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I am so sorry for all the questions..but this issss Yahoo answers..so anyways.

Is it possible to raise a credit score like 50 points in 1 month? I just called Bank of America Credit Card and the rep said that adding an authorized user WILL NOT help their score. You MUST add them as a co-applicant. So that completely contradicts with the answers I’ve been getting from some of you. Maybe some banks don’t use that system? I dunno. My mom just needs to raise her score by 50 points, faster the better. She will not take out any loans herself though nor get a credit card. She is very “old-school” if you know what I mean….cash all the way. But now she needs a loan and uh..yeah. 50 points doesn’t seem like a lot, but it might take a long time though.

Any tips on how I can help her? If she cannot raise 50 points…then how much can she raise in 1 month or so?

Thanks!

Once again, no ads, spam, irrelevant answers, nor mean ones please.
And her report has no negative items. It is the fact that she doesn’t have much credit lines open that isn’t doing anything for her score.

8 Thoughts on Is it possible to raise a credit score by 50 points in about 1 month?
  1. Reply
    drive_55_not
    November 1, 2011 at 3:23 pm

    50 points is a lot,,, Since she has a thin credit file, and no derog’s to remove, trying to gain 50 points in a month is impossible,

    She’ll likely lose 30-points from a couple inquires and a opening new account,

    If you get her a couple credit cards, they can be low limit secured cards as long as they report to the CRB’s,. she’ll gain those lost points back and a little more in 6-months,

    Missed the part about the AU, depending on which FICO is being used, FICO scoring has changed and AU’s aren’t scored like they use to on FICO 08,

  2. Reply
    Doctor Deth
    November 1, 2011 at 4:06 pm

    50 points in 6 months is a lot, never mind one month and if she doesn’t have any loans or credit cards now, I don’t see how her score would change at all

  3. Reply
    Ryan M
    November 1, 2011 at 4:40 pm

    LOL…Not even close. Best case under ideal circumstances is that your score raises about 3-5 points per month. Getting a good credit score takes YEARS on purpose…the whole system is designed that way. It prevents people from stiffing creditors, then turning right around and doing it again…….not that your mom did that. Sorry, but that much of an increase is absolutely impossible in one month…..and would be hard to do even in one year.

  4. Reply
    UW2010
    November 1, 2011 at 5:03 pm

    well really she needs to get a loan and or a credit card. your credit score is based on how well you pay your bills. because she does not have any lines of credit (hardly) creditors don’t know how she pays her bills. for example if she took out a personal loan from a bank and began paying on that loan all the time this says that she pays her bills on time and other creditors would be willing to lend to her. Let her know that. other than that there is really no way that she can raise a credit score when she hardly has open lines of credit. tell her to apply for a credit card with no annual fee, but do better begin raising her score is to purchase a car, purchase a home, or get a loan. i know how mothers can be especially old school ones but let her know she is in the 21st century and the world is ran on credit and debt. best of luck to you.

  5. Reply
    Sailor Mars
    November 1, 2011 at 5:39 pm

    I don’t think 50 points is possible in a month, one year maybe, and yes that actually is a lot of points. What does she need the loan for? Does she own her home? Does she have investments of any kind? Does she have a relationship with her bank? There are options available but it’s hard without knowing exactly what you’re asking.

    1-she could get a second mortgage on her home if she owns it and get funds that way
    2-she could get a secured line of credit using her home (if she owns it) as collateral (this is a great option as you don’t loose any equity in your home and the line of credit has very low interest)
    3-if the problem is just that she doesn’t have any credit history at all and she goes into her bank enough that they know her (which I’m guessing would be the case if she’s “old school”) they can vouch for her that she’s a good client and sometimes push through a loan or credit card for her.
    4-depending on what she needs she may be able to cash in some investments..ie you can withdraw funds from a retirement account tax free for certain things, the first time home buyers plan for example lets you w/d money to use for a down payment that you pay back over 20 years.
    5-does she have any investments that might build up a capital? Universal life insurance (this is a particular kind of insurance by the way, not the name of a company) for example does this and you can w/d the funds it’s built up as a loan
    6-sometimes you can borrow using investments as collateral
    7-sometimes you can get money from your pension/old age security for certain things.

    There are a lot of options but I don’t know what you need so I can’t help you too much, although I hope I have a little! My advice would be for your mom to go talk to her bank or financial adviser and see what can be done and what options are available. You might even be able to co-sign for her??

  6. Reply
    timothy p
    November 1, 2011 at 6:38 pm

    The only way I know of getting that many points in that short of a period is by paying off maxed out revolving accounts. This doesn’t seem to be the case with her. Her “old school” is a good thing and she is probably in fair shape credit and debt wise. What type of loan does she need? Has she tried a credit union? Her best bet would be to deal with the smaller banks or credit union where an actual person is more likely to look at her credit file. The score is just used to filter out bad applicants and some use it to set the rate. But people look at the applications and make a decision in the end on most loans. She needs to walk into a credit union and sit down with a loan officer. If she pays cash for most purchases then she probably has a good debt to income ratio.

  7. Reply
    jlf
    November 1, 2011 at 7:18 pm

    What BofA told you about co-applicants is correct. And expecting a 50-point credit score spike in one month is not realistic.

  8. Reply
    Mike
    November 1, 2011 at 7:59 pm

    The information given by the B of A rep is incorrect. There was a short period of time in 2007-2008 that Fair Issac (FICO) did completely eliminate improving your credit score by being an authorized user but that was changed in the middle of 2008. Being an authorized user is the fastest way to improve your credit score since you receive the history of the owner of the card but it probably won’t occur within one month since records have to be updated at the credit bureaus.

    http://www.creditcards.com/credit-card-news/piggybacking-fico-credit-score-authorized-user-1265.php

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