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Level 15

How to Raise Your Credit Score


@Grandmakat  wrote:

I have 8 credit cards. They're payed off. Would it help my credit score to cancel a couple of them? 


It probably will not have a huge impact.

 

See https://credit.org/2012/08/08/cancelling-credit-cards/?gclid=EAIaIQobChMI2__f_MKL5wIVxJ-zCh0mzQoDEAA...

 

See also https://www.nerdwallet.com/blog/finance/does-closing-a-credit-card-hurt-credit-score/

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New Member

How to Raise Your Credit Score

I think the best thing you can do to prevent yourself from using the card (s), is to shred them!  That is what I did years ago when I was so far in debt from credit card bills.  By not having them, that stops you from spending.   When I did this 11 years ago, I only kept a Visa card and my Firestone auto card in case I needed something done on my car.  By shredding, you really aren't closing the account. 

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Level 1

How to Raise Your Credit Score

I paid off my mortgage and my credit score took a hit!  How's that for bass ackwards credit mentality?  Dave Ramsey was right!  The more debt I pay off, the lower my score.  smh.

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Level 1

How to Raise Your Credit Score

BEST path to financial freedom ever!!! 

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New Member

How to Raise Your Credit Score

Thanks for the free info.  I have been working on that particular detail for a very long time.

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Returning Member

How to Raise Your Credit Score

Thank you! 🙂

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Level 1

How to Raise Your Credit Score

Use your credit card like a debt card and pay it off the entire balance weekly. 

 

I also have a home mortgage loan which I pay double the payment amount on every month. My score is over 800pts and i'm 31. 

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Level 3

How to Raise Your Credit Score

well, i usually set myself a limit of about $65-75 per month on my cc, my limit is $2500.  and i pay it in full plus $5 more...so far, my score keeps jumping up.  try not to keep a balance each month...if you can't afford it, don't put it on a cc.  can't say it any other way...that's how cc debt builds up and your score almost always takes a hit.

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Level 3

How to Raise Your Credit Score

i currently have a wells fargo cc with a $2500 credit limit...i pay off my balance each month and am very satistifed with it (i learned my lesson with credit cards).  i'm thinking of getting a discover card later in the year once my score gets higher...do you think a discover card is a good choice?  i don't plan on getting anymore cc's after that.

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New Member

How to Raise Your Credit Score

Thanks for the knowledge.  I will apply  and live it!.

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New Member

How to Raise Your Credit Score

They say the trick is to always have a balance. Example spend $50 and only pay back 40 then the next month always leave a unpaid balance of $10 and make minimum payments on time I have been using this method and has done wonders to my credit score

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New Member

How to Raise Your Credit Score

I just see on our credit report our DTI is 100!  It does not show any income, which we have income. How do we change this? We are currently looking for a home, we do not need these reports to trip us up. We are retired, but we have income. Any thoughts? 

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Level 15

How to Raise Your Credit Score

Income is not really a component of your credit score.

 

Your debt-to-income (DTI) is typically calculated by the income reported by the consumer. If you are using Turbo, the income figure is factored into that matrix.

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New Member

How to Raise Your Credit Score

What impact does closing credit cards have on credit scores?

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Level 15

How to Raise Your Credit Score


@Sajee wrote:

What impact does closing credit cards have on credit scores?


Closing credit card accounts can lower your credit score.

 

See https://www.nerdwallet.com/blog/finance/does-closing-a-credit-card-hurt-credit-score/

 

However, the actual impact depends upon your credit history, including other open accounts and debt utilization.