Any way to raise credit score 3 points in a month?

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Hulk
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Any way to raise credit score 3 points in a month?

Post by Hulk » Wed Apr 04, 2018 4:27 pm

I am buying a house and the loan I am getting on 30 yr fx is 3.75 with 1 point. Great rate historically speaking but the lender had quoted me 3.625 with one point. I had told him a credit score of over 800, but it came back 804, 797, 792 and he has to use the middle one. He said he could recheck it in May and if it went up to 800 he could drop 1/8th. So, can I manufacture that in any way over the next month?

Thanks

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TinkerPDX
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Re: Any way to raise credit score 3 points in a month?

Post by TinkerPDX » Wed Apr 04, 2018 4:39 pm

Paying down balances has an immediate impact (or at least once its reported). 3 points should be no problem - unless your balances are already all down. Issuers report at different times, so even if you pay it down every month, your last scores may be base don a >0% utilization ratio. I'd keep them all paid to $0 between now and the next pull, and it could help. Even just the passage of an other month can help. Also, as long as you don't have recent inquiries, you could ask existing creditors to expand your limit, and/or get a new card (but for the latter, there's a tradeoff between the inquiry and the improved utilization ratio).

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whodidntante
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Re: Any way to raise credit score 3 points in a month?

Post by whodidntante » Wed Apr 04, 2018 5:31 pm

Pay off all tradelines and make sure they balance is zero when the issuer reports.
Don't apply for new credit or do anything that will result in a hard inquiry or lower you average age of accounts. Even asking for a credit limit increase as suggested by Tinker could result in a hard inquiry, which will slightly lower your score. A new account could have an even bigger negative impact by lowering your average age of accounts.

02nz
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Re: Any way to raise credit score 3 points in a month?

Post by 02nz » Wed Apr 04, 2018 5:33 pm

Would add to TinkerPDX’s post that, in my experience, card issuers generally report the statement balance. So if you pay the outstanding balance before the statement date, it gets reported as zero. After payment history credit utilization is the biggest factor in your credit score, and if the scores you gave were calculated on credit utilization of even 10%, getting it down to zero (or nearly zero) will likely give you the credit score bump you need.

raixx017
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Re: Any way to raise credit score 3 points in a month?

Post by raixx017 » Wed Apr 04, 2018 5:40 pm

Not sure, if it applies to everyone or how big a factor is in determining credit score, but this is what I have seen.
I've always paid monthly statement amount in full, before the due date, but also always in lump-sum , at the end of the month.
I tired a different approach recently, where I pay almost daily on whatever charges are on my CC. Not sure if this was the reason, but my score did increase somewhat. Since you're also looking for a minimum 3 pt increase, may be this is worth trying too ( apart from the "known" ones that others have pointed out here, or you can find online elsewhere ).
Hope this helps. Best !

N10sive
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Re: Any way to raise credit score 3 points in a month?

Post by N10sive » Wed Apr 04, 2018 5:43 pm

On my reports the CC company usually reports after the payment date. I would just make sure all balances are paid off a few days early.

If you have very little utilization, only time will help in your case most likely.

Loik098
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Re: Any way to raise credit score 3 points in a month?

Post by Loik098 » Wed Apr 04, 2018 7:27 pm

N10sive wrote:
Wed Apr 04, 2018 5:43 pm
On my reports the CC company usually reports after the payment date. I would just make sure all balances are paid off a few days early.
+1. Just pay off your CCs a few times over the next month, as well as any other open tradelines that you're capable of paying off. Guaranteed 0% utilization rate without having to figure out when reporting occurs. You might not be successful with the timing of things, but it won't be from a lack of trying.

Almost any other positive suggestion (cleaning up your credit report, for example) will take longer than one month to reflect.

3feetpete
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Re: Any way to raise credit score 3 points in a month?

Post by 3feetpete » Wed Apr 04, 2018 7:45 pm

Yes the only thing you can change in a month is % of credit used and that is based on the amount of credit you have outstanding as of the reporting date. It is possible to move 3 points in a month. Pay of entire CC balance if possible or as close as you can get to payoff. Not just the statement amount.

Another thing that they look at is age of credit. If you have applied for any cards in recent years or months that drives the average age down and they frown on that. Cancelling them would drive your average age up and may help as long as it doesn't drive up percent of credit used. I don't know how long it would take that to take effect though.

JBTX
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Re: Any way to raise credit score 3 points in a month?

