Suggestions to increase credit score?
I’m looking to increase my credit score. Any suggestions?
I currently have a 663. My main problem (to my knowledge) is that I don’t have credit. I’m 23 years old, no debt, full-time job as an economic consultant. Fixed annual income of $60,000.
Payment History: Very Good – 37%
Amount of Debt: Poor – 29%
Length of Credit History: Poor – 7%
Amount of New Credit: Poor – 12%
Type of Credit: Good – 15%
Revolving Credit Line -1 account, Bal. $1,466, $0 Credit Line, $21 mthly pmt, 1 acct. w/ a bal.
Total – Only have the revolving credit line mentioned above.
Length of Credit History 6 Years , 3 Months
Average Account Age 4 Years, 9 Months
Oldest Account BANK OF AMERICA (Opened 07/2004)
Most Recent Account CITIBANK SD, NA (Opened 02/2009)
Explanation: Contradictory information has been given by Equifax. It says that my oldest account is Bank of America however I closed this account down in September, 2010 – before I realized that I should have kept that open for credit reasons. It was a joint account that I had opened in July, 2004.It had a high balance of $798, a credit limit of $800, no late payments, and a comment says: “Account closed at consumers request”. I started as a co-signer with my dad then changed the account into my name when I turned 21. The current credit card I use is a Citibank AAdvantage card that doesn’t report my credit limit because they say I don’t have a preset limit (even though the credit limit online somewhat deceivingly tells me I have a $12,500). I use this account everyday and average about $800 a month which I pay off in full every month. I have no late payments and this account has been open for 22 months (since 02/2009).
Inquiries in past 2 years: 6
Last inquiry: 9/30/2010 -- by CitiBank when I asked for a credit line increase from $7,500 to $12,500 as I thought this was going to help my credit. In actuality though, this increase will most likely not help my credit since it isn’t being reported. Correct??
1. AT&T – August, 2010 – Cable, Approved
2. Citibank – August and September, 2010 – Credit Line Increased (related – included follow up discussion with the underwriting department), Approved
3. Discover Financial Services – September, 2010 - New Credit Card, Denied
4. National Background Information Center – July, 2010 - Background Check as a government contractor
Public Records: 0 Negative Accounts: 0 Collections: 0
“Items hurting my account”
1. There is insufficient information about installment payments
2. You have a low credit line on revolving credit
“Items helping your credit”
1. You have excellent payment history
- bloomorninggloryLv 79 years agoBest Answer
I think that credit card is hurting. It looks like it's over the limit. I would recommend getting another one that reports the limit and then don't carry a balance. Charge a small item every few months and pay it off right away to keep it active. Or pay the card you have off before the statement is cut. Then it will report a $0 balance on a $0 limit, which won't hurt as much as being over the limit. Or if you don't want a new card, maybe you can get Citi to convert your card to one with a stated limit.
Closed accounts continue contributing to your credit score for 7-10 years. So even though you closed a card, you're still getting some benefit for several years to come, basically until the card falls off your report.
You have a good start with some nice positive history. Continue building carefully.
- 9 years ago
The best way to increase your credit is to spend as much money as possible via credit and make payments immediately. It's a shitty system but the more you use credit the higher your score will go.
- byrdLv 43 years ago
The credit bureau punishes for errors you're making. a thank you to freshen up your credit is to pay your charges responsibly and supply up charging until eventually you get it under administration. previous shaped? useful, yet now quite back in trend.