How to Raise Your Credit Score

[nekiteflyer83]

BEST path to financial freedom ever!!! 

[Driscoll]

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

[Monkies5]

Thank you! 🙂

[moneymizike]

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. 

[sunsets55]

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.

[sunsets55]

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.

[Marrilynn-2020]

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

[Angeleyes11]

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

[karensut]

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? 

[tagteam]

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.

[Sajee]

What impact does closing credit cards have on credit scores?

[tagteam]

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@Sajee wrote:

What impact does closing credit cards have on credit scores?

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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.

[Anonymous]

I have been able to raise my score by asking my current credit card lenders to increase my limit periodically. I still keep the balances at zero each month. 

[richkae25]

Very true. I had excellent credit but on a whim, I decided to get two credit cards that help improve scores. Unfortunately, I hit a rough patch financially, and started adding onto those cards until I maxed out. Now, that is where my refund is going, but I will continue using them for help instead of a crutch after this. My score plummeted down to very low. I have a lot of work to do and learned my lesson about budgeting and priorities. 

[Kelly20]

My credit score took a big dip last month because it now only shows 15 years of credit history.  I have over 30 years.  Why would it drop 15 years of history?  Does anyone know who I should talk to about that?