I own my house and both my cars, however my credit score is only 663 from experian. I was wondering what is the easiest most effective way to raise my credit score. I make all my payments for the past couple of years always on time, never delinquint. I just want to be above the 700 mark if possible.

Anyone know of any websites that may help me or know of someone that can as well

thanks

Joe

 

Lower your debt, like credit card balances, which should improve your debt to income ratio. Always pay bills on time, don't have too many revolving credit accounts open, but if you do have a few, use them regularly and pay the balances off every month.

I read somewhere it's actually worse for your score to close a bunch of accounts than it is to keep them open, manage them and use them, and not carry a bunch of balances on them. Those things alone should improve the score, though it may take some time.

What got your score so low in the first place?

 

this is a no brainer but have you gotten a copy of your latest credit report? If so, make sure all of the accounts that were in collection at one time were taken care of. When was the last time any of your accounts were in collection (if any)? You may have to wait for those to fall off. Keep on doing what you're doing (Paying the bills on time) and try to leave a nice cushion between your available credit to the amount of $ you owe. I'm not an expert at this, but a few google search may yield some information for ya

 

^^^

What got it low?
If you have a lot of credit cards....close some of them. That really helps. No need for 10 charge cards.

 

i look at credits all day long, i suggest you did a tri-merge of experian, equifax, and transunion. in my experience most of the time experian is on the low side but it could also be on the high side every once in a while. normally the middle score of the 3 is usually transunion.

i'm prove it could be simply as paying off some credit card bills, bring the balance below half of the maximum. close some old accounts that you do not use anymore. sometimes it helps. i'm not a credit expert but i do look at them and evaluate them everyday.

any charge off or collections pay them off and try to get them off your credit.

 

deliquint payments over 120 days, being sent to collections 3 times. for a while I had my mail stolen from me and I did not know it till a month later and 3 bills delinquint

 

i am all current, I only have 3 credit card in my name, the house, and mostly the big one is my student loans 25g's

 

You have a few options:

The absolute quickest boost you can get is through piggybacking. Have a relative add you as an authorized user on their well-seasoned credit cards. This can boost your score 100+ points in many cases. However, this method has been well exploited and FICO plans on eliminating this from their scoring very very soon.. so it won't really make a difference come the end of 07.

Pay of your credit card debts, like others said.

If you don't have the $$ to pony up, increase your credit limits. Call your credit card companies and have them increase your limit to as much as possible. This will do the EXACT same thing as paying off the debt. In essence you are lowering your utilization. You want this number to be below 10%... 7% preferably.

 

That is definitely hurting you. How long ago was this? This will stay on your record for 7-10 years (IIRC). Still, as mentioned, pay down your dept and continue making payments on time. You can close some cards if they are paid off, don't have high limits and haven't been open too long to begin with. Keep at least the card that you have had the longest and the one you have the highest limit on (might be the same card). It still might take several months to 2 years to bring your score above 700.

If might be worth buying to FICO scores directly from Faire Isaac (www.myfico.com) and using their score simulator. It only works for 2 of the 3 credit bureaus, though.

 

so increase my credit limit on cards that I have to the highest possible, what if they have 0 balences? should I keep them open or close them?

 

Create a LLC and loan yourself $1mil. Then as president of the LLC, issue yourself a note of repayment. Submit to the three credit agencies, and you'll have a top credit score.

 

i have some one that can clear off the charge off's and collections within 90 days off your credit completely. the only issue is that she cost some money but she is legitimate and has done it for a few people that i know. most cases she can get your score up 50-100 points but it's also by a person by person case.

the charge offs and collections are what are killing you.

 

This is a side note question, but as long as the balance if paid in full each statement on a CC then your credit cannot be harmed from the CC?

 

The biggest thing hurting your score are your delinquencies. I didn't see that just until now. I will get to that in a bit.. We can probably get a couple of those removed -- no sweat.




You want the ratio of what you owe in everything revolving / all your credit limits combined = less than 10%.

To further elaborate. Just because you pay your credit cards in full every month that doesn't mean that your credit cards are reporting a $0 balance to the credit agencies every month. Your credit card reports to the credit agency only ONE time per month (for the most part). Whatever your balance is at the time they decide to report the information is what is going to show up as your balance and be calculated into your credit score -- REGARDLESS if you pay in full every month.

Just calculate in your head what the peak of your credit card bill(s) are every month (just to be on the safe side). Now you want your credit card limit or credit card limits combined to be high enough where even at your highest balance, your utilization will be below 10%.

