I have a great story to share. This couple came to me hoping to buy a home. The wifes credit score was about 15 points shy of the minimum credit score for a mortgage. The husband needed his score to improve by about 20 points. After reviewing their credit, I noticed she had a Victorias Secret credit card that had not been used in two years but was still open and active. When you stop using a credit card or a charge card and there is no activity for six months, the account stops being factored into your credit score. She had had the account since 1999 and length of history is one of the most important factors in having a high credit score. Her husband was not on the account. I called her and told her to go buy something small at Victorias Secret and while she was at it add her husband as an authorized user on the account. They dont run credit but the husband would have the account added to his report the next time they updated the account. She went and bought something small and printed her updated statement online to send to me. We had it rapid rescored and three days later her score ended up coming up 40 points. Thirty days later when the authorized user account showed up on the husbands report his score came up 30 points just for being added to the account. They closed on their new home this week and the wife just wrote me to say just that small task revived their marriage as well. :) Have you looked at your credit report lately?
Posted on: Thu, 18 Dec 2014 21:41:00 +0000
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