Go Back  FlyerTalk Forums > Miles&Points > MilesBuzz
Reload this Page >

Best way to raise credit score after...

Best way to raise credit score after...

Old May 14, 11, 3:58 pm
  #16  
 
Join Date: May 2001
Location: BOS
Programs: All, but no status!
Posts: 753
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.

Originally Posted by o2bnzhongguo View Post
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.
pawtim is offline  
Old May 14, 11, 4:38 pm
  #17  
 
Join Date: Oct 2007
Programs: Marriott, Radisson, AA, UA
Posts: 357
Originally Posted by amrom View Post
how do you do that?
It's a long explanation.
But you can Google "How to bumping off inquiries", you will find lots and lots of useful links.
echip is offline  
Old May 14, 11, 5:36 pm
  #18  
 
Join Date: May 2010
Location: WAS
Programs: Lotz
Posts: 1,433
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.
tassojunior is offline  
Old May 14, 11, 5:43 pm
  #19  
 
Join Date: Dec 2007
Location: TX
Posts: 209
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.
dchoe is offline  
Old May 14, 11, 6:19 pm
  #20  
 
Join Date: May 2010
Location: NJ
Posts: 1,387
Originally Posted by dchoe View Post
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.
Yea, I've checked before and Chase always pulls Experian for me.. sucks.
infamousdx is offline  
Old May 15, 11, 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
Originally Posted by xp0 View Post
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
Pay your monthly statements on time would help..
Ancien Maestro is offline  
Old May 15, 11, 1:04 pm
  #22  
 
Join Date: Sep 2010
Programs: AA Plat, SPG Plat
Posts: 52
Originally Posted by amrom View Post
how do you do that?
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.
AArdvark0 is offline  
Old May 15, 11, 1:11 pm
  #23  
 
Join Date: Jun 2007
Location: SAN
Programs: PR Premier Elite
Posts: 1,938
Originally Posted by xp0 View Post
Alright -- Thanks. But the question is, with all these offers, how can I take a break?!
When it's time to take a break, Chase will let you know
Mabuk dan gila is online now  
Old May 15, 11, 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: 10,039
Originally Posted by AArdvark0 View Post
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.
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
Marathon Man is offline  
Old May 15, 11, 11:32 pm
  #25  
Used to be 'Travelergcp'
 
Join Date: Jul 2003
Location: New Orleans
Programs: AA Plat, Marriott Gold, Hyatt Explorist
Posts: 2,306
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.
TravelerMSY is offline  
Old May 15, 11, 11:48 pm
  #26  
 
Join Date: Jul 2009
Location: RDU
Programs: Delta silver, HH silver, IHG platinum, SPG gold, AMEX platinum
Posts: 397
Originally Posted by Marathon Man View Post
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
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...
stealph is offline  
Old May 16, 11, 7:21 am
  #27  
 
Join Date: May 2008
Posts: 246
You gotta a code you'd like ta share?

Originally Posted by stealph View Post
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...
toddreg is offline  
Old May 16, 11, 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: 10,039
Originally Posted by stealph View Post
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...
oh gawd. at least 15 citi ones alone still there. I used to churn citicards like you go thru tissues during the flu season.

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
Marathon Man is offline  
Old May 16, 11, 8:46 am
  #29  
 
Join Date: May 2010
Posts: 2,996
Originally Posted by AArdvark0 View Post
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.
So if I understand you correctly, every time I check my own report via AMEX Credit Secure, it’s a soft pull on the Equifax?

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)
Stoughton is offline  
Old May 16, 11, 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
Originally Posted by Ancien Maestro View Post
Pay your monthly statements on time would help..
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).
chemist661 is offline  

Thread Tools
Search this Thread
Search Engine: