Fastest track to improving FICO scores?
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Lastly, what is the balance of her curent card. make sure that she owes LESS THAN 50% of her max. Anything more shows that she cant handle her card very well. I dont understand how people with a $1000 limit owe $950 on a card. When you balance is close to your limit then you get no advantage from the card. The $1000 limit is useless when its full because you cant use the card. It also shows that you either cant lower the balance or are not responsible enough to make higher payments. They like to know that you can handle a balance. If you limit is $1000, NEVER let your balance surpass $500. Others would suggest an even lower amount.
Another option would be for you or someone else to cosign a loan for her that she pays off within a few months. Its easier to get because of the cosigner and it builds her history.
Also check her student loan. That can be a killer if its in default status. make sure its in good standing and that its reported to be in good stating on her credit report.
Im no credit expert, but I hope this helps.
Fastest track to improving FICO scores?Yes, you have to have open and active accounts for them to report. If she has one credit card, what you can do is open her up a secured one. You may want to check where you do your banking to see if they're offered there. Bank of America, Wells Fargo, and Orchard Bank(HSBC) all offer secured cards. Also, it wouldn't hurt to add her to one of your oldest credit cards that's in good standing as an authorized user. If the card had a high limt, but fairly low balance charged, with a perfect payment history that's been opened for 3 years or more would be ideal. The activity from that account would enhance what she currently has, that's an option.
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