Increasing your credit score - tips?

Discussion in 'Mama's Simplifying and Thrift forum' started by mamabear, May 13, 2010.

  1. mamabear

    mamabear ~*~smile~*~

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    So I need to get dh's credit score up by around 20-30 points in the next 8 months or so.

    I am not sure why his is lower than mine, except that I have probably applied for more credit in my name, and I had an Amex account that was my mom's that I was listed on, that was open forever, so I got some bonus points for that somehow.

    Anyone have links to good credit forums where they go through what you need to do to get the score up? Or articles?

    Thanks in advance! :)
  2. Robin

    Robin Jesus Follower

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    You might check out CreditBoards (Powered by Invision Power Board) for more info.

    Have you checked your credit report (M's) and made sure that it is up to date and all old/wrong info is gone?

    Do you have cards opened in his name? How long have they been opened? If they have been opened a while and they are paid off then don't close them. If you have cards open that you can pay off or down that helps also.

    Basically what the credit people want to see is cards opened for a long period of time. Very few/no negatives on cr. Cards opened but not maxed for credit amount. But they also don't want you to have a bunch of cards open with no amounts on them so it is a balancing act.

    If you don't have any cards open in his name, then it might help to open one and charge and pay it off or down. I can't remember which is better (pay off or down) for the credit companies.
  3. mamabear

    mamabear ~*~smile~*~

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    Thanks. I pulled mine, but need to pull his and check it.

    I also checked our cards and realized that the 2 that are close to maxed are in HIS name and not mine. So that's probably hurting. Going to work on paying those down first regardless of interest rate.

    I do know pay it down not off is what they want - got that advice a long time ago from a financial lawyer. :) She said charge $100, pay $80, every month.

    I think though we can't open any more cards without it going down, so I'll focus on cleaning up his credit report and paying down balances on the 2 cards in his name - thanks! And I'll definitely check out those forums; I couldn't remember what they were called.

    Oh and we have perfect payment history, no negatives, so we're all good there. :)
  4. Chickapea

    Chickapea Guest

    No idea as I'm doing that myself. Definitely check the credit reports to make sure there's nothing amiss there.

    I love, love, love credit karma dot com. You can check your credit score everything month. You don't get to see much for details, but can check the score. It's free, too which helps. I learned about it on the dave ramsey board.
  5. Robin

    Robin Jesus Follower

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    Yeah, I would only open a card if you had none open in his name because I think the payment history helps.

    Can you transfer the balance to somehting in your name? I know they also look at the amount of credit you have charged vs amount available too.

    It is such a balancing act it seems like.
  6. deb215

    deb215 Active Member

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    I just looked on that karma sight and they couldnt give me a score as my file is to 'thin'. I believe they said it pulls its info from trans union.

    hoping to buy a home in the next few years not sure what steps I should take to get a score.
  7. nuttymudder

    nuttymudder Active Member

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    at the end of my rope
    thanks for the tip!
  8. Saltwater

    Saltwater Amity's Focus Member

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    Last edited: Jun 9, 2010
  9. mamabear

    mamabear ~*~smile~*~

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    Yipes. Well, the only hard inquiry is the actual loan application, but I can't change that.

    I pulled his report - there's nothing bad on it at all, but we closed his oldest account from 1997. :( Silly. We did that a long time ago. Going to go over both with a fine-toothed comb and highlight any differences between them, and focus on that. But basically - his looks fine.

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