How to BOOST your score. May easily apply to everyone!

[smallfry]

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@Anonymous wrote:

Ilovepizza...I am going to test your theory. Last month I had five cards with balances. This month after my balances report, I will have one card reporting a balance. Looking forward to some results. Should report two early next week and the other two at the end of the week.

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It might take more than one reporting period for you to see anything lasting. FICO might be looking for patterns that develop over time. Month to month might not do it but who knows. I plan on using five of my ten for the majority of my purchases and rotating the cards which report. Never any more than four at a time. Utilization under 4% on each reporting card. No finance charges either.

[Anonymous]

I have become so obsessed with the game. Gained 7 points two weeks ago for havng a baddie removed from my report. Gained another 12 this week because a credit increase decreased my utilization greatly. Right now all Ficos are mid 600's. I want 700!!! So I'll keep plugging along.

[Anonymous]

I think it might be calculated as (guessing not fact)

no cards
1-2 cards
3-4 cards
5-6 cards
more than 6 cards

I have seen this posted on the internet in so many places. If this is true, 3 and 4 are scored the same, 5 and 6 too. I have not had a chance to test this. Just guessing. Also if true, once you have more than 6 cards it doesn't make a difference, 7 or 1000 would be scored the same. Again just guessing. I think we would need some of those people with 42 cards to comment. lol

[MidnightVoice]

We have heard that "too many CLs" is a reason for being declined for a mortgage

And when you say "cards" do you mean just CCs, or are you including gas cards and store cards?

[Anonymous]

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@MidnightVoice wrote:

We have heard that "too many CLs" is a reason for being declined for a mortgage

And when you say "cards" do you mean just CCs, or are you including gas cards and store cards?

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Credit Cards. Good question. I don't know about Retail cards. I would guess that they are still revolving so they would be calculated the same as a credit card. But I don't know. I only tested it with credit cards (visa/mc/discover/amex types).

[MercyMe]

Hi, Pizza!  I so appreciate your post!  I've been wondering if I should close accounts --  you have helped to clear that up for me.  What I need do is pay off a few, I know.  I'm working on that, now.  You don't suppose having (how many do I have, now) 8?  Yes.  You don't suppose having 8 ccs is hurting me, do you?  I'd like to get rid of First Premier, but it's my oldest at three years.  I'm a bit confused about this history thing -- say, if you open a new account and it has a low limit, as well as it is only a few months old, would it hurt to close it?  I have a JC Penny's card that is only 6 months old, 0 balance.  I never use it.  Being that it's only 6 months old, would it hurt to close it?  I closed another card that was pretty much the same, and it didn't seem to hurt. 

Here's what I have:

BOA - going on 18 months old, limit $2500, balance $662 (Visa)

Home Depot - 25 months old, limit $800, balance $184.00

First Premier - 3 years old, $400 limit, balance $280 (Visa)

JCP - 6 months old, $150 limit, $0 balance

GM Flex card - 11 months old, $750 limit, $400 balance (Visa)

Capital One - 18 months old, $1500 limit, $22 balance (Visa)

Target - 13 months old, $500 limit, $76 balance

Wamu - 3 months old, $1500 limit, $32 balance  (Visa) (My Fico!)

Mortgages since 1987 - 3 paid and closed, 1 open.

I worry about the length in history were I to close any.  I would like to close Target, First Premier and JCP.  Any suggestions?

Thanks!

[Anonymous]

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@MercyMe wrote:

Hi, Pizza! I so appreciate your post! I've been wondering if I should close accounts -- you have helped to clear that up for me. What I need do is pay off a few, I know. I'm working on that, now. You don't suppose having (how many do I have, now) 8? Yes. You don't suppose having 8 ccs is hurting me, do you? I'd like to get rid of First Premier, but it's my oldest at three years. I'm a bit confused about this history thing -- say, if you open a new account and it has a low limit, as well as it is only a few months old, would it hurt to close it? I have a JC Penny's card that is only 6 months old, 0 balance. I never use it. Being that it's only 6 months old, would it hurt to close it? I closed another card that was pretty much the same, and it didn't seem to hurt.

