Lowering Utilization by increasing Credit Limit

[Anonymous]

Ok, so I posted this below, but thought I should word the subject line differently. Our FICO score is not great. 640 or so. We are working with a financial planner who is going to help us get into a home. However, he isn't going to do much until we find one we can afford. Almost there. We are trying to raise our FICO score and get our cards paid down. Our planner will rearrange our debt (probably roll it into the home) and come up with a plan for us to pay it off. In the meantime, we are stuck. We have 3 derogatories (late school loans) and we tried to get them removed, but they denied us. The only other thing we could think of was to try and raise our credit limits to decrease the debt being used on them. That didn't work either. So...would it be totally irresponsible and outrageous for me to open a card in my name and transfer a percentage of my husband's cards into my name?? We are going off of his score only. Is it possible to transfer someone else's debt onto your own card?? Other ideas would be great. Should we try again to get the derogatories removed? Thanks

[Anonymous]

Can you BT someone elses debt - Yes
Not always a good idea - so be careful

Student loans must conform the Higher Education Act- this makes it very difficult to remove late payments.
It is even difficult to get the late paymnes removed if it IS thier fault.

I am guesing you have not received many replies because of the FP- Shouldn't he be able to answer this?

[Anonymous]

Thanks for the response. I'm sure we could ask our financial planner, but we're trying to do a little research before asking him. We are trying to educate ourselves and hope to ask him semi-intelligent questions. Thought I'd see what you all think first.