Today I recieved an alert from my fico score alert that I had a decrease in my score of -24 points which drop me from a equifax score 632 to 608. The alert says the reason is a new joint account I opened with a credit union. I applied hoping with my fiancee's good history, jumping on would bump up my score....didn't happen. What can I do to increase my score I was trying to get it a least greater than 650 we want to buy a home. How can I possibly increase to this level and how soon. There is a balance on the card in the amount of 8,000 dollars the credit limit is 10,000. Can anyone please tell me what I can do and how soon might my score increase......Help.
The new account is hurting your score somewhat, since the average age of your credit accounts dropped. Also, the balance on our credit card is hurting your score. 80% utilization is quite high. Try to get that credit card balance paid down below 50% and optimally to 35% of your credit line or less. Do you have any baddies on your report (collections, etc)?
He may have hurt them both with that joint account... Just getting the new account would lower one's scores, temporarily. The fact that it's a joint account may have hurt his fiancee's scores, too; he'd have been better added as an AU on one of her accounts to get the benefit of the stronger credit history without the damage. Paying down the credit card would indeed help; there are likely collection accounts in the "mix" with a score like that, and those won't help, either. And, will be much harder to deal with in a hurry.
I don't understand how adding me as a joint hurts my fiancee's score who has good credit EQ 684. I was added to his account as a joint and from other threads I have read this shouldn't affect his score. My history is somewhat damaged by previous negs and a 2 collections both which are paid in full. However with those paid I was able to have a score 632 which after my fiancee added me on his account dropped to 608. I hope that rottweiler is incorrect by this transaction affecting his good score because we are hoping to by a home in the near future and by no means want to hurt his score. Can anyone clear this up. please