Post by JBTX » Wed Apr 04, 2018 8:05 pm

3feetpete wrote:
Wed Apr 04, 2018 7:45 pm
Yes the only thing you can change in a month is % of credit used and that is based on the amount of credit you have outstanding as of the reporting date. It is possible to move 3 points in a month. Pay of entire CC balance if possible or as close as you can get to payoff. Not just the statement amount.

Another thing that they look at is age of credit. If you have applied for any cards in recent years or months that drives the average age down and they frown on that. Cancelling them would drive your average age up and may help as long as it doesn't drive up percent of credit used. I don't know how long it would take that to take effect though.
I don’t think cancelled debt lines fall off immediately. They can be carried in the data and aging calculation for years and eventually fall off. Also cancelling cards will decrease your debt utilization ratio so definitely NOT a good thing to do for short term credit score.

MoneyMarathon
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Re: Any way to raise credit score 3 points in a month?

Post by MoneyMarathon » Wed Apr 04, 2018 9:58 pm

whodidntante wrote:
Wed Apr 04, 2018 5:31 pm
Pay off all tradelines and make sure they balance is zero when the issuer reports.
The FICO formula has the memory of a goldfish when it comes to balances. When somebody pays off every revolving line to $0, the formula gives a very minor - but real - ding. Easily enough to make a 3+ point difference.

Supposedly you are a better borrower if you show you can “responsibly use” your cards - not just apply and sock drawer them. Regardless of the logic or lack of...

The rule for balances is “all zero except one” — assuming you have at least 4 cards. (No idea if it helps people with 1-2 cards. Probably safer to zero out in that case.)

That one balance can and should be something like $7. In any case, make sure it’s a tiny percent of the limit.

Run purchases on a debit card for a while - or, in any case, maintain a tiny balance on that one and $0 on the others.

Do nothing else - nothing.

MoneyMarathon
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Re: Any way to raise credit score 3 points in a month?

Post by MoneyMarathon » Thu Apr 05, 2018 3:54 am

There are also utilization bands for installment balances. If it's possible to pay down car or student debt, without eliminating it, so that you can get below some significant percentage (below 80% / 50% / 20%), you may also be able to get a slight bump. Obviously, this may not be practical, if installment debts are large.

Things not do do: don't ask for credit limit increases, don't apply for new credit, don't close any credit lines, don't try to correct info on the report (since you're so close right now and anything you do like that could also inadvertently be damaging in the short term).

boglerdude
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Re: Any way to raise credit score 3 points in a month?

Post by boglerdude » Thu Apr 05, 2018 3:58 am

What about soft pull credit limit increases

And is there such a thing as too much available credit

PressIt
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Re: Any way to raise credit score 3 points in a month?

Post by PressIt » Thu Apr 05, 2018 5:42 am

MoneyMarathon wrote:
Wed Apr 04, 2018 9:58 pm
whodidntante wrote:
Wed Apr 04, 2018 5:31 pm
Pay off all tradelines and make sure they balance is zero when the issuer reports.

The rule for balances is “all zero except one” — assuming you have at least 4 cards. (No idea if it helps people with 1-2 cards. Probably safer to zero out in that case.)

That one balance can and should be something like $7. In any case, make sure it’s a tiny percent of the limit

Do nothing else - nothing.

I second this. Google “AZEO” and figure out when your statement cuts for each card, as they only report your balance once a month. This is your only feasible way of raising your score that quickly unless you have significant utilization that can be paid down. Make sure the one card reporting a balance is below 8.9% of your limit and you will get your points.

Good luck!

Jack FFR1846
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Re: Any way to raise credit score 3 points in a month?

Post by Jack FFR1846 » Thu Apr 05, 2018 6:24 am

You could pay a credit repair company for a tradeline piggyback. Essentially what you get is to become an authorized user on someone else's credit card that's older and/or higher credit limit than yours.
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dm200
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Re: Any way to raise credit score 3 points in a month?

Post by dm200 » Thu Apr 05, 2018 9:25 am

Some of the credit score sites (karma, discover) tell you their version of the score AND detailed suggestions that might make it better. Have you tried these FREE inquiries. The claim that use of these does not show as a credit pull.

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dm200
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Re: Any way to raise credit score 3 points in a month?

Post by dm200 » Thu Apr 05, 2018 9:29 am

I would also just stop charging anything on credit cards and store cards - if not already done so

DesertDiva
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Re: Any way to raise credit score 3 points in a month?

Post by DesertDiva » Thu Apr 05, 2018 11:47 am

Don't pay late. Get a copy of your report and challenge anything that is in error. I recently subscribed to Credit Karma and discovered someone opened an account in my name, made a purchase, and this appeared as "past due" on my credit report. After some phone calls to dispute, the account was closed, this dropped off my report and my score went up.

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