Sunday, October 5, 2008

Credit Score Update

Last night I ordered a copy of my credit report and FICO score from and my FICO score is a 660. That is not that good. I need to get it above a 700 by the end of the school year. I am thinking of buying another property, probably a triplex or quad, and I need to have a not good but excellent credit score. The great thing about getting my credit score and report from is is that it analyzes your credit score and tells you what is helping and hurting your score plus what you can do to get your score higher.

The top factors hurting my score are:
  • new account
  • short account history
  • high credit usage
  • seeking credit ( inquiries)

The top factors helping my score are:

  • No serious delinquency
  • Bills paid on time

What I can and must do to get my credit score higher:

  • pay off my $700.00 Home depot credit card balance- I have already started this, I have an automatic bill pay of $60.00 every two weeks coming out of my checking account, and will have this paid of by the end of March.
  • NOT OPEN OR APPLY FOR ANY MORE CREDIT. I will also see if I can get some of these inquires off my credit report.
  • pay off the two cards I use most- gap and my ITunes Visa at the end of each month

I also have not had credit for a long time. My first student loan account was opened in 2001, so my accounts have not really aged. As my accounts continue to age my credit score will go up.

Due to my debt snowball I should also have 2 student loan accounts and my car loan paid off by mid June. I hope that will increase my score as well.

until next time, think prosperous thoughts



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Ms. High Maintenance said...

I am in the process of getting an updated credit report so that I can see what is going on with my credit score. I only have one credit card and I bought a vehicle about six months ago. I'm hoping the ontime payments on my credit card and car are helping my score out. Good post YBP!

Sista Saver said...

I got my credit report last night and was pleased that my scores have gone up from when I ordered it in April. I also like how on the website they tell you what can happen if you pay off stuff. It shows how many points your score can go up.