I Raised My credit score from 690 to 789 in one month. This is how..

[sweetpurple04]

What I did was pay off all my balances of course. First you have to do that.. But here is the real trick.. after you have that done ask for credit line increase on all your cards. A month or 2 after you get the line increases your credit score will shoot up.. Any other tips and tricks you know of??

[seven]

yea simply stay debt free thou i know it's about impossible for some and will advocate the opposite

[96ukssob]

buy a house and pay it off in 1 month. you will be pretty much guaranteed 800+

[AaronM]

Originally Posted by sweetpurple04

What I did was pay off all my balances of course. First you have to do that.. But here is the real trick.. after you have that done ask for credit line increase on all your cards. A month or 2 after you get the line increases your credit score will shoot up.. Any other tips and tricks you know of??

Actually, that's a great way to increase your income to debt ratio. Even though that MIGHT raise your credit score, it can and often will hurt you overall when people consider you for another credit application.

Not really the smartest way to do things.

[Twisted Dave]

Pay your bills on time.

It doesn't matter how much debt you have, as long as it's well managed. If you have NO debt, you can often be rejected for credit... because they have no guide as to how good you are at managing debt.

See ?

[Vendzilla]

I know my dad is above 800, it's because he uses his credit and pays everything on time

[Splum]

LOL credit, you people cant be serious? You use credit?

[Jon Clark - BANNED FOR LIFE]

Originally Posted by AaronM

Actually, that's a great way to increase your income to debt ratio. Even though that MIGHT raise your credit score, it can and often will hurt you overall when people consider you for another credit application.

Not really the smartest way to do things.

Bingo

[woj]

It's not rocket science, just buy stuff on credit cards each month, pay it off on time everytime and you will be fine... and it's not like there are any benefits to having excellent credit, as long as you have pretty good credit you will get best rates for everything anyway...

[tehHinjew]

go to the casino and max out your CC buy buying chips
then cash in the chips and go to the bank next day and pay it off

repeat till golden brown

[PR_Sebas]

Originally Posted by tehHinjew

go to the casino and max out your CC buy buying chips
then cash in the chips and go to the bank next day and pay it off

repeat till golden brown

lol, very nice..

[AaronM]

Originally Posted by Splum

LOL credit, you people cant be serious? You use credit?

I know multiple members of this board who are worth millions and have the cash to back it.....I personally know for a fact that some of those people own multiple homes which are also worth millions of dollars. These people buy the homes on credit.....Not because they have to but because of the tax advantages plus it keeps their money in their own banks earning interest.

There are those who are stupid with their credit decisions and then there are those who are smart about it.

[Slick]

How many credit cards do you people carry ?? I myself carry 2, one Visa and one Mastercard. I always pay them off at the end of the month.

I don't use them too often, I just throw a charge on one here and there just so they're being used to keep my credit score growing.

[Masterchief]

Originally Posted by sweetpurple04

What I did was pay off all my balances of course. First you have to do that.. But here is the real trick.. after you have that done ask for credit line increase on all your cards. A month or 2 after you get the line increases your credit score will shoot up.. Any other tips and tricks you know of??

your credit limits dont really matter. what happened there was that your utilization improved

[Eric]

Somewhat off topic. But if you are not using a reward based CC you are pissing away money. AMEX and many MC/Visa cards have great rewards. Just put everything you buy on the card and pay it off at the end of the month. You get the points. Flip those into many different things: Vacations, Flights, gift certs with many different major retailers, the list goes on and on.

[woj]

Originally Posted by tehHinjew

go to the casino and max out your CC buy buying chips
then cash in the chips and go to the bank next day and pay it off

repeat till golden brown

Are you sure you can buy chips with a credit card and have it not count as a "cash advance"?

[AaronM]

Originally Posted by woj

Are you sure you can buy chips with a credit card and have it not count as a "cash advance"?

Yes it is a cash advance. It's referred to as Quasi Cash in the banking world.

As a cash advance, it usually has additional charges and a higher interest rate.

[beemk]

Originally Posted by AaronM

I know multiple members of this board who are worth millions and have the cash to back it.....I personally know for a fact that some of those people own multiple homes which are also worth millions of dollars. These people buy the homes on credit.....Not because they have to but because of the tax advantages plus it keeps their money in their own banks earning interest.

There are those who are stupid with their credit decisions and then there are those who are smart about it.

yeah, anyone with a clue takes advantage of credit. if you know how to invest your $ and can earn 10-15%+ why would you use your $ instead of credit to buy a house when you can get it for 6-8%.

[beemk]

Originally Posted by Eric

Somewhat off topic. But if you are not using a reward based CC you are pissing away money. AMEX and many MC/Visa cards have great rewards. Just put everything you buy on the card and pay it off at the end of the month. You get the points. Flip those into many different things: Vacations, Flights, gift certs with many different major retailers, the list goes on and on.

yeah totally, i have amex blue (which has the best rewards i could find). i think i averaged 2-3% last year. if you're spending thousands of dollars that really adds up.

[luv$]

I know this old trick, not sure if it applies still and have never tried it:

Go to one bank and get a secured loan for $400-500

Go to another and get a secured loan for the ame amount, secure it with the initial laon

Do it again at a third bank.

