I have a credit rating of 720. What can I do to raise my credit score?

I dont see anything to dispute on my report. I have 2 credit cards which I pay on time. The balances are at about half their respective limits. I pay my bills and my 2 loans on time.





I am considering opening a higher capacity card (say 10-15K), consolidating the other 2 but NOT closing those accounts. Will this help?





Any other ideas?

I have a credit rating of 720. What can I do to raise my credit score?
If this is all you have on your credit then you need to reduce your debt to credit ratio to below 30% either by getting another card or paying your balances down.





The other thing you need is some installment credit like a car, boat, motercycle, computer, furniture or personal loan.
Reply:I would agree with all of the top contributors. This would be a good idea, and don't close or use the other two accounts. Try to pay down on this card to reach your goal of only 30-40% of your credit limit, and eventually get credit limit increases. Your credit score will eventually continue to rise.





Good luck, keep up the good work !!!!!
Reply:You could balance transfer these to a low interest card thereby increasing your available credit ( This card + the other 2 which will now not have balances) This should improve your credit score even though it is good right now. If you need to apply for a balance transfer you can find the best credit card deals at a credit card comparison site called http://www.CreditCardWave.com
Reply:Yes it will. You can get a card with 6 - 18 months 0 intro on balance transfers. Make sure the card does not charge a fee to do a balance transfer. Recently more credit cards are charging about 3% to transfer an existing balance from one card to another. You will save a lot of money on interest paying those existing balances off if you get a 0 intro card. You should be proud of yourself that you already have a really good score.





http://www.creditwish.com
Reply:720 is a Good score. When you open a new credit card it will drop your score since its a new account. You should just leave your stuff the way it is and work on paying off your credit cards get them much lower than the 1/2 way mark that alone will raise your score.
Reply:Like Spifiman said get the credit card balances down to under 30% of the limit (10% or under will boost it the most) and that should help you out in the short term.
Reply:My understanding is that 720 is considered good credit so why are you worried about raising it?
Reply:Just get a small loan for 24 months and pay it back in 12.
Reply:There's nothing wrong with your score. Just keep doing what you're doing and pay down your total balance.
Reply:Hello there!





Here are some inputs on how to make your score high or low.. it might help you...





♦ By making timely payments on all his accounts over the next month or by paying off a third of the balance on his cards, he could add as many as 20 points.





♦ By failing to make this month's payments on his loans, he could lose 75 to 125 points.





♦ By using all of the credit available on his three credit cards, he could lose 20 to 70 points.





♦ By getting a fourth card, depending on the status of his other debts, he could add or lose up to 10 points.





♦ By consolidating his credit card debt into a new card, also depending on other debts, he could add or lose 15 points.





The other simulator, the What-If, comes from CreditXpert, which designs credit management tools and puts out its own, similar credit score. A consumer with a score of 727 points (also considered good) would be likely to have her score change in the following ways:





♦ Every time she simply applied for a loan, whether a credit card, home mortgage or auto loan, she would lose five points. (An active appetite for credit, credit experts note, is considered a bad sign. For one thing, taking on new loans may make borrowers less likely to repay their current debts.)





♦ By getting a mortgage, she would lose two points.





♦ By getting an auto loan or a new credit card (assuming that she already has several cards) she would lose three points.





♦ If her new credit card had a credit limit of $20,000 or more, she would lose four points, instead of three. (For every $10,000 added to the limit, the score drops a point.)





♦ By simultaneously getting a new mortgage, auto loan and credit card, she would lose seven or eight points.








I hope it help you ..