what kind of account can i open in order to increase my credit(fical)score almost immediately?

Answer 1

If you financed a car it would help you a lot. The credit card applications will start pouring in! You could also consider getting a secured credit card.

Answer 2

By the way, did you mean Fair, Isaac Co.'s FICO score?

10% of your FICO score is credit mix: what kinds of credit accounts do you have open? The good kinds of credit are: mortgage, secured auto loan, major credit card (Visa, MC, AmEx, Disc) and store card (Home Depot, Macy's, etc.) The bad kinds of credit are payday loans, personal finance loans to make cash advances, and checking account overdraft loans. Ideally, you want to have 1 or 2 open accounts of each of the good types of credit. So if you're missing one of these good types of credit, you'll gain FICO points for opening such an account.

10% of your FICO score is around inquiries necessary for getting new credit. When you apply for credit, the creditor will make a hard inquiry into your credit history, and this will cost you a few FICO points, temporarily. These inquiries will stay on your credit history for at most 2 years, and as they age, they will do less damage.

If you choose a credit card, don't make it Capital One, which does not report your credit limit. Once the card is open, make a small, necessary purchase, and pay it off in full when you get the next bill. Fact: you do NOT have to carry a balance (and pay the finance charges) in order to gain max FICO points on the 35% of your score that is payment history. Just make the purchase, pay it off the following month, and after 6 -12 consecutive months of charging and paying off, your score will go up.

Make sure you choose a creditor that reports to all 3 Credit Reporting Agencies (CRAs): FICO judges each CRA's history to produce a FICO score for each, a total of 3 FICO scores. Phone your potential creditor and ask which CRAs they report to. If they don't say all 3, find another creditor. You want to increase all 3 scores.

30% of your score is on credit utilization: how much of your credit limit are you using? You will hurt your score if your balance gets above 30% of your credit limit. So learn to save every credit receipt and watch your balance online. For example, if your credit limit is $700, you must not let your balance get above $210, which is 30% of the $700 limit.

Please vote: Did this help?

Answer 3

secured credit cards help. Not sure of your age, but if you can get a parent or someone else (with good credit) to add you as an authorized user on their account it also becomes attached to your credit report. They don't have to actually give you the card to use, you're just kinda hanging on the coattails of their credit. If you can get a bank to give you a small loan transfer the money to a savings account. Don't use it, just let it draw interest and pay the bank back the money over about 3-6 months.

Answer 4

The best thing to do is pay off any debt you might have and make sure to pay your credit cards and loan payments on time.

Answer 5

NOTHING increases you FICO score immediately. Most new accounts will temporarily REDUCE your score.