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Improving your Credit and Credit Score
- Thread starter DoingDamage
- Start date
I'm trying to get into the 800 club, currently sitting at 763. I have one new inquiry this year from having to purchase a new car after my 10+ year old car was totaled :-(
I just recently increased the credit limit on one of my cards, but I'm sitting at overall utilization of 23%. If I get my utilization down to under 10%, is that really the only way to get into the 800 club? No late payments recently on my report, and have a good mix of accounts open (mortgage, student loans, car loan and a few credit cards, but none with too high a utilization.)
It's just a personal goal I have set for myself, especially consider that, when I bought my house, my score was in the 600s - thanks for any advice.
I just recently increased the credit limit on one of my cards, but I'm sitting at overall utilization of 23%. If I get my utilization down to under 10%, is that really the only way to get into the 800 club? No late payments recently on my report, and have a good mix of accounts open (mortgage, student loans, car loan and a few credit cards, but none with too high a utilization.)
It's just a personal goal I have set for myself, especially consider that, when I bought my house, my score was in the 600s - thanks for any advice.
After a few months of payments on the car you will a get score bump, don't worry about the inquiry. Keep your credit utilization under 10%, I keep mines at 1 percent, I have 6 cards and use the 2 dollar trick and let one card report a 2 dollar balance monthly, I should hit the 800 club sometimes next year. And keep paying down those installment accounts and that score will keep rising.
Just got all my store cards under 30%... its not much but its something. Planning to get a car soon and am trying to decrease that credit utilization. Will probably apply for a loan in January or February.
Opened a USAA account this past week. Have NFCU and Chase so far.
Opened a USAA account this past week. Have NFCU and Chase so far.
do you have any cards with a high individual utilization? your score will rise once you get under 10% overall. Even more if they all are under 10% individually. And even more if all report a 0 balance except for 1. Your score will rise once your new accounts hit a year. And your inquiry wont affect your score anymore after 12 months. So if you give it some time and decrease that utilization you should hit 800 at some point.
I'm beginning to think and to be honest don't even know anybody that's in that 800 club, to me it sounds it's for the top 1% earners club. You really don't even need to be in those numbers anything past 725 will get you most credit accounts and loans etc, without a blink of an eye.
Credit scores are not determined by income. I was in the 800 club a few months ago. Then I went on an app spree. Once I recover from the new accts and inquiries I will be back in the 800s.
No its by how you use your income and pay. I've seen an example of having a poor score and still getting a killer finance rate. Saw pay increase and was offered a higher finance rate on second vehicle wtf? If you do like the above guys say and keep your credit accounts very low and out the red then your score will rise. I'm learning better techniques from threads like this!
Whats the point though? Once you are above 730, I heard the interest rate on any loan is the same as if you were in the 800's. Highest I ever got was 745. My shit dropped back into the upper 600's because I'd been maxing out CCs. Credit is like working out. Takes you for ever to get right. But a month a fucking off will have you in bad shape again.
imo, its for the power move. when i was sporting an 833 it was like being treated like royalty. no bullshit. i could literally hear and see people's voices and attitude change when I applied for credit products. having that 8xx may not change how a computer interacts with you besides approving you. however, when dealing in person or speaking to someone they literally jump through hoops. no bullshit.
i mean what are you suppose to do, make it tank? if you handling your shit, your score going to keep going up. it's not like you can say, ok i got a 730. stop going up.
I have some serious debt attacking to do to get it under 10%. I might try to debt snowball system to attack it, especially since I want to get it down before early 2018. Thanks.
One card has a utilization of 41%. Two have under 20%, and the others have zero balances. All my cards are older than a year, but, yeah, the new car shortened the age of my credit. I'm definitely going to work on that card with the 41% utilization. My credit limit just increased on it, so this should improve soon.
Once you get it under 10 consistently you will be good to go. I make sure to carry no credit card debt, that shit is hard to get out of
Auto enhanced and bankcard enhanced ficos range from 250 to 900
So true - when I was car shopping and I just walked in as a black woman, they thought whatever of me. Soon as they saw my credit score, they started showing me top-of-the-line cars, all the bells and whistles, etc...even said, "This car will be here for you - not a lot of people walking around that can afford this with a good rate." Ended up getting a better deal at another dealership, but it's amazing how "all the good cars" were offered to me and "all the good rates" were offered as soon as they saw that score...
Worked with a teacher whose score was 815 - and we all know educators don't make big bucks. She bought a good deal of a house, stayed on top of her payments and had crazy high credit limits on the 2-3 credit cards she had. It's possible for anyone if you're smart with your credit.
And, again, for me, it's the pride I'll have to know I made it there - also, we're having a baby next year, so, for any hidden expenses (which I'm sure there will be!,) I want to make sure we're in a great position financially.
Income has no effect at all on Fico scores.
It just moved up to 1050 since my last post.
Maybe....but after a certain score, besides bragging rights it dont mean shit.
U dont say stop going up...u just dont do anything to make it go down
Not gonna concern myself with being in the 800's if there arent any advantages to it.
Maybe....but after a certain score, besides bragging rights it dont mean shit.
U dont say stop going up...u just dont do anything to make it go down
You sound a little jealous that niggas got scores of 800+.
Maybe....but after a certain score, besides bragging rights it dont mean shit.
U dont say stop going up...u just dont do anything to make it go down
I get what you're saying, but that's like telling a bodybuilder don't work any harder to bench a certain amount. Sometimes it's not about the end goal, as much as the journey and what that accomplishment means to the individual. I'm not going to knock the other man's/woman's hustle...
LOL, no. You get a whole lot of better rates and consideration at 800 than if you had 720. Such as no income verification at any car lot and instant approval. You get the best rate available, but as a Black person you still have to ask for it or else they will treat you like a 690 score. You get the best offers from credit card companies that will blow your mind. For example, I got a zero percent for life rate from discover and that's how I paid off the rest of my student loan by transferring the balance to it.
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Stop it.
How would you really know if you yourself has never had anything higher than 745?
Who told you that? Was it a white person?
No....people who have 800 credit scores like my parents. And my best friend who is a finance manager
A white person? It was cacs who invented this credit system anyways.They say no credit is just like having bad credit.
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