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Question By
BlackLikeMySoul

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26 People Helped
Raise score 100pts in 10 months?
I'm hoping to buy a home in 11 or less months. I married young and after my divorce filed for bankruptcy. 6 years later, I am (happily) remarried and have, with a couple exceptions due to absent mindedness (over a year ago) kept my bills in order. The only remaining items that remain is a tax lien and my card balances, one reporting at less than 10% most months but the other two reporting high. I will be paying my lien off in full within the next 30 days, and should have all cards reporting at 20% or less within a week or two of that. I've read some stories that paying tax liens or significant portions of credit card balances has hurt some people's scores. Is this something to be concerned with enough to pay the balances down slowly instead?

Additionally, I recently went back to school and have federal student loan accounts. Unbeknownst to me, each term would create a "new account" even though it's all one account number (hooray!). This is significantly lowering the average age of my accounts as it appears I've opened a lot of new lines. I'm less than 2 years out of finishing my undergrad and will be moving immediately into grad school after (already accepted). Should I consolidate these loans? Should I wait until I am done with school? Payments are currently deferred until I graduate.

Any advice on what I could do to help my scores is greatly appreciated! I currently have 2 CapitalOne cards, a secured that I opened right after BK and a Platinum, as well as a Barclay Rewards card which last month increased my limit. Would it be a good idea to open another card that I won't really use much? I currently use my Barclay for household stuff just to earn the cashback.

This is my first home purchase and I want to be in the best financial shape possible before signing those loan docs. Thanks so much in advance.

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Top Contributor
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NOPE

Helpful to 0 out of 1 people

NOPE, if you plan on buying a home within the year do NOT open more accounts.  Use what you have sparingly pay in full EVERY time. Put some money in savings. If you can consolidate all your student loans into one payment--that would be a good plan. Do not make any new purchases like vehicles. And it is NOT possible to raise your score 100 points in 10 months, maybe 40 or 50, but it takes time for that by using credit and paying it off immediately. 

Reply by
jblack199

5 Contributions
28 People Helped
Helpful to 2 out of 2 people

Not entirely true - different set off circumstances but in 6 months I've raised mine from a 430 to 590 -- thats a 170 points in 6 months.  So yes, it's possible -- just depends on the circumstances.

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Helpful to 1 out of 1 people

I raised my score 75 points in 3 months.

This was a question I posted in September 2016.

https://www.creditkarma.com/question/what-can-i-do-to-raise-my-credit-score-faster-41-utilizationno-negative-marksalways-paid-on-tim

This is my personal experience: I checked my FICO SCORE8 and it's 809 with Transunion, 794 with Equifax, and 813 with Experion!!!! I managed to rais my Credit Karma score 75 points with Transunion and 74 points with Equifax since September this year and now it's December. I was determined studying credit articles, Google research, and planning but I now have have Excellent Credit Karma scores and 2 of my 3 FICO scores are in the Exellent category. 

What I did was started focusing on the credit card reporting dates. Then made sure I pay as much as I could on the card with the highest utilization each month. When I did that I notice my Credit Karma score shoot up quicker. Meanwhile, I used every credit card I had possesion of a few times each month and made sure that whatever I charged I paid that amount to the card that I used then also applied the minimum payment plus $1 extra. I made sure I did this at least 2 days before the card company reported to the credit bureaus. I noticed that my score increased a few more points if I used the cards frequently, paid the amount I used, paid the minimum payment due, and including an extra $1...add more if you can. I called each credit card company or used the chat option online to speak to a card representative to ask if they do a "hard credit inquiery" or "hard credit pull" to ask for a credit line increase. If the rep said that they did do a hard credit inquiery or a hard credit pull I declined them checking to see if I was eligible for a credit line increase. If the representative said that they only do a "soft credit inquiery" or a "soft credit pull" then I aked for a credit line increase. I was able to increase my credit limint by $250 with Capital One, $1, 200 with Citibank, and Bank of America surprised me with a $4,000 increase one month when I looked at my statement. So, I was so happy I asked. Some card companies said that they do a credit line increase by history of that account. For instance: was payment on time and paid by the due date, do you pay more than the minimum balance due even if it's just $1 or a few dollars more than the minimum payment that's due. I can't get Chase to budge. Chase insists on doing a "hard credit inquiery" or "hard credit pull" so that is the only company that I have not gotten credit line increase from. Although, I 've made great progress I still have some work to go because I need to lower my credit utilization under 10%. I hope this helps someone by me writing this. I wish you all well in your credit score and financial journies. If anyone has any questions please reply and hopefully I'll be able to maybe help, through my experience. ❤

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