 

i like what they advertise for interest rates all i can say is BS on the 6.2% not unless if you are dead perfect for today but rates are going back up. and the 600 range at 9.5%. thats high, thats almost like worse case scenario. those rates are everywhere. but the market sucks right now

 

^^^ Damn that is shitty! I have about 1500 on my CC now, but was going to wait to pay it off. The Limit is 8k and my other CC is 2k, but I do have a CC through my Dad, but it is in my name, and that has to be at least 10k. So those 3 = 20k and 1.5k/20k = < 10%

 

Another option is to renounce your American citizenship and get citizenship elsewhere. Credit in the states is based on your Social Security Number which is obviously uniquely American.

The credit rating system for a Canadian is somewhat different. Any Canucks to verify?

 

That's based on a conforming loan, so that 6.24% APR is reasonable (assuming paying around a point or so).

 

You gotta take into consideration what your Dad charges on his card, though.

I'm assuming that when you say "through your dad," you mean that he added you as an authorized user. Meaning he filled out the paperwork, you just received a card with your name on it.

And FYI if you have a credit card that has an "unlimited" credit limit or a Capital One credit card, you are actually hurting your credit score. I know this for a fact.

 

KEEP THEM OPEN!!!

See post #2 by waTSX.

The "piggybacking" on others' cards is close to fraud, but co-signing usage is OK.

G/L.

 

It absolutely is not. I'm not saying it's morally right. But it is 100% perfectly legal. and done by MILLIONS of people. (whether purposely to increase credit scores or for mere convenience without any hidden agenda). In fact hornyleprachaun is piggybacking right now off of his father.

Err oops wanted to clarify. But yes, you are correct if you are referring to paying money to piggyback. That's getting close to the border.

 

you can get a 6.25 today, but that has no adjustments to it yet. rates will be up tomorrow. only a hand full of lenders are at 6.25 right now. i'm a broker and lender(Nationally chartered bank, all 50 states, over 100 lenders both with retail and correspondent) and out of the top 20 they are all hovering in that range, i can get a 600 score borrower a 6.5 if there is compensating factors. rates will be back up tomorrow a little bit. that includes FHA.

i can get you a 1% rate even a 4%, but that a totally different program.

sry for the thread hi jack. delinquencies and charge offs kill.

kind of sad hour our society is based on a number

 

I forgot to add that I did do debt consolidation 5 years ago and I know it was a big mistake but I paid off all of it and I do not have to owe any more money. I need some serious help to clear up my credit and boost it. I need to have a sit down with someone and go over a game plan on what to do from here on out

 

Did you pay off the full balance or did you negotiate a lower one? Debt consolidation will not hurt you as much if you pay the full balance.

So, what is the urgency to improve your credit? Are you moving or need a new car?

 

I can come up with a rough sketch for you. I just need to know a bit more.

1)Have you looked at the 3 of your credit reports yet? and if so..
a) How many collections accounts do you have on there?
b) How many deliquencies do you have on there and on how many cards? (just a rough estimate)
c) Do you have any charge-offs?

2)How serious are about this? (ie are you willing to go to court, if need be, to get something removed from your credit report) or are you willing to wait the 7 years for it to come off?

 

This loophole is being closed soon anyways...

http://www.mymoneyblog.com/archives/...zed-users.html

 

^^Yeah I said that somewhere in one of my previous posts.

Anyhow, it's too bad that people had to come to this because of people exploiting it.

 

studville I sent you a PM

 

so how does piggybacking work? who should I do it with?

 

IMHO, you should only do something like this with some friend or relative that has excellent credit with a high fico and a card with a hugh limit. Probably shouldn't do it at all.

I work in a different part of the real estate industry and see the results of people who have bad habits and instant cures. I get to see them every year or so as they bail themselves out over and over again. This year or next I'll see them one last time. No more equity to rob and can't make the strokes on the house and cards. Like other things, no pain, no gain.

Usually we have done things to create whatever score we have. The best way to get yourself where you want to be is to change your habits and work your way out of the hole that you dug. It's not quick and it will hurt but you will learn.

Search and find a payment plan that will be the most efficent for you. Do not cancel cards with a zero balance because they raise your gross available spending limit. Do try to get credit lines raised for the same reason. Stop using credit cards and establish a cash budget that includes some savings.

There is no magic. These are the things that have always worked. Unless you do things the correct way eventually you will end back where you are now.

I do not pretend to be a saint by any measure. I have had rotten credit and sometimes it has been good. Anyway, that's my .

Let the flames begin from the instant cure folks!

 

It is my own card though with it's own seperate statement. I think this is different than what you are saying though. It is connected to his bank acct though, but it is not connected to another CC.

 

And usually "instant cures" cost $$ in addition to bordering or crossing into fraud, and sometimes they don't work at all (as when promising to settle debts for less than 50%, etc.).

 

Start paying off all of your collection agencies and pay all of your bills on time. My credit score was once below 500 and now it is sitting pretty ok a few years later at 705.