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Message
Best way to help my credit score
Posted on 9/1/14 at 7:39 pm
Posted on 9/1/14 at 7:39 pm
I come to the knowledge of the money board. I'm looking to buy a house within the next year or so. My credit score is currently 647. I have less than $2,000 in cc deb and 16,000 in student loans. When I pay my credit cards off would it be smart to make small purchases with them (etc. gas, groceries, etc) then pay them off each month? Does that help your credit score go up pretty high? I'll hang up and listen 
6
Posted on 9/2/14 at 12:52 pm to TechDawg2007
Do you have any black marks on your report such as late payments, collections, etc?
Charging one or two things a month and paying it off and not carrying a balance won't hurt your score.
Charging one or two things a month and paying it off and not carrying a balance won't hurt your score.
Posted on 9/2/14 at 12:58 pm to TechDawg2007
Just curious, how old are you and how long have you been working?
This made me wonder. And
This was a good question.
quote:
I'm looking to buy a house within the next year or so. My credit score is currently 647.
This made me wonder. And
quote:
Do you have any black marks on your report such as late payments, collections, etc?
This was a good question.
This post was edited on 9/2/14 at 1:01 pm
Posted on 9/2/14 at 1:03 pm to TechDawg2007
A long history of good credit is what leads to a high score.
Posted on 9/2/14 at 1:08 pm to TechDawg2007
you need to borrow some money and pay it back on time
Posted on 9/2/14 at 2:24 pm to yellowfin
quote:
you need to borrow some money and pay it back on time
This.
My tenants asked me to help them build their credit score, and one of the big additions to their credit score was getting a loan for a vehicle. They could afford $275/month for a car and had $3000 to put down.
If you can do this, it will help a lot. Credit score is just a combination of borrowing money from accredited lenders, paying it back on time and not fricking up in the meantime.
Posted on 9/2/14 at 7:42 pm to TechDawg2007
I think you only need a median credit score of 620ish to qualify for a FHA mortgage loan. So the good news is that it sounds like you meet the basic criteria; now you just need to take care of ("farm") your accounts.
My $0.02 on how to help your score:
1) Obviously paying off any outstanding/late dues.
2) On your credit cards, get all of the balances below 30% of your credit limit ASAP. Above 30% utilization starts unfavorably impacting your score.
3) Futhermore on your CC, if you haven't asked for (or received automatically) a credit limit increase to your account over the past 6 months, try calling in/online to see if they will increase your Credit Limit (CL). Not only will the increase immediately favorably impact your credit score (make sure they will not pull a hard inquiry on your account first), but this will also help you out on step #2 above.
4) Don't open any new credit/charge cards before applying for a loan. A new account drops your "average age of accounts" which will hurt your credit score.
5) Make timely payments on all of your accounts. For your CCs, you don't need to have $0 account balances, just try not to have >30% of your CL.
At the end of the day, only using your credit in responsible ways overtime will increase your credit score, but the points above may help you in the short term.
My $0.02 on how to help your score:
1) Obviously paying off any outstanding/late dues.
2) On your credit cards, get all of the balances below 30% of your credit limit ASAP. Above 30% utilization starts unfavorably impacting your score.
3) Futhermore on your CC, if you haven't asked for (or received automatically) a credit limit increase to your account over the past 6 months, try calling in/online to see if they will increase your Credit Limit (CL). Not only will the increase immediately favorably impact your credit score (make sure they will not pull a hard inquiry on your account first), but this will also help you out on step #2 above.
4) Don't open any new credit/charge cards before applying for a loan. A new account drops your "average age of accounts" which will hurt your credit score.
5) Make timely payments on all of your accounts. For your CCs, you don't need to have $0 account balances, just try not to have >30% of your CL.
At the end of the day, only using your credit in responsible ways overtime will increase your credit score, but the points above may help you in the short term.
This post was edited on 9/2/14 at 7:46 pm
Posted on 9/2/14 at 9:10 pm to GoHoGsGo06
Thanks
Posted on 9/2/14 at 11:02 pm to TechDawg2007
quote:
1) Obviously paying off any outstanding/late dues.
2) On your credit cards, get all of the balances below 30% of your credit limit ASAP. Above 30% utilization starts unfavorably impacting your score.
3) Futhermore on your CC, if you haven't asked for (or received automatically) a credit limit increase to your account over the past 6 months, try calling in/online to see if they will increase your Credit Limit (CL). Not only will the increase immediately favorably impact your credit score (make sure they will not pull a hard inquiry on your account first), but this will also help you out on step #2 above.
4) Don't open any new credit/charge cards before applying for a loan. A new account drops your "average age of accounts" which will hurt your credit score.
5) Make timely payments on all of your accounts. For your CCs, you don't need to have $0 account balances, just try not to have >30% of your CL.
All this is good, spot on really, but first would be to get all 3 credit reports. Check them, dispute inaccuracies. Your time frame of "within the next year or so" puts you at a disadvantage to bump up your FICO score. It's not difficult, but building excellent credit does take time. Good luck!
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