5 things to increase your FICO score asap?

[Anonymous]

My FICO score for all three reporting is 740-760. I would like to see it reach 800, any suggestions? I only have one credit card with a balance and it's at 64% util. I think the only thing really hurting me is my debt to income because my joint debts with my spouse are hurting me as his income far exceeds mine. What's a person to do?

[marty56]

DTI has no effect on your FICO score.  Your CC util needs to be at 9% or lower.  If you do this, you may have your score at or close to 800.

[fused]

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suzestudent wrote:

My FICO score for all three reporting is 740-760. I would like to see it reach 800, any suggestions? I only have one credit card with a balance and it's at 64% util. I think the only thing really hurting me is my debt to income because my joint debts with my spouse are hurting me as his income far exceeds mine. What's a person to do?

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You say you have only one CC account, do you have any other accounts such as secured or unsecured loans, a mortgage, lines of credit, etc. If so, what do they look like right now? How long is your credit history and what is the average-age of your accounts (answer the second question about your AA only if you have more than one account). To find this look on page two, Understanding Your FICO Score, of your EQ or TU reports.

[haulingthescoreup]

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@Anonymous wrote:

My FICO score for all three reporting is 740-760. I would like to see it reach 800, any suggestions? I only have one credit card with a balance and it's at 64% util. I think the only thing really hurting me is my debt to income because my joint debts with my spouse are hurting me as his income far exceeds mine. What's a person to do?

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I'm confused by the part about the joint debts with your spouse, and his income. What joint debts do you have, are they reported on your credit reports, and what does his income have to do with your scores?

Otherwise, as the others said, your util is killing your score. With only one CC, it's really affecting you.

After we untangle this , you might want to get a second card, as revolving credit is rewarded in FICO scoring, and it's a bit scary these days to be dependent on just one bank, as so many of them are going nuts. You will take an initial hit for adding an account, but since you only have one card now, I think that your scores might recover sooner. You can check on the simulators on your EQ and TU reports, check the box near the bottom about applying for and getting a card (put in $5000 for the credit limit), and see what it projects.