Question by MR3000: credit score?
I have a credit union visa credit card wth 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 amounst -3k$ ( no finance charges ).
I dont have any other loans.
I have credit score 690
what is the possibilty 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.
Give your answer to this question below!
no your credit wont’ go up that high in 2 years and it don’t need to. once you get in the 740 range you are elite anyway so theres not much difference between 850 and 740. The way you are going about it, I don’t think it’s going to increase much and all depending on the way your credit is reported to the unions it may appear on your fico score you are always at a $ 0.00 revolving balance therefore it has nothing to base good payments on.
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 banksters 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. forgetabout credit get out of the slavery of it and watch your life get better. Read Dave Ramseys book: Financial Peace You will see what I mean then. good luck
You typically dont 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.
Here is a good website to read up on this type of information.
http://www.creditscorequick.com/blogger
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. I found a link with a good article about FICO credit scores:
http://www.top-rated-credit-card.com/fico-scores-fair-isaac/
Good luck…