Wait 1 month, and go pay off the first one with the third bank's loan money, get back your initial 400-500.

Wait another month and the same at bank 2, wait another month and do it at bank 3.

As long as all 3 report you should get a nice bump.

[Eric]

Originally Posted by beemk

yeah totally, i have amex blue (which has the best rewards i could find). i think i averaged 2-3% last year. if you're spending thousands of dollars that really adds up.

My point exactly

[AaronM]

Originally Posted by luv$

I know this old trick, not sure if it applies still and have never tried it:

Go to one bank and get a secured loan for $400-500

Go to another and get a secured loan for the ame amount, secure it with the initial laon

Do it again at a third bank.

Wait 1 month, and go pay off the first one with the third bank's loan money, get back your initial 400-500.

Wait another month and the same at bank 2, wait another month and do it at bank 3.

As long as all 3 report you should get a nice bump.

This is very similar to Check Kiting and is a kind of fraud.

Have fun with that.

[jigga]

Originally Posted by Splum

LOL credit, you people cant be serious? You use credit?

I suppose you purchase things over the internet by mailing them a check?

[luv$]

Originally Posted by AaronM

This is very similar to Check Kiting and is a kind of fraud.

Have fun with that.

Umm... no.

Check kiting is any sort of fraud that involves drawing out money from a bank account that does not have sufficient funds to cover the check.

The formula above requires that you start with the initial amount you would need to do this via a SECURED loan. Then every loan thereafter is a secured loan.

All you're doing is paying a secured loan within 30 days at 3 different locations utilizing your initial investment.

This is not fraud.

[PaulB IYP]

keep the balances between 15-30% and dont go above 50%

[ninavain]

Originally Posted by sweetpurple04

What I did was pay off all my balances of course. First you have to do that.. But here is the real trick.. after you have that done ask for credit line increase on all your cards. A month or 2 after you get the line increases your credit score will shoot up.. Any other tips and tricks you know of??

So you didn't do it in 1 month, it took several months from your post

[MandyBlake]

congratulations!

[sweetpurple04]

Another great trick.. every time you seek credit you that request noted on your file. too many requests and it takes your score down.. but.. you can argue these requests.. saying that they were unauthorized and get them removed.. good for another few points...

[angeleyes]

It's simple. Mine is 821 and not because I'm rich, because I pay my bills on time and the few I was late on were never reported because almost any creditor will just send you a bill for the double amount and if you pay it, nobody knows any better. I've missed a lot of bills, especially since I moved because the new postal person is a fucking moron. My name and address are clearly there, I filled out the form when I moved but she just can't wrap her head around the fact that a new person lives here now.

[SweetT]

There is no *real* trick to magically improving your credit score in one month unless you can afford to do like the thread starter did and pay off all of your credit....but the reality is that most people who have outstanding balances cannot afford to do that. Your credit score increases through trends....so if you do something where you apply for more credit over several months YOUR SCORE WILL DROP! Every single time you open a new account, your score will trend down and as you pay for it over time your score will go up. You cannot BORROW your way to better credit.

One trick, however, that will help you dramatically but will take 6-12 months......

Go to your bank and open a CD with a $2500 check....even if you do not have $2500 in the bank. Then immediately, ask for a 12 month loan for $2500 using the CD as collateral. No matter how bad your credit is, the bank will loan you money when it is secured by a CD. Tell you banker to deposit the money into your checking account to cover the check that you just wrote him for the CD. Now, you have no more money than when you started the day, but you have an open installment loan AT A BANK (not a credit card and not store credit...those are easy). Now, over the next 12 months pay your loan payment EACH AND EVERY MONTH...not early and definitely not late. At the end of 12 months, not only do you have 12 months of verifiable BANK credit, you have a $2500 CD that you can cash out or do something else with.


--T

[DOCTOR 30]

Originally Posted by tehHinjew

go to the casino and max out your CC buy buying chips
then cash in the chips and go to the bank next day and pay it off

repeat till golden brown

Don't you have to pay taxes on the cashed in chips? Don't ya lose out?

[angeleyes]

PS. Once you have achieved a high score, do not cancel or add any additional credit accouts and it will slowly just creeping up. If someone would have told me 5 years ago when my score was 200 something that it would be over 800 I would have laughed my ass off. The best thing to do is once you see it rising, don't screw with it in any way shape or form.

[Steve_AmateurVideoCash]

That trick only works if your balances are low, that makes your credit look higher and your balance to appear to be low.

Example: $2000 in credit debt, 3000k total balance. Raising your 3000k to 5000k and your now below 50% of your total credit, BoooYah! The score will go up over 2-4 months.

[trix]

I had good credit and decided to take bad advice and close out unused credit cards with big credit limits. I had some from the 1980's (anyone remember Diner's Club?)

Wrong advice. Don't do that.

[NichePay_Manny]

Great info nice 2 know

[pornguy]

Still paying off some bills my ex wife made for me.

