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Credit score help

Anonymous
Posted by Anonymous
  • 52 Replies
I was going to just pay my car off. I made an $800 payment recently and because I did it online it applied it to the next 6 months payments. So each month an on time payment would be reported to the credit bureaus right? So should I just let those on time payments add up and hopefully increase my credit score? Keep paying until the life of the loan is up?
My percentage of on time payments is 98.5% and it has a high impact on my credit report. I'm trying to increase that, focus on credit utilization, and my average length of credit lines. My average is 4-5 years because I pay shit off too early. Those are the 3 things keeping me right at 600. It's frustrating.
Posted by Anonymous on Jan. 31, 2016 at 10:27 PM
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Anonymous
by Anonymous 1 - Original Poster on Jan. 31, 2016 at 10:34 PM
Advice? I'm not paying much interest at all. I just hate carrying debt. I didn't have credit cards at all. I do now but they're only a month old so not much help as of yet.
Anonymous
by Anonymous 2 on Jan. 31, 2016 at 10:38 PM
I would probably drag it out a bit longer. I rebuilt after a bankruptcy three years ago and I am currently in the high 600's. I've had two installment loans (both paid early to avoid interest) and I have a lot of credit cards. I'm about to pay off a balance I have on an interest free credit card and I am also expecting several inquiries to fall off this year. I'm hoping that will bring my score over 700. My AAOA is quite a bit less than yours.
Anonymous
by Anonymous 3 on Jan. 31, 2016 at 10:40 PM
You want your credit utilization to be low, not high and length of credit history doesn't have that great of an impact. Mine is "very poor" at 1 year 1 month and my score is 741.
Anonymous
by Anonymous 1 - Original Poster on Jan. 31, 2016 at 10:43 PM
I have about 5 inquiries falling off this year as well. In March. That's from shopping for an auto loan for my car.

Quoting Anonymous 2: I would probably drag it out a bit longer. I rebuilt after a bankruptcy three years ago and I am currently in the high 600's. I've had two installment loans (both paid early to avoid interest) and I have a lot of credit cards. I'm about to pay off a balance I have on an interest free credit card and I am also expecting several inquiries to fall off this year. I'm hoping that will bring my score over 700. My AAOA is quite a bit less than yours.
Anonymous
by Anonymous 1 - Original Poster on Jan. 31, 2016 at 10:49 PM
Sorry. I didn't mean increases as in the percentage. I'm at 1%. I meant increase as in actually use my credit to help I guess. I worded that all wrong. Lol. Length of credit history and inquiries are the only things in the "fair" range. Everything else is good.

Quoting Anonymous 3: You want your credit utilization to be low, not high and length of credit history doesn't have that great of an impact. Mine is "very poor" at 1 year 1 month and my score is 741.
Anonymous
by Anonymous 4 on Jan. 31, 2016 at 10:55 PM
The inquiries really don't have muc impact on your score
Making the on time payments on all loans, keeping debt to income ratio within reason and keeping credit utilization below %30 are the main factors. Just be sure that those extra payments you made on your car will actually be applied monthly and not to the principal on the loan. Inquire with the loan holder if they will be reporting those payments to the agencies as monthly payments for the next 6 months. Bringing a score up isn't an easy or quick task. Keep any old credit cards open, don't close any out, this will help lengthen credit age.
Anonymous
by Anonymous 1 - Original Poster on Jan. 31, 2016 at 11:03 PM
I know it won't be easy for sure. I can just keep making payments every month too but it definitely wasn't applied to the principal. Debt to income is pretty good. Credit utilization at 1% and my on time payments are fair. .05% from good. I won't hit excellent within the year I don't thing because that requires 100%. That's definitely hard.
The inquiries are in a "poor" status. That's going to get better this year as several will fall off. The life of my loans is also poor. That's really all I can do to increase my score it seems. Or maybe I didn't really have any credit utilization because I didn't have credit cards and that's why it's so low?

Quoting Anonymous 4: The inquiries really don't have muc impact on your score
Making the on time payments on all loans, keeping debt to income ratio within reason and keeping credit utilization below %30 are the main factors. Just be sure that those extra payments you made on your car will actually be applied monthly and not to the principal on the loan. Inquire with the loan holder if they will be reporting those payments to the agencies as monthly payments for the next 6 months. Bringing a score up isn't an easy or quick task. Keep any old credit cards open, don't close any out, this will help lengthen credit age.
bluebunnybabe
by kid crack dealer on Jan. 31, 2016 at 11:05 PM
A credit card that you use & pay off monthly will help a ton more than a car loan & you don't waste any money on interest.

Quoting Anonymous 1: Advice? I'm not paying much interest at all. I just hate carrying debt. I didn't have credit cards at all. I do now but they're only a month old so not much help as of yet.
Anonymous
by Anonymous 2 on Jan. 31, 2016 at 11:10 PM
1 mom liked this
I definitely agree with this. I started out with one card with a $300 limit. Now I have around $40k in available limits across all of my cards. Responsible credit card usage is what pulled me from a 500 score to close to a 700.

Quoting bluebunnybabe: A credit card that you use & pay off monthly will help a ton more than a car loan & you don't waste any money on interest.

Quoting Anonymous 1: Advice? I'm not paying much interest at all. I just hate carrying debt. I didn't have credit cards at all. I do now but they're only a month old so not much help as of yet.
Anonymous
by Anonymous 4 on Jan. 31, 2016 at 11:11 PM
Yes if you wamt to ramp up credit score and utilization, applying for a secured credit card, and paying the balance in full monthly will help. Personally, I was happy to be rid of my credit cards lol, but I did apply for 3 when boosting my score. Again, the inquiries may be reporting as "poor"(I'm assuming you're on Credit Karma?) but those really have little impact on your overall score. Also, get your on time payment history up. Every month, on time.

Quoting Anonymous 1: I know it won't be easy for sure. I can just keep making payments every month too but it definitely wasn't applied to the principal. Debt to income is pretty good. Credit utilization at 1% and my on time payments are fair. .05% from good. I won't hit excellent within the year I don't thing because that requires 100%. That's definitely hard.
The inquiries are in a "poor" status. That's going to get better this year as several will fall off. The life of my loans is also poor. That's really all I can do to increase my score it seems. Or maybe I didn't really have any credit utilization because I didn't have credit cards and that's why it's so low?

Quoting Anonymous 4: The inquiries really don't have muc impact on your score
Making the on time payments on all loans, keeping debt to income ratio within reason and keeping credit utilization below %30 are the main factors. Just be sure that those extra payments you made on your car will actually be applied monthly and not to the principal on the loan. Inquire with the loan holder if they will be reporting those payments to the agencies as monthly payments for the next 6 months. Bringing a score up isn't an easy or quick task. Keep any old credit cards open, don't close any out, this will help lengthen credit age.
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