Incease Credit Score?

[xx CURVE xx]

I need to add 130 points to my credit score....any ideas?

[Rider]

Have low balances spread out across many credit cards.

[xx CURVE xx]

Have low balances spread out across many credit cards.

yeah i know that part :lol: ....maybe i should explain a bit...

I'm trying to get home equity loan set up....my credit union says my credit score needs to be at a certain point... I'm 120 points from that goal...my school loans are what hurt me...just set up a payment plan for them....Bank says will take 3 to 6 months for score to go up?..that sound right??

Also...is it true that anything on your credit report that is 7 years old or older can be or should be removed???...

[Rider]

yeah i know that part :lol: ....maybe i should explain a bit...

I'm trying to get home equity loan set up....my credit union says my credit score needs to be at a certain point... I'm 120 points from that goal...my school loans are what hurt me...just set up a payment plan for them....Bank says will take 3 to 6 months for score to go up?..that sound right??

Also...is it true that anything on your credit report that is 7 years old or older can be or should be removed???...

One thing you can do, is ask everyone of your credit card companies to increase your credit limit.

I have no idea how long things remain on your credit report.

A very close friend of mine owns a credit repair business. I can get you in touch with him if you want.

[xx CURVE xx]

One thing you can do, is ask everyone of your credit card companies to increase your credit limit.

I have no idea how long things remain on your credit report.

A very close friend of mine owns a credit repair business. I can get you in touch with him if you want.

I only have one CC now...last one i had went to shit back in university days...
Yeah ask your friend...That would be cool.. :dthumb:

[Tmall]

I went from not even qualifying for over draft to having a car, bike, cc, and 20k line of credit in about 1.5 years.

I paid everything on time. Kept cc balance low. Used it a lot, but paid it off immediately.

Fast and credit rebuilding don't usually go hand in hand. And don't "seek" credit from too many places. If you get denied, it's negative points for you..

[Amorok]

Signature loans. I went to the bank, got signature loans for 500 bucks, and paid them off on the schedule. I pretty much just gave them their $100 bills back over the loan period. I usually had two or three out at a time, and I went from qualifying for $500 on a signature to where they'll give me about $5000 on my signature alone now. It take time though, the loans are usually for six months or a year. Don't expect it to be soon.

[azoomm]

Alex, how do you get a home equity loan without a mortgage, or even owning a home? IIRC, you're renting...

[xx CURVE xx]

Alex, how do you get a home equity loan without a mortgage, or even owning a home? IIRC, you're renting...

It's my old house where i lived before i moved to Austin...it's been paid off for years...

[ontwo]

120 points will take a while.

And getting MORE credit will not help. The more available open credit that you have will LOWER your score. Also, everytime you try to get said additional credit, the bank will pull your credit again and that LOWERS your score.

The only real solution is to get a copy of your credit report. First, pay any outstanding collections or judgements. Next, catch up any payments that are currently past due. Next, make sure everything on the report is accurate and dispute anything that is not.

Other than that. Maintain PERFECT pay history, and the rest will just take time.

[Rider]

120 points will take a while.

And getting MORE credit will not help. The more available open credit that you have will LOWER your score. Also, everytime you try to get said additional credit, the bank will pull your credit again and that LOWERS your score.

The only real solution is to get a copy of your credit report. First, pay any outstanding collections or judgements. Next, catch up any payments that are currently past due. Next, make sure everything on the report is accurate and dispute anything that is not.

Other than that. Maintain PERFECT pay history, and the rest will just take time.

100% false. They look at you available credit and the % of what you are actually using.

[ontwo]

100% false. They look at you available credit and the % of what you are actually using.

I won't argue that, BUT Equifax actually has a line item that says "Too many consumer finance accounts open" and "Time since most recent account opening too short" That is why running out and getting a whole bunch of new credit will not speed up the process of increasing the score.

The hit in terms of inquiries will be worse than opening the new credit.

