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HighCreditScoreQueen

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What can I do to raise my credit score faster? 41% Utilization.No negative marks.Always paid on time
I need some help with trying to figure out how quickly my credit score will rise. I use the Credit Karma simulator and it always wrong and my score does not rise near what the simulator guesses. The actual score is always much lower. I’m working on lowering my credit utilization. I don’t have any negative remarks and always have paid at least the minimum payment due. Last month I lowered my credit utilization by $1,300. The Credit Karma Simulator said that I should have a raise by 24 points and it was only 15 points. I’m wanting to buy a house hopefully sometime next year in July-August. Can someone help me to figure out a way to make my score rise faster? This is what’s going on with my credit file
TransUnion Score is 684 Equifax Score is 681
Credit Utilization 41% Credit Utilization 41%
Payment History 100% (Excellent) Payment History 100% (Excellent)
Deragatory Marks 0% Deragatory Marks 0%
Age of Credit History 5 years 4 months Age of Credit History 5 years 4 months
Total Accounts 40 (Excellent history) Total Accounts 40 (Excellent history)
Credit Inquiries 0 for TransUnion Credit Inquiries for Equifax
Revolving Credit is listed below
Bank of America $5,099 of 5,000 used
Chase $2,691 of 3,000 used
Citi $2,449 of 3, 000 used
CapitalOne $594 of 2, 000 used
Rooms To Go $587 of 5,200 used
Hhgregg $1,061 of 4,500 used
Care Credit $19 of 5,500 used
Best Buy $36 of 2,000 used

Total Credit Limit Credit Card Balances Credit Card Utilization
$30,700 / $12,481 = 41% Utilization
-I Just paid $2, 000 on the Citibank card a few days ago so it will not show until after Citi reports on the 19th of this month.
-Within the past few days $36 was added to Best Buy card and $19 added to the Care Credit Card to keep the account open and show some utilization. They don’t have a lot on them….Does it show utilization with so little added to the card?????
Credit Karma said if I pay $3,500 my credit score will go to the next level which is 700 and above. I just paid $2,000 of the $3,500 to get toward the next level. Next month I will try hard to pay down the rest of the $3,000, which is $1,578. Please help me figure out what I can do to raise my credit score faster because my Credit Karma simulated score is always wrong.

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Firstly I will say that the score you see here is NOT the score the mortgage lenders will see.  Read the information in CK and on the boards to understand there is not one single score everyone sees.  For me, typically with my credit profile, I see my mortgage lenders have me listed 30-40 higher than what was listed here in CK.  The scores here only give you a guide line as to what your rating is,  so any inporvement here will be some type of improvement on their scoring system.

Your 40% is high and if you have a large amount of revovling debt, it will hurt you bad when getting a loan for a house.  Get that under 20% before appling for your home is my suggestion, and do not concern yourself too much with how it affects the Vantage3 scoring.

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Strive to get those credit cards paid in full and work on keeping their utilization no higher than 10%.  I advise reading the articles provided by this site so you can truly understand how credit operates.

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I was wondering if going from 0% utilization to almost 1% utilization going to to be counted as 1%?

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You may want to modify your thinking on utilizations a bit, as utilization percentage are go by both individually and aggravated. When you paid off one card with 95% utilizations while still have another card at 95%? It won't change your scores much, to credit score models? you still at 95%.

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Reply by
JohnnyRain127

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From "credit score" stand point of view, it would be much better if you pay down all your cards equally by percentage. However that isn't always best for your financial health. Your score will recover as you pay down the balances and utilizations dosent have memories.

Reply by
jhkny

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Hello, I have a similar questions.  I have several credit cars with high utilization and I can either pay some in full (therefore no balance) or distribute so that the % utilization is lower across the cards, less than 30% but give my current capacity, not all will be less than 30%.  Can you please advise? This is to clean up before refinancing therefore for credit score.  My score (when I went to annual report it came up around high 600/707); however I have too many revolving cards with high balances trying to fix though I don't have enought fix all, therefore trying to figure out the best way to distribute in paying down...

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UPDATE Increased credit score in months.

Since September with posting this question, my Credit Karma score is now 759 with Transunion and 755 with Equifax. 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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