Best way to raise credit score after...
May 14, 2011, 3:58 pm
#16
Join Date: May 2001
Location: RSW/FMY
Programs: All, but no status!
Posts: 754
I basically agree with this strategy -- paying off, or paying way down, your card the day before your statement will help by reducing your "utilization ratio", in most cases.
The scores come from credit bureaus -- credit unions are savings institutions with "members" instead of customers.
However, bear in mind that your credit score is not the only determining factor about whether you'll get approved -- inquiries themselves are also considered directly.
The scores come from credit bureaus -- credit unions are savings institutions with "members" instead of customers.
However, bear in mind that your credit score is not the only determining factor about whether you'll get approved -- inquiries themselves are also considered directly.
I just started a new strategy to attempt to get above 800. I do assume that you are paying off your balances every month and that you are charging a decent amount to the cards each month, but nothing else is required.
It's easy: figure out when the lender reports balances to the credit unions (usually the day your monthly statement is generated) and pay the balance in full the day before that. As a result, the credit unions always see $0 balance as opposed to whatever you charged during the month (which for me is usually $3k-5k). The balance-to-credit limit calculation is about 15% of your score if I remember correctly.
I haven't been at this long enough to be able to say what the improvement is, but it should definitely help some.
It's easy: figure out when the lender reports balances to the credit unions (usually the day your monthly statement is generated) and pay the balance in full the day before that. As a result, the credit unions always see $0 balance as opposed to whatever you charged during the month (which for me is usually $3k-5k). The balance-to-credit limit calculation is about 15% of your score if I remember correctly.
I haven't been at this long enough to be able to say what the improvement is, but it should definitely help some.
May 14, 2011, 5:36 pm
#18
Join Date: May 2010
Location: WAS
Programs: Lotz
Posts: 1,534
There is a way to "bump" inquiries down your report- I read on credit boards about it once.
I'll probably be Googling it myself soon with all the inquiries I've gotten in past year.
So far though I've only seen slight dings for a month or so and then my score shoots higher than before because of the new lines.
But eventually cc companies will send a "too many recent inquiries" rejection.
I'll probably be Googling it myself soon with all the inquiries I've gotten in past year.
So far though I've only seen slight dings for a month or so and then my score shoots higher than before because of the new lines.
But eventually cc companies will send a "too many recent inquiries" rejection.
May 14, 2011, 5:43 pm
#19
Join Date: Dec 2007
Location: TX
Posts: 212
IMO, bumping really isn't worth it anymore since you can really only do it on equifax and will cost around $10/month. and the creditor can see that you have new accounts opened recently anyways.
May 15, 2011, 12:03 am
#21
Suspended
Join Date: Jan 2010
Location: Calgary, Alberta
Programs: Hyatt Diamond, Fairmont Platinum, Aeroplan Diamond, HHonors Gold, SPG Gold
Posts: 18,686
What is the best/recommended way to raise your credit back up after applying for all of these credit cards. As I get closer to the "above average" mark on the credit ladder I wonder how to work on getting my credit back up to the higher end of the spectrum.
Thanks in advance
Thanks in advance
May 15, 2011, 1:04 pm
#22
Join Date: Sep 2010
Programs: AA Plat, SPG Plat
Posts: 62
the short version:
Freeze Experian report, everyone except amex can be convinced to pull the other burearus. No easy way to clear experian inquiries, they fall off in 2 years.
TransUnion: Sign up for SmartCredit, you need about 60 softs to bump, so you'll need to pay for at least 2 months.
Equifax: Sign up for MyPrivacyMatters, EquifaxComplete, CreditSecure, and USAA Credit Protector. Equifax clears the soft pulls monthly, so you will need to bump off the inquiry before they do. You need 80 softs, so you need at least 3 of the above services, 4 works best - you usually clear your report in only a month.
Use iMacros to automate daily pulls.
Yes it costs money, if your combining mile bonus offers with free/low balance transfers that you then park in fidelity/td/bankdirect/etc - for more miles - seems worth it.
Freeze Experian report, everyone except amex can be convinced to pull the other burearus. No easy way to clear experian inquiries, they fall off in 2 years.
TransUnion: Sign up for SmartCredit, you need about 60 softs to bump, so you'll need to pay for at least 2 months.
Equifax: Sign up for MyPrivacyMatters, EquifaxComplete, CreditSecure, and USAA Credit Protector. Equifax clears the soft pulls monthly, so you will need to bump off the inquiry before they do. You need 80 softs, so you need at least 3 of the above services, 4 works best - you usually clear your report in only a month.
