Increasing Fico score

Anonymous · ‎10-05-2008

Considering new car & loan - FICO score good but just received a good annual salary increase - would that help raise the score any if that were reported? ( just went into efffect Oct.1) Or would it not add that much to score anyway?? If anyone knows?? Thanks

haulingthescoreup · ‎10-05-2008

Income is not reported on your credit reports, and therefore it has no effect on your FICO score.

What's Not in Your Score

Obviously, it does factor in on decisions by lenders, which is different from FICO scoring.

Congrats on the raise!

* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007

Anonymous · ‎10-06-2008

My advice would be to take that raise and pay down other debts (if you have any) so that you can improve your util%.

Income may not show on your FICO scores, but you sure can use higher income and extra income windfalls (birthday checks, IRS refund, etc) to make your FICO score better instead of spending it like some people do.