Credit Score Estimator
June 19th, 2011 | 
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Question: Is this the fastest and best way possible to establish credit?
(I have 1 year of making my auto loan payments on time.)
1) I plan to take out a $500 secured personal loan from my bank for 6 months.
2) Then go to a different bank with the $500 and take out another secured personal loan from that bank for 6 months.
3) Repeat this once more at a third bank.
4) Establish a $300 security deposit account at my original bank to qualify for a secured credit card.
5) Repeat the process of getting a secured credit card at the next bank.
6) Repeat this once more at the third bank.
7) Obtain 2 more credit cards.
Pay back $500 secured personal loans from my banks in 6 months making all payments on time.
9) Use all 5 credit cards but never charge more than a maximum balance of 9% of the total credit card limit.
10) Pay off the statements as soon as they come and make all payments on time.
According to this FICO score estimator my resulting FICO score would be 740-790 in 1 year.
http://www.bankrate.com/brm/fico/calc.asp
Answer: sounds like a good plan. Avoid carrying to many balances and close down the secured cards when you have the unsecured cards to avoid annual fees and all the other junk they penalize you with.
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Question: goodwill letters to old credit card companies in hopes of improving credit score?
I was thinking about writing goodwill letters to CC companies that has impacted my credit score in a negative way. I was delinquent on these accounts and that's what has hurt my score. I'm not even sure if they would still have my information but i have my credit card number on my credit report. So before i go thru all the trouble in contacting these places, is it going to be worth it?
Answer: if you do not owe than anything it can not hurt and the most it will cost you is 41 cents!!!
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Question: credit score scale is upto 950 :S ?
this is in reference to my other question
http://answers.yahoo.com/question/?qid=20080509140609AAe4Jqx
I got my score from annualcreditreport.com which is the website clark howard recommends. on my report the score scale is from 350 to 950 but a lot of people are telling me that maximum possible score is 850 ? does that mean 950 is just a hypthetical score or have they changed the scale
Answer: It is likely the VantageScore, which ranges from 501 to 990. The VantageScore goes past 850, not the FICO score. So, I'm thinking that you might be getting the two scoring models and their ranges mixed up.
PS.: I replied to your other question about this.
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