Use iMacros to automate daily pulls.
Yes it costs money, if your combining mile bonus offers with free/low balance transfers that you then park in fidelity/td/bankdirect/etc - for more miles - seems worth it.
May 15, 2011, 8:50 pm
#24
FlyerTalk Evangelist
Join Date: Nov 2002
Location: BOS, MHT
Programs: AA ltg, B6, DL, UA, AS, SPG/Marriott Plt, HH, Hyatt
Posts: 10,052
the short version:
Freeze Experian report, everyone except amex can be convinced to pull the other burearus. No easy way to clear experian inquiries, they fall off in 2 years.
TransUnion: Sign up for SmartCredit, you need about 60 softs to bump, so you'll need to pay for at least 2 months.
Equifax: Sign up for MyPrivacyMatters, EquifaxComplete, CreditSecure, and USAA Credit Protector. Equifax clears the soft pulls monthly, so you will need to bump off the inquiry before they do. You need 80 softs, so you need at least 3 of the above services, 4 works best - you usually clear your report in only a month.
Use iMacros to automate daily pulls.
Yes it costs money, if your combining mile bonus offers with free/low balance transfers that you then park in fidelity/td/bankdirect/etc - for more miles - seems worth it.
Freeze Experian report, everyone except amex can be convinced to pull the other burearus. No easy way to clear experian inquiries, they fall off in 2 years.
TransUnion: Sign up for SmartCredit, you need about 60 softs to bump, so you'll need to pay for at least 2 months.
Equifax: Sign up for MyPrivacyMatters, EquifaxComplete, CreditSecure, and USAA Credit Protector. Equifax clears the soft pulls monthly, so you will need to bump off the inquiry before they do. You need 80 softs, so you need at least 3 of the above services, 4 works best - you usually clear your report in only a month.
Use iMacros to automate daily pulls.
Yes it costs money, if your combining mile bonus offers with free/low balance transfers that you then park in fidelity/td/bankdirect/etc - for more miles - seems worth it.
Worth the $.
My scores survived but my inquiries are out the window so I gotta do this or do nothing for a long time.
MM
May 15, 2011, 11:32 pm
#25
Used to be 'Travelergcp'
Join Date: Jul 2003
Location: New Orleans
Programs: AA Plat, Marriott Gold, Hyatt Globalist
Posts: 2,826
The bumpage doesn't work anymore as far as I know. For the rewards cards the score isn't so much a big deal as the recent inquiries.
I've good luck freezing Experian. It seems to hide the tons of Citibank inquiries from Chase.
I've good luck freezing Experian. It seems to hide the tons of Citibank inquiries from Chase.
May 15, 2011, 11:48 pm
#26
Join Date: Jul 2009
Location: RDU
Programs: Delta silver, HH silver, IHG platinum, SPG gold, AMEX platinum
Posts: 400
I have only recently heard of the bumping thing and do now need to try it so thanks for these tips. Would love to find out how to make it all actually work for me so yah... this is good stuff.
Worth the $.
My scores survived but my inquiries are out the window so I gotta do this or do nothing for a long time.
MM
Worth the $.
My scores survived but my inquiries are out the window so I gotta do this or do nothing for a long time.
MMFYI to all, Slightly off target but the Wachovia's are giving out free Experian FAKO credit scores to members..voucher can be used for anyone (including non-members/family members).
This offer has been extended through May 22
www.wachovia.com/creditscore
I've been able to get several for my friends...
May 16, 2011, 7:21 am
#27
Join Date: May 2008
Posts: 246
You gotta a code you'd like ta share?
MM, about how many inquiries (last 2 years)do you have on your reports?
FYI to all, Slightly off target but the Wachovia's are giving out free Experian FAKO credit scores to members..voucher can be used for anyone (including non-members/family members).
This offer has been extended through May 22
www.wachovia.com/creditscore
I've been able to get several for my friends...
FYI to all, Slightly off target but the Wachovia's are giving out free Experian FAKO credit scores to members..voucher can be used for anyone (including non-members/family members).
This offer has been extended through May 22
www.wachovia.com/creditscore
I've been able to get several for my friends...
