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Question By
Foursight

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So if someone has one credit card, around a 730 credit score what would the steps be to get higher?
I'd like to get to the point where banks would have no problem giving me small business loans; I suppose an easy to digest step by step in you opinion would be appreciated. I'm thinking about taking some loans against my own CDs and paying those off in a steady but quick manner.

I'm 23, no house or rent payment, I own a car, and have a budding investment portfolio, so being in my shoes what would you do? Fatherly advice type stuff.

Like I said though, all advice appreciated.

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Do you have any credit cards?  If not, include that in your plan.  Your mix of credit counts for 10% of your FICO score, so adding different types of debt can help over time.  You score will drop a bit at first, but then will climb after 4-6 months of payments.  Another trick I've used is to keep a small balance on my active cards.  My score is higher when I have 11% utilization than when I have zero% utilization (which doesn't really make sense, but that's how it goes).  Creditors like to loan money to folks that will carry a balance, so they can make their money off the interest.  I never pay an annual fee, and I always pay on time.  If you don't already have a credit card, get a Discover IT card and you'll get you FICO score from them for free every month with your statement; a great deal!  Also, another terrific website to read is www.credit.about.com.  Keep up the good work!

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Reply by
Addison170

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Sorry, I missed the opening line stating you had a credit card.  I would get a second card if I were you.

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