Credit Score 690 to 850?
Question by MR3000: credit score?
I have a credit union visa credit card with a credit limit of 15K$
And Amex card with credit limit of 10K$
I spend around 3k$ including both the cards in a month.
Before the due date, i payoff all the amounts – 3k$ ( no finance charges ).
I don’t have any other loans.
I have credit score 690.
what is the possibility i will have the score of 850 in 2 years from now with this pace.
Is the high credit limit will affect my score ?
Best answer:
Answer by DAS
You should probably get a book on credit, FICO scores, how to increase your credit scores. There is lots of information out there about this subject.
Add your own answer in the comments!
Owning a home could help credit score. people that own homes are considered more stable also a income that makes it possible to pay debts you show in credit are important. Keeping all revolving debt less then 30% total limit is important. This is commonly referred to as utilization of credit by the credit companies. Having a long term history of current payments on timely basis is the key. Over time your score will improve if you pay on time and keep balances low less then 30% of limits.
Also make sure you have no judgments outstanding or collections that could hurt score. You probably don’t if you have a 690 score already. Or you could be like me and tell all bankers and credit cards off and never use credit again!!
I don’t play with the devils money! Borrower is servant to the lender, it is scripture. Again even save cash for home can make paying it off take less then 1/3 the time to own it!
I was able by saving a mere 700 a month to pay cash for a brand new construction 3 bedroom 2 bath home in less then 10 years not the typical 30year mortgage that masses in America take out mortgages for. Mortgage means in French debt until death. That doesn’t sound like the American dream to me. Get rich by paying cash for everything and then you will have plenty of money left over to invest or spend. forget about credit get out of the slavery of it and watch your life get better. Read Dave Ramsey’s book: Financial Peace You will see what I mean then. good luck
You typically don’t see scores that high until later in life. There is time factor in the FICO score model with Fair Isaac, the inventor of the fico score.
Short answer – your credit score can go up to 750 easily and then there is no point in increasing it higher as fico scores of 850 have no major benefit over a credit score of 750! That’s all it is…
If you get to know the FICO scoring system, that will help in increasing it.
Good luck…