How to Raise Your Credit Score

[EF1]

I opened a home equity line with my credit union in 2016. to raise my score.  
I still owe about $3,000.

This fails to show up on TransUnion, the bureau that I contacted about this.  What a complete waste of time.  I am disgusted.  After several back and forth letters not a single thing has changed.  The people I dealt with are either hopelessly inadequate or just don’t give a **bleep**..  They insist my account at TransUnion is accurate!!!!

[tagteam]

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@EF1 wrote:

I opened a home equity line with my credit union in 2016. to raise my score.  

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You should try contacting your credit union about this issue. If any entity is responsible, it would be your credit union; they would be the entity reporting your HELOC, not TransUnion.

[stripbar111064]

Will it affect my credit score if I cancel department store credit cards that I do not use and never have used?

[tagteam]

Canceling credit cards generally has an impact on your credit score which is only temporary.

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

[Alfiesmom67]

I have one credit card - A Capital One secured card - the first credit card I've had in over 20 years. It's a secured card that started with a $200 credit limit and has since risen to $500.  I always pay not only on time, but well ahead of time and usually pay either most of the balance or the entire balance off every month. Additionally, I don't use it that much. I'm used to living within my means so I keep it mainly for big stuff or minor emergencies, like Dr. visit or vet visit for my pets. 

Well, over the holidays I used it more than usual to buy a few gifts. I didn't max it out, but I did get close.  So my score, which was already only in the mid-600's suddenly dropped 77 points!   And before the holidays were over, I made a $100 payment on the card and it's still low! 

The whole point of getting this stupid card in the first place was to raise my credit score and because lenders kept saying, "you don't have any revolving credit." Well, now I do. I handle it VERY responsibly and I get dinged for it!  It's a no win situation, if you ask me and I've given up even trying to deal with it. 

I pay all my other major bills on time as well, mortgage, car, insurance, etc.  

This card is actually doing my credit score more harm than good. When I bought my house 10 years ago, with no credit card, I had a credit score in the 700's...during the housing crash. 

I'm just going to pay the card off and then cut it up and throw it away.  It's not worth the hassle and it hasn't done one thing to improve my credit score regardless of how responsible I've been with it. I'm better off with a savings account for emergencies.

[Craigel]

Over the past year or so, I have been concentrating on reducing my debt load. Credit card balances are kept at zero now, by paying the balance each month. The mortgage loan total keeps dropping and I paid my car loan off- six months early.

All things being equal (improving, actually), once I paid off the car loan, my credit score dropped 7 points.

There is something wrong with that picture.

[tagteam]

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@Craigel wrote:

All things being equal (improving, actually), once I paid off the car loan, my credit score dropped 7 points.

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A seven point drop is really nothing more than background noise; nothing to be concerned about.

[karmond0523]

My husband and I divorced in 2018. We each had our cars but in both of our names. In our decree it states that we are each financially responsible for our own vehicles. But the loans are in both of our names. He has been late on his truck payment several times. Affecting my credit score. Being this is in court documents and states in our decree that he is financially responsible for this loan court ordered, is there a way to get my name off the loan or off my credit with the court papers only to the credit union without him refinancing the truck to remove my name? He is unable to refinance due to his credit. Thanks for all feedback  

[llamb8]

I have loans that are paid and closed. I've never had a credit card, no liens.etc. Attempts at getting a credit card lowers my Score.  How do I raise my Score?

[sunsets55]

what i do is just have a credit budget of no more than $75 per month.  this month it was under $60...so just 2-3 transactions on my credit card.  a credit card is so easy to go on a shopping spree and it's never worth it in the end.  and i pay my entire balance each month. the rest of my credit limit is there for a REAL rainy day or an emergency....a new dooney and bourke bag isn't an emergency 😄

[sunsets55]

well if you do get a credit card or a secured card, try to keep your balance very low and pay the entire balance off each month.  even if your balance is like $20 a month...that's what i've been doing and my score is almost @ 700.  so just very few transactions.  

[Grandmakat]

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

[tagteam]

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@Grandmakat  wrote:

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

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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/

[Robinh]

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. 

[nekiteflyer83]

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.