improving credit score to 750 + from 742

[Anonymous]

just bought a car and the loan manager said 750 would be the ideal score but mine was 742, so still fairly decent. i don't plan on making any more big purchases in the near future but would still like to improve my credit score to hopefully over 750 and keep it there. i have a home mortgage and now a car loan, and two main credit cards i alternate. no other debts. any suggestions? tks!

[Anonymous]

Mine is about 790 - have 2 mortgages (2 houses) but tons of equity in the houses, no car loans, several credit cards with high limits. I pay them in full each month but the credit score doesn't seem to reflect that, which I think is why we are below 800. Typical Amex bill can be 9-10k/month so it looks like we are carrying debt even though we aren't. What does it say on your credit report about why your score is low? It should say at the top what the top 3-4 factors are. That should be a good guide.

[Anonymous]

didn't get a copy but she did show me the only 'blemish' which is a late utility (phone) bill back in 09 that was settled long ago. i'm aware of that because it's been there for years. i'll try to ask about the other top factors. tks.

[Anonymous]

1. A score over 720 qualifies you for the lowest rate in most instances so I think the loan manager is being a bit melodramatic.

2. The mere fact that you have new revolving loan should put you over 750 relatively soon if you pay timely.

3. If you're sill determined to get it higher:

A. pay your bills on time;

B. if you have a lot of credit accounts, consider closing some of them. But do not close your oldest account or the ones with the highest limits.

C. With your remaining accounts, call every six months and ask if you are eligible to have your limit raised.

D. Order your credit reports. See if there's a thing to contest. If not, see how old your negative history is, which will tell you when your score will improve.

E. Don't let anyone run your credit score.

[Anonymous]

Don't take on faith anything a car dealership loan person says. They are looking for ways to take more money from you. Pull your own reports at annualcreditreport.com.

[Anonymous]

Anonymous wrote:Don't take on faith anything a car dealership loan person says. They are looking for ways to take more money from you. Pull your own reports at annualcreditreport.com.

Yeah but she wants to track her FICO score, which the free reports don't provide.

Although OP, if you're not borrowing money again anytime soon I don't know why you would fret about this. Ego?

[Anonymous]

You can pay for your FICO score at annualcreditreport. I usually do it every other year just to check.

But I still don't take what the dealership says on face value.

[Anonymous]

A few things: pay the bills on time (you do, with a a score of 700+). Keep the % of used credit on credit cards low....

I got trapped in the latter: I had about 10K in debt on a low interest credit card. When the 2008-2009 financial meltdown happened, a couple of non-used, high limit cards (50K +) were canceled by the banks on the basis of not using. I was left with 12K in cards with 10K+ balance. Suddenly, my score dropped from the mid 700's to the mid 600's.

I wrote a check for the 10K, and my score rebounded to 792. Go figure.

[Anonymous]

Anonymous wrote:Don't take on faith anything a car dealership loan person says. They are looking for ways to take more money from you. Pull your own reports at annualcreditreport.com.

Agree. I hoped you did not accept a higher rate. This score qualifies you for the lowest interest rate. The higher your interest rate the more money the finance person gets.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Don't take on faith anything a car dealership loan person says. They are looking for ways to take more money from you. Pull your own reports at annualcreditreport.com.

Agree. I hoped you did not accept a higher rate. This score qualifies you for the lowest interest rate. The higher your interest rate the more money the finance person gets.

They offer what they offer, it's not like you can really argue with them about it unless they misquote your credit score. If it's manufacturer sponsored financing you can try going to another dealership and seeing what they offer you and, of course, once you zero in on a car you should always have alternative financing lined up before going to the dealership to negotiate the purchase.

[Anonymous]

How old are you? I've found that it's very difficult to crack a very high credit score if you don't have a lengthy credit history. You can have a very good credit score (which you do) but even if you do everything right, if you only have a 5-10 year credit history, you're unlikely to be at the very peak scores.

Your score is going to fluctuate at different times of month depending on how recently you've paid a bill and also the three different companies will calculate your score differently so you could very well be over 750 with one of the other companies. With a score of 742, I would just keep doing what you are doing. With time, your score will continue to improve, and in another few years that late bill will drop off completely which will likely be another jump.

[Anonymous]

Anonymous wrote:How old are you? I've found that it's very difficult to crack a very high credit score if you don't have a lengthy credit history. You can have a very good credit score (which you do) but even if you do everything right, if you only have a 5-10 year credit history, you're unlikely to be at the very peak scores.

Your score is going to fluctuate at different times of month depending on how recently you've paid a bill and also the three different companies will calculate your score differently so you could very well be over 750 with one of the other companies. With a score of 742, I would just keep doing what you are doing. With time, your score will continue to improve, and in another few years that late bill will drop off completely which will likely be another jump.

This is my problem. I am in my late 20s and my score hovers in the 750s. I'm a perfectionist and want it higher, though, for buying a house. I know that will come with a mortgage and also time. I didn't get a credit card or establish any history until I was 22 and I wish I would have done it (responsibly, of course) sooner.

[Anonymous]

Anonymous wrote:

Anonymous wrote:How old are you? I've found that it's very difficult to crack a very high credit score if you don't have a lengthy credit history. You can have a very good credit score (which you do) but even if you do everything right, if you only have a 5-10 year credit history, you're unlikely to be at the very peak scores.

Your score is going to fluctuate at different times of month depending on how recently you've paid a bill and also the three different companies will calculate your score differently so you could very well be over 750 with one of the other companies. With a score of 742, I would just keep doing what you are doing. With time, your score will continue to improve, and in another few years that late bill will drop off completely which will likely be another jump.

This is my problem. I am in my late 20s and my score hovers in the 750s. I'm a perfectionist and want it higher, though, for buying a house. I know that will come with a mortgage and also time. I didn't get a credit card or establish any history until I was 22 and I wish I would have done it (responsibly, of course) sooner.

Getting it higher will not get you a lower rate. There is a cap on this, it doesn't matter if you have 720 or 850, you will still get the same rate.

[Anonymous]

840 score here... I always pay off early. Use my credit card once a month, pay online the next day. Car loans: get a 5 year, but pay within 15 months. I started out with a score of about 550, and started doing this religiously maybe 10 years ago, so yes you can bump that score up significantly

[Anonymous]

Anonymous wrote:840 score here... I always pay off early. Use my credit card once a month, pay online the next day. Car loans: get a 5 year, but pay within 15 months. I started out with a score of about 550, and started doing this religiously maybe 10 years ago, so yes you can bump that score up significantly

Eh. I worked for a long time to get my score up and it didn't help a ton. Then I bought a home I badly couldn't afford and my credit score skyrocketed. It is not a rational system.