Credit Score Secrets

Credit Score Secrets

Will applying for credit increase lower My Credit score?

I only own two CC... a USAA platinum and a Victoria's Secret Angel VIP card. I'm looking to increase on my VIP card. They've already given me an automatic increase in the last few months, but I would like to increase again to better my debt to limit ratio.. I really don't spend that much there, and what I do, I pay immediately.

Will applying for the increase cause a Credit Check that will negatively affect my score, or since I have already opened the account, will it not? I'm a little confused since I've never actually applied for an increase with any cards, they've just given them to me. Thanks so much!!

There are a number of things that effect your credit score, and the number of you cards is one such thing -- though not how you might think. Really what lenders want to see is if you have different kinds of credit and how much debt you have on your accounts. Usually they take a percentage average over your accounts or calculate what they call your debt-to-credit ratio. The more available credit you have on your accounts versus how much debt you have, the better your score will be. So the trick here is two fold. You want to have varied credit, but you want as a high an available balance as possible.

The short answer is yes applying for credit cards lowers your score if you do too many in a short amount of time (3-6 months), however if you manage to get new accounts open that boost your available credit this will actually boost your score!

Here 10 more things I bet you didnt know you could do to boost your score asap! I raised mine to well over 700 points fro 500 using these steps in less than a year:

1. Know and Track Your Credit Score (be sure to sign up for the free trial of your credit score monitoring listed below. It really helped my get my score up.)
2. Never Miss a Payment, Starting Today
3. Never use more than 20% of your Available Credit
4. Keep Credit Cards that Have No Annual Fees Open For as Long as Possible
5. Extend Your Credit Limit on Cards You Already Have before You Get New Ones
6. Get Credit Cards that Have CashBack Rewards to Contribute to your Balance
7. Transfer Your Balance to a Credit Card with a Lower Interest Rate and a Higher Available Credit-
8. If You Think You Are Going to be FORCED to Pay a Bill Late Ask for an Extension or Payment Plan
9. Take out a Small Personal Loan and Repay it Over a Year
10. Ask Someone With Good Credit if They will Account Shadow you

When you're trying to build a solid credit score it's important to get a comprehensive view of what is actually effecting it...

Your Credit Score (also known as your MyFico score) is calculated with the following breakdown:

* 35% -> History of Payments
* 30% -> Debt to Credit Ratio (available credit)
* 15% -> Credit History (length of open accounts)
* 10% -> New Credit (are you expanding your credit)
* 10% -> Credit Types in Use (varied credit types from loans to Credit Cards)

If you excel in one area and lack in another, only fixing the areas which you lack are going to improve your score.

You can read more about these tips on my blog: How Can I Increase My Credit Score

* http://millionster.com/articles/debt/increase-fico-credit-score/

8 Secrets To A 680 Credit Score!

 

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Credit Score Secrets

Tagged with: bad • bible • credit • fix • improve • raising credit score secrets

Filed under: Improve Your Credit Score

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