How to Raise Your Credit Score

[Shippy66]

Why is it taking so long for closed accounts to go away?

[Dale1010]

HELP

[Polno]

imho credit scores are useless and life is much better with a zero credit score.

[steve.hewit]

Here are some thots:
(1) When I make a request for a copy of my "CREDIT REPORT" from the 3 big CRAs (considered a "SOFT HIT"?), am I not getting a copy of my "CREDIT FILE"?
(2) What is the difference between the "CREDIT REPORT" that I request from the 3 big CRAs (considered a "SOFT HIT"?) and the "CREDIT REPORT" that lending institutions request from the 3 big CRAs (considered a "HARD HIT") when I apply for credit from them?
(3) If the lending institutions are receiving the same info I am from my "CREDIT FILE", via the "CREDIT REPORT", then should I not be able to give them a copy of the "CREDIT REPORT" that I requested, thus saving my "CREDIT FILE" from suffering the "HARD HIT" that it would if the lending institutions requested a copy?
(4) I raised an issue with EQUIFAX when my HELOC (at $68K) secured by my real estate property (dwelling & land) as collateral, was lumped with my unsecured CCs (at $8K, because it skewed my credit available to credit used ratio, causing a 50 point drop to my credit score. When my HELOC was removed from being lumped with my CCs, my credit score raised 35 points over 2 months. AND, when I paid off my CC balance, my credit score raised another 15 points over 2 months, which put my credit score back where it was before the lumping occurred...
(5) Irrespective of the total amount of credit one has available, when that total amount is used, and not paid back by the time the 3 big CRAs query your credit lending institution(s), the credit used/credit available ratio is 100%... AND, this promulgates a very rapidly deployed large reduction in one's credit score over a very short period. Paying off this credit used as fast as possible is a good way to raise one's credit score, albeit a much slower process than when the credit use was maxed out. In fact, even if it were possible to pay back the large balance owed all at once, it would still take a much longer time to raise your credit score than it did to lower it.
(6) Altho it could take years to repair the credit damage due to foreclosures, collections, garnishments (and whatever else caused the decline of one's credit score), once that time frame is behind (and payments are not), it does appear that a good (albeit time-consuming) way to get to and to keep a good credit score is to have a long credit history with a favorable credit available/credit used ratio (<30% is kicked around, but reality dictates <10%)...
(7) An even better (faster) way is to employ the method used in (6) above, but pay off the balance owed EVERY BILLING CYCLE!
SO, that's my story & I'm stick-Intuit! (Yah...I can almost hear your groans...but I think this form of punishment is far less severe than what we are made to suffer from the 3 big RCAs should we not jump thru their ever-smaller flaming hoops...)

[steve.hewit]

Well...it never occurred to me that I would be responding to my own post, but never the less, here I am.  Apparently I briefly suffered from some brain flatulence / senior moment, as I was putting the finishing touches on my post...in the last sentence CRAs is misspelled as RCAs...my most humble apologies...

[sunsets55]

unless you don't need to: rent an apt, get a car loan, house loan or business loan.  i've made mistakes with credit cards in the past and now have good credit going onto excellent credit.  so i don't mind sharing my tips and what's working for me with other customers. 

[sunsets55]

that's exactly what i do!  spend a small amt. and pay the whole bal. off.  my score jumps about 40 pts. each month, i can't believe it!  too many people max out their credit cards and only pay $10 a month.  having little to no debt looks so much better on your credit report.

[janie3]

I have the same question.  Can I close credit cards I dont use without lowering my score?

[cjdiaz33]

Hi JST1975,

Try a low 6% interest loan instesd of bankruptcy.

[Wmschowdah]

For starters, learn how to spell!

[Prileycomp01]

I paid off my debt. Own my car and boat. Make 6 figures  and have $8,000 in the bank. No loan history, but I shouldn’t have a bad credit score. And why did it drop 20 points, couldn’t get a loan for my boat until my credit union finally approved a lower amount, for 5 years at 13%. That’s fine, I’ll pay that off and establish my loan history. 

[MaryMSmith]

I pay my credit cards off every month. No change on my score I owe about $80,000 less than the average person my age. I tried to get an error on my credit report fixed years ago. The man that kept saying don’t worry about the nasty letters from the main branch, he was fired!!!  We were making payments and didn’t miss. One month when the loan was reissued it says we were 120 days late, what? Explain how we never had a 90 day, 60 day and 30 days late?  Just one month it’s reported we were 120 days late. I’m trying to work with a new person, but this was six years ago. I’m firing the bank, because of two other issues in addition to this one. But if you change credit cards, pay things off, want to get rid of credit cards you don’t use, it’s a kick on your score. If you’re a bank, you are in charge, and they still are in the 80’s in their thinking. 
I do have one bad mark that is deserved. We were scammed out of a good amount of money. My fault, I didn’t trust these creeps and I should have stood my ground. So yes, I have a bankruptcy. It said on my credit report that it was supposed to be taken off on 11/2019. It has not come off. Called and was told it would be on till 2022?  
Lost my husband and moved closer to family. House is paid off. I keep getting nasty remarks, on the report that I don’t have long enough credit history.  Had to cancel a couple of cards because of thief.    I wanted a new card issued with only $1,000 because of traveling to Mexico and didn’t want a  $5,000 card that could be ran up by crooks getting an easy card to do it on. So it’s the same credit union, just a simple change in the amounts. And they run a credit report, that doesn’t help. I no longer, even if you will save 90% on your purchase, file for a credit card. I’ve tried to explain why I don’t want a new card, I get a look of amazement, how could you be so stupid?  Never mind. 
What can I do to get my score raised? Ideas please?

[sunsets55]

have you tried contacting the 3 credit bureaus and disputing any errors that are still on your credit report?  and this bank/credit union that made this error: tell them if they don't fix it, you'll report them to the atty. general of your state ;).  that's what got wells fargo in hot water, people went both to the better business bureau and the atty. generals of their states.  seems like a simple error that was a molehill made into a mountain. 

[sunsets55]

if you don't have a credit card, try one of these, these cards are secured and low limit cards.  once you get 1, only spend a SMALL amt. each month and pay it in full.  you should see your score go up quite a bit.  https://www.creditcards.com/no-credit/

[mdivas]

hi so is it true if you pay off your credit card its bad it wont show signs of trust instead paying half of it off then half the other month is better ?

also i updated my income and i see suggestions for a new credit card , i was wondering if i should apply and get a high credit line ?