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Is It Possible to Easily Increase My Credit Score? – Tamara


“Hi Steve,

I graduated with my Masters Degree this past June 2009 in Speech Pathology. I have over $100,000 in school loans and a car loan of approximately $10,000. My credit score is 716. I am trying to increase my credit score to above 720 to qualify for a conventional housing loan to purchase a home. My income is not the problem, it’s my debt to income ratio. I have consolidated about $80,000 of my school loans but I have a few private ones that I cannot consolidate including the $5,000 and $3,000 and one for $12,000. I have approximately $2,500 a month to put towards my school loans or to put into savings to help with the down payment of a house.

Is there any way to increase my credit score? Is it best to pay off my little school loans (i.e. $3,000, $5,000 and $12,000) , make larger payments to the loans I’ve consolidated (i.e. $80,000+) or try to pay off my car loan? Where should I put my money to increase my credit score? Is it even possible to increase my score in the next few months, or should I look at other housing loan options?



Dear Tamara,

Putting your money in a particular place won’t make any difference on your credit score, but having both a checking and saving account helps. The other places you would typically save, like investment accounts, don’t report to credit bureaus.

In answering your question I went to check on my own credit score. That investigation prompted me to write “My Credit Score is Dropping. Is Yours?

Rather than guess why your score is what it is, I’d suggest that you get a copy of your consolidated credit report and credit score to see if there isn’t some other activity on there that you might not know about that is bringing your score down.

P.S. Be sure to read ‘The Secret of Surviving Through Difficult Economic Times. What I Learned On My Journey‘.

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About Steve Rhode

Steve Rhode
Steve Rhode is the Get Out of Debt Guy and has been helping good people with bad debt problems since 1994. You can learn more about Steve, here.

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