Fast way to raise FICO score?

[Anonymous]

I recently got engaged, and I have some credit card debt that is negatively impacting my credit rating....I was wondering what is the fastest way to raise my score, because (luckily for my married future) my fiance has been much better with money than I have, and though I have in theory changed my ways for the better, I would really like to raise my score significantly before we start merging our credit....which he wants to do for some of our wedding costs.

He knows I have problems, so it's not about me trying to hide this from him or something, and I know it will take a while to truly improve my credit history, I'm looking for a quick boost right now, so that I don't totally drag our combined score (however they do that) down the toilet with my personal one.

Thanks!

Sorry if someone already asked this question, I'm new.

[llecs]

The fastest way it to pay down all of your CCs to less than 10%.

Avoid merging credit info until after the wedding. Also keeping separate accounts is better than being an AU on each other's acct.

[Anonymous]

The very fastest, quickest way to see a big score jump is to pay down your cc debt to below 10% of your credit limits....both individually and combined.

I believe a woman should have her own credit, independent of husband, except for large installment items like a....house. But I'm fairly independent.

I have mine, he has his. It's worked out better this way.

Welcome to the forum, and congrats on your upcoming wedding!

P.S. the only way that his scores will be brought down if you and he have joint card ownership of a credit card, where both are checked for credit.

You will still have your own credit file, just like now, after you are married.

[Anonymous]

Thanks for the help! I definitely was NOT planning to merge all my credit with his....my momma didn't raise no fool, LOL. We were planning on opening joint credit accounts for stuff we needed to pay for for the wedding, like the catering, dj, venues, plus the honeymoon, because, unfortunately, while my momma didn't raise no fool, she also didn't raise no money for my wedding or education.

 I guess I just always thought that once people are married, their credit histories are merged, because I read something about how when you get divorced, you're supposed to check your credit history for stuff that your spouse had before you married them so you can get it off your credit history.

I mean, I'm young, and I think part of the reason my score is as bad as it is is because I don't have that long of a credit history established AND I've made some mistakes with my revolving credit accounts. Hopefully I can figure something out, maybe get a loan from my credit union to pay down or pay off my revolving credit because I'm fine with installments, and count on the fact that I'm young enough to have time to also do long term stuff to improve my credit score as well.

[RobertEG]

Homefries, congrats on your impending marriage!  The prior posts are absolutely correct.  Marriage is not a factor in credit reports or scoring. 

As I see it, you now have a golden opportunity that looks like a win-win.  Here is the safest, and also non-male chauvenistic, way to handle it, IMHO, from what you have said.

You are correct, only time and paying down the revolving util will truly boost your personal score.  I also would not even consider givng up my credit history or assume peril simply because I walked down an aisle with flower all around!  I applaud you for that!

Without merging cards to joint ownership, or becoming an AU on each other's cards, if you dont HAVE to apply for new credit soley in your name in the near future, then your current FICO score is meaningless to either you or him until you need it for new credit under only your name.  I cannot think a better and more sympathetic source in helping pay down %util on your existing balances than a love-struck new hubby in the honeymoon year!  Strike hard, and strike fast!!!!!  LOL!!!!

You also mentioned divorce in light of prior debt before entering the marriage.  In almost all states, which are referred to in the law as "community property" states, property, assets, and debt assumed by one party prior to marriage are individual assets retained upon divorce by the individual parties, but assets and debt accrued after marriage are "community property," meaning they are usually 50/50 between each spouse.

So, an Ivana Trump would ask Donald to pay as much of her prior debt before marriage as possible, so it becomes her "non-community" property prior to the wedding day.  I am not suggesting such a sinsiter ploy, for I know that marraige is until death do us part (at least for 50% of marriages!!!!)

Message Edited by RobertEG on 04-14-2008 07:10 PM

[RobertEG]

On the FICO webinar dated 2/22/08, available in Credit Education tab on the top of this web page, the issue of marriage and its affect on credit scores was discussed.  The FairIsaac rep pointed  out that it is true that marriage itself does affect the credit score of the individuals.  However, it was stated that after marriage, if the two spouses then open joint accounts, lenders will normally pull and consider the reports and scores of both spouses when making credit decisions.  Thus, the point being made is that while marriage does not affect individual FICO scores, it might afftect lendor credit decisions through opening of joint accounts.

[Anonymous]

How much cc debt do you have?  Sometimes refinancing it can hurt and closing the accounts will shorten your credit history.  If it isn't too much you may just want to keep the card open and pay them down to 1%-9% (but not pay them completely off!).  But it all depends on the details of your situation.  You may get some better answers on the forum if you are willing to give details.

[Anonymous]

I have a little over $3000 in cc debt. As for refinancing and/or closing the cards, I don't know if that will shorten my credit history totally...I have federal student loans that I've had since 2004 when I started college, and I didn't get my first credit card until late 2005, so I don't know how that would affect my credit history. I barely HAVE one, that's my problem. I just figure that if I can get this revolving credit debt issue handled, I have like 20 years to look forward to paying installments on my student loans, which should help, right? I also have another year of school to go before I have to start paying those at all, which is why I'd prefer to get the revolving credit handled now, while I don't have many other bills or living expenses. Right now, I cannot keep up with all of the credit card debt-I just can't, there are too many (my fault, I know, but I'm paying for my mistake now). If it was just one medium sized payment a month, I could deal, but five a month, I can't swing, which is why I was looking at the refinancing. Plus, I'm getting the stimulus payment and about $200 back from the IRS, so I could pay off one of the cards, or get the refinance and then have that reserved to pay the bank for the next couple months or something. I also just found out that my school won't be supplying computers in the dorms anymore, so I have to buy a computer as well, so I need to get my accounts payable WAAAY down for the summer so I can save up for that, because I sure as heck am  not opening ANOTHER line of credit, so I'll have to pay cash for the computer on a Walmart paycheck.

[RobertEG]

Hey homefries, IMHO, in your situation, I would be almost totally unconcerned about improving you current FICO score.  Period.  Your problem now is not a FICO improvement problem.  It is a credit problem.  YOur only FICO concern is maintenace without furthre damage.

I would pay at least the min on any account to avoid future FICO lates, which will haunt you for 7 years.  Beyond that, dont go overlimit on a card, and recover.  You need to shift your mindset over to the general credit forum, and get some good credit advice.  Most of the advise you get on this forum is FICO score oriented, for that is its intent.  FICO scoring strategy can sometimes be destructive to a solid credit improvement strategy.  YOu can do both by relegating FICO only to the dont pay late and dont go overlimt mantra. IMHO

A higher FICO score is NOT a measure of your credit health.  Never has been.  It is a measure only of your risk of default within the next couple of years. 

Good luck

Message Edited by RobertEG on 04-17-2008 07:32 PM

[D007]

I currently have no credit card debt but I have $44,000 in student loans and car loan for $19, 000. I would like to know what tactic can I use to increase my current scores of 653, 650, 646 to increase rapidly. If anyone with knowledge and experience can offer suggestions let me know.