Re: Wifes Score Raising Faster Than Mine. Why?
05-26-2013 07:44 AM
I have spent the past few years improving my credit score. The problems it had were some small medical collections, a First Premier CC collection and settlement, and finally a couple 60 day old payments 4 years ago. During this time my score has very slowly, but surely improved from around 560 up to the scores listed below.
Meanwhile my wife had similar medical collections, a judgement and a bank CC that she let go into collections over a dispute on the fees they charged. A couple of months ago she paid all that off and within 4 months her FICO scores are only about 10-25 points below mine!
I am happy hers have improved, but I am confused about why hers shot up and mine move up like molasses. Somthing odd though is that even though her scores are only slightly lower than mine the CC companies seem to give her much lower limits than mine do. Her highest limit is $1000 where mine is $2500. Any thoughts on this?
As you probably know, there are multiple factors that make up a credit score. Length of history. Income. Debt to Income Ratio. Number of tradelines. Number of tradelines in good standing. Number of derogatory issues. Unless both of you started your credit journey at exactly the same time, there's likely a difference in you AAofA. Same thing with your salaries; if there's a difference and the ratio of debt to income differs, the result will impact scores.
It's commendable that both of you are improving your scores, and that BOTH of you are making progress. Don't worry, there may be a time that your score will shoot up, a time when, perhaps you add new TL with good CL and you'll see a positive result from this. All of us reach plateaus at times. Not to worry! Keep making progress!
ONWARD AND UPWARD!
EX = 818 EQ = 822 TU = 830 - 01/2015