discussed are happening, and after everything is cleared up on your credit and your scores have risen try applying again. If you are still denied then try applying for a secured card, but ALWAYS make the payments by the due dates. It may also help if you have someone who you trust, to add you on their credit card accounts as an authorized user (the person does not have to give you the extra card for this idea to work). Do this only if you are absolutely sure the person ALWAYS makes their payments on time and carrys a low debt ratio. So remember if the person miss payments it could hurt your credit also.

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Increase Credit Score

Helpful to 0 out of 1 people

My credit score has been 743 for months. What can I do to increase it to 750?

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Reply by
gryf

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29 People Helped
Helpful to 1 out of 3 people

Pick up another debt, pay as agreed. Not early.

The algorithms behind that credit score are designed to "reward" you for reliably sending a creditor interest payments.

They also punish you for being a deadbeat. From a bankers POV there are two kinds of "deadbeats":
1-those who don't pay.
2-those who pay early so bankers make less money on that debt.

The whole thing is a scam. If you want to have a good score: Be a good rat and keep the little wheel spinning.

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