May 16, 2011, 7:32 am
#28
FlyerTalk Evangelist
Join Date: Nov 2002
Location: BOS, MHT
Programs: AA ltg, B6, DL, UA, AS, SPG/Marriott Plt, HH, Hyatt
Posts: 10,052
MM, about how many inquiries (last 2 years)do you have on your reports?
FYI to all, Slightly off target but the Wachovia's are giving out free Experian FAKO credit scores to members..voucher can be used for anyone (including non-members/family members).
This offer has been extended through May 22
www.wachovia.com/creditscore
I've been able to get several for my friends...
FYI to all, Slightly off target but the Wachovia's are giving out free Experian FAKO credit scores to members..voucher can be used for anyone (including non-members/family members).
This offer has been extended through May 22
www.wachovia.com/creditscore
I've been able to get several for my friends...
and yeah if you have a code... I would love to see a real score of myself.
always hated how one has to PAY for their OWN things in life but oh well
May 16, 2011, 8:46 am
#29
Suspended
Join Date: May 2010
Posts: 2,998
the short version:
Freeze Experian report, everyone except amex can be convinced to pull the other burearus. No easy way to clear experian inquiries, they fall off in 2 years.
TransUnion: Sign up for SmartCredit, you need about 60 softs to bump, so you'll need to pay for at least 2 months.
Equifax: Sign up for MyPrivacyMatters, EquifaxComplete, CreditSecure, and USAA Credit Protector. Equifax clears the soft pulls monthly, so you will need to bump off the inquiry before they do. You need 80 softs, so you need at least 3 of the above services, 4 works best - you usually clear your report in only a month.
Use iMacros to automate daily pulls.
Yes it costs money, if your combining mile bonus offers with free/low balance transfers that you then park in fidelity/td/bankdirect/etc - for more miles - seems worth it.
Freeze Experian report, everyone except amex can be convinced to pull the other burearus. No easy way to clear experian inquiries, they fall off in 2 years.
TransUnion: Sign up for SmartCredit, you need about 60 softs to bump, so you'll need to pay for at least 2 months.
Equifax: Sign up for MyPrivacyMatters, EquifaxComplete, CreditSecure, and USAA Credit Protector. Equifax clears the soft pulls monthly, so you will need to bump off the inquiry before they do. You need 80 softs, so you need at least 3 of the above services, 4 works best - you usually clear your report in only a month.
Use iMacros to automate daily pulls.
Yes it costs money, if your combining mile bonus offers with free/low balance transfers that you then park in fidelity/td/bankdirect/etc - for more miles - seems worth it.
Why wouldn’t that also be a pull on the other 2? When I request a new report, isn’t it asking for data from all 3 agencies? (I understand it wouldn’t matter with Experian)
May 16, 2011, 9:08 am
#30
In Memoriam
Join Date: May 2001
Location: Southern California
Programs: Hertz 5 star, Priceline Hotel bidder. AA PLT, 1MM.
Posts: 2,910
Even better: Pay monthly charges (or as much as possible) before statement "cuts".
I used to do that for a couple months before applying for a mortgage. Example: 2 cards with 10K CL. One charges 5K on each card. If bills are paid when it is due, the lender will figure 3% of $10K ($300) for monthly obligations even though one never carries a balance. If bills are paid before statement "cuts", the balances shown by the credit reports are zero (or close to zero) and no (little) monthly obligation is assumed for qualifying purposes.
Also, the credit scores would be higher because the credit bureaus would assume almost 0% utilization if balances are paid before statement "cuts" rather than 50% utilization on the two cards in the above example. 50% utilization is worse than 0% or low utilization.
Note: Some card companies may only allow to pay balance on the account and in that case, there may be a small balance due to pending charges not yet posted. In that case, one may need to pay twice (before statement "cuts" and also before due date).
I used to do that for a couple months before applying for a mortgage. Example: 2 cards with 10K CL. One charges 5K on each card. If bills are paid when it is due, the lender will figure 3% of $10K ($300) for monthly obligations even though one never carries a balance. If bills are paid before statement "cuts", the balances shown by the credit reports are zero (or close to zero) and no (little) monthly obligation is assumed for qualifying purposes.
Also, the credit scores would be higher because the credit bureaus would assume almost 0% utilization if balances are paid before statement "cuts" rather than 50% utilization on the two cards in the above example. 50% utilization is worse than 0% or low utilization.
Note: Some card companies may only allow to pay balance on the account and in that case, there may be a small balance due to pending charges not yet posted. In that case, one may need to pay twice (before statement "cuts" and also before due date).