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Working on Our Credit Score

September 10th, 2010 at 10:38 am

So I've been working on our credit score a bit lately. I got mine for free last week from FICO and I was surprised that it was only a 729. We won't need our credit for another 3 years when we buy a house so I figure right now is the perfect time to work to improve it. My two biggest problems were length of credit history and revolving credit utilization. We don't carry a balance on our cards, but we use them for all of our purchases so the balance each month looks high.

So far we signed up for another credit card. It offers really good rewards and will get us even more cash back every year.

We each own an individual credit card, and I was thinking that we should add each other as cosigners. I might not want to add my husband to my card because it isn't that old, but his card is 7 years old and has a higher credit limit than any of my cards. Any thoughts?

This Week's Finance

March 7th, 2010 at 01:22 pm

We received a much belated Wedding Present this week. It was a $100 debit card. A day later, H brought home $100 from his coworkers to buy a gift card for another teacher. We pocketed the cash and used the credit card instead. I find those things to be horribly annoying unless you have a single large purchase to make. In our budget I usually treat cash as spending money as it is usually used on lunches, dinners out with friends, and the farmer's market. We are really frugal with out CC, but not very good with cash. Anyway, this delays my monthly withdrawal of cash from our checking account and hopefully we will only need $100 this month. That would be a great boon...maybe I should just force the issue.

I started using the digital envelope system this week. As this was the first weekend of the month, we will see how we come out on Monday. I think the extra cash is going to be the only thing that saves our budget this month. We went out twice this weekend for dinner. Too many birthdays in March plus Restaurant Week.