Here's what I have:

BOA - going on 18 months old, limit $2500, balance $662 (Visa)

Home Depot - 25 months old, limit $800, balance $184.00

First Premier - 3 years old, $400 limit, balance $280 (Visa)

JCP - 6 months old, $150 limit, $0 balance

GM Flex card - 11 months old, $750 limit, $400 balance (Visa)

Capital One - 18 months old, $1500 limit, $22 balance (Visa)

Target - 13 months old, $500 limit, $76 balance

Wamu - 3 months old, $1500 limit, $32 balance (Visa) (My Fico!)

Mortgages since 1987 - 3 paid and closed, 1 open.

I worry about the length in history were I to close any. I would like to close Target, First Premier and JCP. Any suggestions?

Thanks!

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Do you have any negative items on your CR now? What is your score. Are you trying to rebuild your credit or just improve it? If you need to rebuild I like to keep everything for 2 years. If just improve then..
JCP is new and retail I would close.
Your average age is 16 months now. If you cancel it I believe your card is still factored in to the average age, closed or open, it just stops aging. But you will loose UTL from that card. The CL is $400 while you have others at $2500, $1500. I'd cancel it if it costs you money unless you are rebuilding after a recent baddie. If your score changes, re-open the First Premier card in 30 days.

Lets see what others have to say.

[smallfry]

I wouldn't close anything right now.

[MercyMe]

Ilovepizza and Smallfry ... thank you!  Right now my Ficos are TU 687, Equifax 663 and Experian 646.  I'm trying to hit the 700  mark so I can purchase a vehicle, with a fairly decent interest rate, as well as having as few cc payments as possible, as I'll be taking on a vehicle.  I've been paying down debt, and knocked off another $200 today.  As the creditors haven't updated since I paid down all of the balances, and I am around 20% utilization, from over 70%, I'm hoping the pay down will boost my score a bit.  As I will be driving, whatever it is that I will end up with, for the next 10 years, at least, it will have to be something fairly new. 

There are no recent baddies on my report now that the Sun Trust knocked off all of the erroneous history that has accrued since the account paid off in 04.  Yippee!  Of course that charged off and the reports so reflect the fact, on 2/03.  It's due to fall off in '09.   The only other baddie is 7 lates on a mortgage opened in 1987 and closed 8/04.  TU doesn't show the lates, at all, and I believe I disputed some of the lates on that and the mortgage company took them all of TU.  I haven't made a late payment to anyone in 4 years, always pay well above the minimum and sometimes pay twice a month.  I just don't need or want so many cards!!!  I have between 4 and 6 inquiries.  Some of them are doubles, as when I sought a new mortgage on the house. 

Again, thanks so much!

[Anonymous]

I say dump FP right after you get your loan.

You should see a nice boost affter you UTL updates.

Congrats on getting that Sun Trust thing fixed.

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MercyMe wrote:

Ilovepizza and Smallfry ... thank you!  Right now my Ficos are TU 687, Equifax 663 and Experian 646.  I'm trying to hit the 700  mark so I can purchase a vehicle, with a fairly decent interest rate, as well as having as few cc payments as possible, as I'll be taking on a vehicle.  I've been paying down debt, and knocked off another $200 today.  As the creditors haven't updated since I paid down all of the balances, and I am around 20% utilization, from over 70%, I'm hoping the pay down will boost my score a bit.  As I will be driving, whatever it is that I will end up with, for the next 10 years, at least, it will have to be something fairly new. 

There are no recent baddies on my report now that the Sun Trust knocked off all of the erroneous history that has accrued since the account paid off in 04.  Yippee!  Of course that charged off and the reports so reflect the fact, on 2/03.  It's due to fall off in '09.   The only other baddie is 7 lates on a mortgage opened in 1987 and closed 8/04.  TU doesn't show the lates, at all, and I believe I disputed some of the lates on that and the mortgage company took them all of TU.  I haven't made a late payment to anyone in 4 years, always pay well above the minimum and sometimes pay twice a month.  I just don't need or want so many cards!!!  I have between 4 and 6 inquiries.  Some of them are doubles, as when I sought a new mortgage on the house. 

Again, thanks so much!

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