Home Forums Money matters How can I raise my credit score more?

  • This topic is empty.
Viewing 6 posts - 1 through 6 (of 6 total)
  • Author
    Posts
  • #999866
    Nwilson
    Member
    • Total posts: 3

    How can I increase my credit score more? It only goes up 1 point every now and then
    I have 1 credit card with about a $15,000 limit and I usually keep anywhere from $900 to $1400 revolving on it every month. I don’t have any loans out or anything else like that. I have more than $20,000 in savings. My credit score only goes up 1 point every now and then when I pay the credit card to a lower monthly statement amount then it was the month before.

    #1221653
    Paul – FS Concierge
    Moderator
    • Total posts: 3,117

    Hi And Welcome to Flying Solo [USER=116344]@Nwilson[/USER] . It is great to have you!

    Hopefully some helpful members will be along soon with some advice to point you in the right direction.

    Cheers
    s

    #1221654
    businesstrade
    Participant
    • Total posts: 210

    Your credit score will go down every time you make an application for credit. It goes up slowly and takes time to increase. I wouldn’t try getting more credit just to improve your credit score.

    The credit agencies tend to punish those who apply for lots of credit, especially “bad credit” – namely credit cards and payday lenders. In contrast, they reward those have a long term form of “good credit” such as a home loan and pay it properly without applying for more credit.

    #1221655
    Prajenot
    Member
    • Total posts: 4

    Raising your credit score is not so easy, but if you maintain few things it’s not so tough to increase credit score. You have to pay your loans and bills on time, keep track of your credit commitments, If you move house or update your contact details, notify lenders, keep track of your credit record.
    Daniel Lewis briefly discuss here https://www.finimpact.com/credit-scores/ an article on credit score and how to increase.

    #1221656
    HillgroveAH
    Member
    • Total posts: 2

    (1) Request a copy of your file (from both equifax/Veda and illion/d&B), it is free.

    State the obvious and probably doesn’t apply, but if you have reported defaults, pay them. Under the Comprehensive reporting regime banks (et al) can also report your Repayment History, if you’re more than a few weeks behind it will show up, so pay on time.

    Assuming you’re unlikely to have either of those above, the bigger influences are things like you’re borrowing pattern, if you’re applying for a lot of facilities, particularly unsecured (e.g. credit cards) it will have a negative impact, best suggestion is only apply for facilities when you actually have committed to opening it. ‘Active credit history, particularly with non-bank lenders can be quite a drag on your score.

    #1221657
    bb1
    Participant
    • Total posts: 4,472
    Nwilson, post: 267757, member: 116344 wrote:
    I have 1 credit card with about a $15,000 limit and I usually keep anywhere from $900 to $1400 revolving on it every month. I don’t have any loans out or anything else like that. I have more than $20,000 in savings. My credit score only goes up 1 point every now and then when I pay the credit card to a lower monthly statement amount then it was the month before.

    This bit confuses me, you pay down your credit card balance each month to a lower level then the previous month (thats how I read it anyhow), but don’t pay it all off. But you have 20K in the bank, so why don’t you pay it off the credit card each month.

    Unless you are on a great deal with the bank (Yeah right), you are paying 15% on the balance of the credit card, and if very lucky getting 0.00456% interest on that amount while in your savings. I could understand it if the interest rates were flipped, but as it stands you are making a voluntary contribution to the banks rip off bottom line.

Viewing 6 posts - 1 through 6 (of 6 total)
  • You must be logged in to reply to this topic.