[trix]

Also I go to my local hometown bank and borrow $2500 once or twice a year for 3 months on a personal signature. They know I am good for it, I have banked there a long time and I have a little money CDs (certificate of deposits). I tell them I need to pay taxes or whatever and don't want to get into my savings. I pay it off fairly near the 3 month time. The setup fee and interest costs me less than $100 and really boots the credit rating. And that $100 is tax deductable.

[trix]

Originally Posted by AaronM

This is very similar to Check Kiting and is a kind of fraud.

Have fun with that.

I knew a male college professor way way back in the day who actually spoke 10 languages and could read 20 but had a penchant for men. He kited checks so he could provide "fun".
Long story short, my ex boyfriend used to take him vodka in shampoo bottles to the rural jail that caught him.
We visited him once over in Florida where he was managing a flophouse before he died, since he was basically unhirable after the arrest.

Don't kite checks!

[trix]

Originally Posted by pornguy

Still paying off some bills my ex wife made for me.

Yep, my exboyfriend left me a shitload of those. Bastard.

[boneprone]

Stay away from Bank Of America Credit Cards.

[seven]

Originally Posted by AaronM

I know multiple members of this board who are worth millions and have the cash to back it.....I personally know for a fact that some of those people own multiple homes which are also worth millions of dollars. These people buy the homes on credit.....Not because they have to but because of the tax advantages plus it keeps their money in their own banks earning interest.

If you are doing real estate biz then by all means do it. I was talking about regular people who rack up debts yet just claim they are doing it to better their credits. Another thing is there's no tax benefit to having mortgages (your own home) in all countries so that won't apply to everyone outside usa.

[AaronM]

Originally Posted by luv$

Umm... no.

Check kiting is any sort of fraud that involves drawing out money from a bank account that does not have sufficient funds to cover the check.

The formula above requires that you start with the initial amount you would need to do this via a SECURED loan. Then every loan thereafter is a secured loan.

All you're doing is paying a secured loan within 30 days at 3 different locations utilizing your initial investment.

This is not fraud.

I said it was "SIMILAR" to check kiting.

I spent a few years in the banking industry and part of what I did involved closing the account of people who pull the shit you are referring to.

[luv$]

Originally Posted by AaronM

I said it was "SIMILAR" to check kiting.

I spent a few years in the banking industry and part of what I did involved closing the account of people who pull the shit you are referring to.

Again... no.

Banks don't close loans that are secured unless they're not being paid and they need to utilize the collateral to pay the loan. Period.

There's nothing devious or fraudulent about that formula. I understand you may *think* you're right but I can assure you that you are not.

My SO is currently on the way to managing her bank after being a commercial, residential and personal loan officer for several years. I thought about what you said and doublechecked just to make sure I'm not sounding like an ass after my rebuttal and got it confirmed.

I know you're a smart guy and I rarely argue on the boards but when I'm right I'm going to defend it.

[Slick]

How many credit cards do most of you carry ?? I currently carry 2, one Visa and one Mastercard that I charge on a couple of times a month, then pay off. Neither of them have rewards. I often thought about getting a card with rewards, but then I'd be up to 3 cards, I'm not sure if that'd be too many to have. I suppose that some of you have 5+ card.

[bDok]

Originally Posted by Slick

How many credit cards do you people carry ?? I myself carry 2, one Visa and one Mastercard. I always pay them off at the end of the month.

I don't use them too often, I just throw a charge on one here and there just so they're being used to keep my credit score growing.

3... Plat Amex, Visa for personal use for places that suck and don't take Amex, and a business visa.

Cheers,
B

[sicone]

Originally Posted by sweetpurple04

What I did was pay off all my balances of course. First you have to do that.. But here is the real trick.. after you have that done ask for credit line increase on all your cards. A month or 2 after you get the line increases your credit score will shoot up.. Any other tips and tricks you know of??

A month or 2??? I thought you said you did it in one month?

[AaronM]

Originally Posted by luv$

Again... no.

Banks don't close loans that are secured unless they're not being paid and they need to utilize the collateral to pay the loan. Period.

There's nothing devious or fraudulent about that formula. I understand you may *think* you're right but I can assure you that you are not.

My SO is currently on the way to managing her bank after being a commercial, residential and personal loan officer for several years. I thought about what you said and doublechecked just to make sure I'm not sounding like an ass after my rebuttal and got it confirmed.

I know you're a smart guy and I rarely argue on the boards but when I'm right I'm going to defend it.

You can defend it all you like. That won't change the fact that you are wrong. I've personally shut down hundreds if not 1000+ credit accounts for doing this.

The policy of the bank that your SO works for may allow such things but that doesn't mean everybody does.

[IllTestYourGirls]

Originally Posted by tehHinjew

go to the casino and max out your CC buy buying chips
then cash in the chips and go to the bank next day and pay it off

repeat till golden brown

loop hole fucking right on but why did you tell everyone?

[The Real Deal]

I wonder what the average credit score is of GFY surfers. Can you get good credit renting out moms basement?

[AaronM]

Originally Posted by The Real Deal

I wonder what the average credit score is of GFY surfers. Can you get good credit renting out moms basement?

It helps if you are 18 so that wipes out about 1/3rd of the people here.