Last minute ways to increase your credit score (like in a month or two)?

[Poetgrl21]

Anyone know of any?

I have like 5 individual store credit cards that I rarely use (closed a couple that I don't use anymore already)

I have one major credit card that I use regularly and the balance is typically 1/4th of the credit limit.

I have another major credit card that I don't really use at all.

I own no real estate.

I have no outstanding undergrad loans.

I have never once paid any credit card late or paid anything less than the full balance.

Any suggestions?

[Poetgrl21]

Sorry I didn't mean that there is ever an outstanding balance on that card.  I meant that my charges each month usually equal that, but I pay it off every month. 

I've heard the same about closing cards.  But I was also told that to have a ton of available credit when you have a very low income (like me, student) looks bad because it means you could potentially have a lot of debt.  So that why I closed a couple like small store cards (Victoria Secret, etc.)

Think that's okay?

[sck]

You need to find a balance between your income and your credit cards. I can't give you a good estimate, unfortunately, though.

Leave your oldest cards open. It's valuable to have that long credit history. You also want your debt ratio (available credit vs what balance you have) to be less than 25%. And your debt to income ratio is best served by keeping it very low -- don't use the card unless you have to.

[MarkFIU]

Another thing you can do is to have a parent add you as an authorized user to one of their credit cards that they have had for a long time (just make sure they never missed a payment or were late). Its a loophole that allows you to basically adopt their length of credit history. All you need to do is have them call the cc co. and add you, but you dont need to get a card, know the acct info, or anything like that. Doing this increases points by adding to your length of credit history and increases your credit availability because theoreticcaly you will have access to this card.

[SouthSide]

Anyone know of any?

I have like 5 individual store credit cards that I rarely use (closed a couple that I don't use anymore already)

I have one major credit card that I use regularly and the balance is typically 1/4th of the credit limit.

I have another major credit card that I don't really use at all.

I own no real estate.

I have no outstanding undergrad loans.

I have never once paid any credit card late or paid anything less than the full balance.

Any suggestions?

Based on this history, your score should be fine. What are you worried about?

[shaz]

for those of us w/ credit, is just going to school going to hurt our scores?  i have @3700 in cc debt. i am planning on balace transferring half to a 0% card and paying the rest off with financial aid.  will this hurt my score? 

[gwenkern]

Another thing you can do is to have a parent add you as an authorized user to one of their credit cards that they have had for a long time (just make sure they never missed a payment or were late). Its a loophole that allows you to basically adopt their length of credit history. All you need to do is have them call the cc co. and add you, but you dont need to get a card, know the acct info, or anything like that. Doing this increases points by adding to your length of credit history and increases your credit availability because theoreticcaly you will have access to this card.

True, but this also puts their balance on your credit report and can throw your DTI way out of whack.  An example:

My dad charges everything to one credit card and pays it off in full every month, just like me.  However, I'm a single person living in a town with a very low cost of living, and make about $21k/year.  My dad supports three people and lives in a major city, so his monthly expenses are much higher.  It's not your credit card balances over time that are listed on your credit report, but rather your balances at the time that the credit report is updated.  Last time I applied for a loan, it was declined because my dad's $9k on that one card was counted against me, throwing my DTI sky-high.  I had him call the company and have me removed from the card, and my loan was approved.

[Momo09]

what is the reason you need to increase credit score?

if you just need to get simple Stafford loan, score doesn't matter.  Score really only matters if you need to get pribate loans, then they determine interest rate you will be charged.  Call the financial aid office and ask.

[supergirluw]

wait...so if i'm reading this correctly... your credit score drops if you close out a card?

[Momo09]

wait...so if i'm reading this correctly... your credit score drops if you close out a card?

yes