Fastest track to improving FICO scores?
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My spouse's credit is bad enough that she can't get approved for much, we've tried. We paid off everything she had outstanding and she is now on good terms in the sense of being current and paid off. She has been in good standing with payments and zero balances for about 10 months. She just recently applied for a very marginal line of credit and was declined. Can someone tell me about how long its going to take before my spouse's credit score is repaired enough to reasonably expect to be granted a loan or be included on our mortgage? months? years? Should we try to get her a credit card with a very, very low limit to try and start to rebuild a consistent credit history. Currently she has 1 open credit card account that she doesn't even use and her student loan. Would it be better to use the card or not? Will using it properly help her FICO score improve?
Fastest track to improving FICO scores?Use the card... Minimally... each month and pay it off each month to get a consistant re-payment history. It will take a while but it will help. Also, get a copy of her credit report and make sure that everything on there is correct. I don't know how many accounts that I had closed that were still showing up on my report as open accounts with balances and they had been paid off for several years.
Fastest track to improving FICO scores?Stop taking on new debt.
Pay more than the minimum due on each account (even if it is only $1)
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