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Best way to raise credit score after...

Best way to raise credit score after...

Old May 13, 11, 10:11 pm
  #1  
xp0
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Best way to raise credit score after...

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
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Old May 13, 11, 10:41 pm
  #2  
 
Join Date: Sep 2009
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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
Just let them age.
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Old May 13, 11, 11:08 pm
  #3  
 
Join Date: May 2011
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Your best option (after you've had the card for a year) is to call the company and see if they have any no annual fee cards they can switch you to. This way you get to extend your credit history instead of closing an account. f the score becomes a concern you could consider paying an annual fee so that you can keep a longer credit history.
Otherwise just keep up with your bills as there's not much more you can do.
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Old May 13, 11, 11:09 pm
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Join Date: May 2010
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Originally Posted by QL_714 View Post
Just let them age.
Amen.
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Old May 14, 11, 12:36 am
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It just means it's time to take a break
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Old May 14, 11, 2:08 am
  #6  
 
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since we don't know your full credit profile, check out creditkarma and they can provide you with some info on what else you can do to improve your score.
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Old May 14, 11, 6:26 am
  #7  
xp0
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Alright -- Thanks. But the question is, with all these offers, how can I take a break?!

I will just continue what I am doing then ... keeping accounts open, paying bills on time. Thanks

How low do you let your score drop.... low 700's?
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Old May 14, 11, 7:34 am
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Originally Posted by xp0 View Post
How low do you let your score drop.... low 700's?
Depends on what you plan on doing in the future. If you are not applying for a mortgage or a car loan in the next year, then yeah, you can probably get approved for most of the offers with a low 700's score. It's a big YMMV.
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Old May 14, 11, 10:24 am
  #9  
xp0
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Originally Posted by ddallas View Post
Depends on what you plan on doing in the future. If you are not applying for a mortgage or a car loan in the next year, then yeah, you can probably get approved for most of the offers with a low 700's score. It's a big YMMV.
Thanks ... Yeah, already have a house and cars. Do not anticipate any large or small loans coming up
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Old May 14, 11, 11:11 am
  #10  
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I don't worry at all about the purported credit score "dings" from all my credit card apps--because, as far as I can see, there isn't any real problem.

I get cards when I apply. Period. The only exception has been during the (for the moment) past credit crunch when Chase denied me a couple of times (devils!). However, I have since gotten the cards I was turned down for earlier by Chase and several others.

So, the problem, dear FTers, lies not in our credit scores, but in the madness of the credit "system."

Apply away--and enjoy.
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Old May 14, 11, 11:48 am
  #11  
 
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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

I had a similar problem. It seems like I got stuck in the 740-750 range forever even though I read every thread I could find on myfico.com about raising my score and followed the advice to the letter. Finally, it started slowly rising as my accounts started to age longer. So long as you are in that 730-740+ range you can get whatever you want within reason.

I will tell you this, though, it is harder to go from 740 to 780 than it is to go from 680 to 720. Once you get to a certain point it is the small things that make a difference.
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Old May 14, 11, 1:29 pm
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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
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.
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Old May 14, 11, 3:21 pm
  #13  
 
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After each application spree, start bumping off the application inquiries immediately. Helps your score a little, helps prevent adverse action, and your ready for the next good bonus when it surfaces.
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Old May 14, 11, 3:30 pm
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Originally Posted by o2bnzhongguo View Post
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.
Im not at all sure that this strategy is a good one, because I once heard that its good to have something because a negative balance does not get reported to the credit bureau, but I would like more information on that. Wouldnt it be better that they see a balance, and see it getting paid off in time?
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Old May 14, 11, 3:32 pm
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Join Date: Jan 2008
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Originally Posted by AArdvark0 View Post
After each application spree, start bumping off the application inquiries immediately. Helps your score a little, helps prevent adverse action, and your ready for the next good bonus when it surfaces.
how do you do that?
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