[Adeptus_Minor]

Mine is only middle-of-the-road. I have a bad note in my past, but everything is now paid current. The only thing that's holding mine back is not enough activity, so I would at least partly agree with both ontwo and Rider.

[Rider]

I won't argue that, BUT Equifax actually has a line item that says "Too many consumer finance accounts open" and "Time since most recent account opening too short" That is why running out and getting a whole bunch of new credit will not speed up the process of increasing the score.

The hit in terms of inquiries will be worse than opening the new credit.

I agree with that. I was looking at it from the point of view of already having credit accounts open that are not being used. Opening up new accounts will be negative for a while.

[ontwo]

I agree with that. I was looking at it from the point of view of already having credit accounts open that are not being used. Opening up new accounts will be negative for a while.

:dthumb:

[azoomm]

It's my old house where i lived before i moved to Austin...it's been paid off for years...

Gotcha, I was confused.

Over 100 points is going to be difficult quickly... Try the mafia :wink:

[tommymac]

Time is the best thing to see you pay stuff off on time and can manage/maintain balances. Most of my big loans I over paid and paid them off early.

A side? I had an old CC I hadnt used in some time, I kept it becasue i had it the longest. they dropped me due to along period of inactivity. Would that hurt the credit score?

Tom

[Adeptus_Minor]

A side? I had an old CC I hadnt used in some time, I kept it becasue i had it the longest. they dropped me due to along period of inactivity. Would that hurt the credit score?

Tom

Probably.
In order to be considered a responsible American, you have to do a certain amount of business with the debt-dealers.

[xx CURVE xx]

Gotcha, I was confused.

Over 100 points is going to be difficult quickly... Try the mafia :wink:

You got their number? :D

[Rider]

You got their number? :D

Yes :whistle:

[tommymac]

Probably.
In order to be considered a responsible American, you have to do a certain amount of business with the debt-dealers.

Figures, I had been using a few other cards that have proveded better rates and service over the years. My primary CC now I have had for over 10 years and have a few store and other CC's I use for promotional stuff.

The timing sucks since were mortgage hunting, but we got some sort of good faith approval from the broker were using so hopefully this doesnt hurt us any.

Tom

[Lucky3623]

From what I remember when I was working for Experian:

Keep about 50% of your credit ballance available
Get your CR (from all 3... Trans Union, Equfax, and Experian) and dispute ANY wrong information (the company has 45 days to return proof) Also check for judgements (if you need their numbers or any other info, let me know)
Catch up on late payments
Don't miss any payments

[xx CURVE xx]

From what I remember when I was working for Experian:

Keep about 50% of your credit ballance available
Get your CR (from all 3... Trans Union, Equfax, and Experian) and dispute ANY wrong information (the company has 45 days to return proof) Also check for judgements (if you need their numbers or any other info, let me know)
Catch up on late payments
Don't miss any payments

yes..numbers please :D

[the chi]

I found out not long ago that closing inactive accounts that had availability for use seemed to have helped my credit score. In the last 6 mos I have simply been paying on time, paying things off, and closing all my inactive accounts.

[Rider]

I found out not long ago that closing inactive accounts that had availability for use seemed to have helped my credit score. In the last 6 mos I have simply been paying on time, paying things off, and closing all my inactive accounts.

Contrary to popular belief, this is a bad practice.

[the chi]

Contrary to popular belief, this is a bad practice.

At one time it may have been, but I am saying from experience that as soon as I did it I saw another jump up in my credit score. I literally have increased by about 40 points since last fall.

I had cards for Honda, Suzuki, Kawi, and an old Kaye's jewelery account that hadnt been used, EVER. So they were open, potentially available for use and a notice to ay potential creditors that I could increase my debt at any time.

Now, keep in mind I have 3 credit cards that i actually use, and my car and bike payments and mortgage payment, so I dont need accounts to make me credit worthy. If you DONT have credit at all, keeping them open might help.