My credit score is 761, I have 6 credit cards and a car loan and my 4 school loans are paid off years early, how can I make my score higher?
2007-09-06 06:07:56 · 11 answers · asked by *Butterfly* 3 in Business & Finance ➔ Credit
You can run scenarios through FairIsaac's credit score estimator. Make changes and see if the score goes up or down.
However, if you have a score of 761, it probably isn't even worth the effort. That is good enough to get the best rates on mortgages, car loans, etc... You wouldn't get much more by bringing it up to 800+.
With 761, if you can't get the loan you want, it's an income problem, not a credit score problem.
Link below:
2007-09-06 06:12:46 · answer #1 · answered by great_and_mighty_adam_levine 4 · 1⤊ 0⤋
See all that your credit report really is is a resume of how well you manage and spend your money. Possible future creditors, or even sometimes employers, will use it to determine how responsible you are.
You seem to have a GREAT credit score, but here are a few tips that I have learned myself:
Make sure each of the cards is paid off at least down to where the balance on each is less than half of its limit. For example, if each card has a limit of $800, make sure each has less than $400 on it. Better yet, pay them all off completely each month. Some people think you need to pay interest in order to build credit, this is NOT true.
Make sure you pay more than the minimum payment each month. Even if it is only a dollar more than the minimum, it will still reflect very positively on your report. This will show that you are able to pay things off promptly. See the key idea is to show creditors that you aren't desperate for the loan, etc., but rather that you would like to have a little more freedom in your spending. In other words, creditors need to see proof that you will be able to pay off their loans, etc. as well.
Also, you could consider closing the account with the highest APR that you don't need. Having fewer (but not too few) cards makes you look more responsible to creditors. It also shows that you can manage your finances well.
Other than that, just continue to pay things off and let time build your credit for you. Time is the best builder of credit!
Good Job and Good Luck!
2007-09-06 06:23:26 · answer #2 · answered by Cali_Texan 2 · 0⤊ 0⤋
If you carry a balance on your cards, keep it under 10% of your limit ... make sure none of them report your limit as your balance - lerner new york did this to me ... it builds your score to have a little revolving debt on them, but more than 30% of your limit and it can pull you down by your payments affecting your debt to income ratio
also, pay off your car loan early - that will boost your score a lot ...
if you can't pay off your car loan early, take out a small personal loan with a 1-3 year term and make payments on it for 6 months and then pay it off - yes, the interest for this loan is basically like buying credit
also keep an eye on your debt-to-income ratio, if it is too high, you should pay down some debt ... you didn't mention if you had balances on your cards or I could give a little more specific advice ...
2007-09-06 06:20:36 · answer #3 · answered by slinkies 6 · 0⤊ 0⤋
Good score. Best way to improve it is time. The longer the history of on time payment, the better the score.
But don't obsess over your credit score.
2007-09-06 06:28:20 · answer #4 · answered by bdancer222 7 · 0⤊ 0⤋
Well that is a good scrore but keep all your credit cards where you aren't over half of the credit limit and make sure your payments are on time...dont be late and the more available credit you have the better it looks...if you pay one off...leave it open but dont use it...that looks good
2007-09-06 06:10:47 · answer #5 · answered by Jamie G 5 · 0⤊ 0⤋
Don't close any of your credit accounts. The longer your history the better. If you have any debt on them pay it off. Charge often and pay the full amount when it is due. Don't spend money you don't have.
2007-09-06 06:12:19 · answer #6 · answered by chrispy84 2 · 1⤊ 0⤋
keep accounts open but pay off balances every month on the credit cards if possible
2007-09-06 06:11:31 · answer #7 · answered by Anonymous · 0⤊ 0⤋
Find very useful info and tips on getting and managing credit cards on http://creditcardmanager.credithelperhome.com
2007-09-07 04:04:45 · answer #8 · answered by Anonymous · 0⤊ 0⤋
You don't have to make it higher. You should be able to get the best interest rates available. I'm assuming you are quoting your FICO score.
2007-09-06 06:12:24 · answer #9 · answered by Anonymous · 0⤊ 1⤋
Just keep doing what your doing... that's a good score you've already got.. :)
2007-09-06 06:12:10 · answer #10 · answered by ☠Naz☠ 6 · 0⤊ 1⤋