This is a frequently posed question by those of above-average means who find themselves with a low FICO score. If you are such a person, your reasoning may be, "With such a high income, it's obvious I should have no problem paying my bills. I'm a much better risk than someone who only makes, say, $35,000 a year. What gives?"

The answer is that FICO scoring does not factor in your income. Period. Even if you make a million a year, you will be evaluated by exactly the same standard as someone making $25,000 a year: you will be scored based on what is on your credit report. (Employers, by the way, don't factor into FICO scoring even though they do appear on some credit reports.)

Of course, lenders and other potential creditors probably will consider your income as a factor in their decision (mortgage lenders certainly will want to see tax returns and other visible proof of income). So if you and Joe Blow both have a 650 FICO, and you have your $175,000 in documented income whereas he makes "only" $40,000 a year, you will likely be approved for a larger loan. This assumes that you and Joe Blow have the same debt load. And therein lies the complicating factor.

As many people who have become more prosperous than they were in their youth can testify, expenses and debt have a nasty way of increasing with income, unless you're careful. Many people aren't--we're only human--and find their expenses and debt overshoot their income. Then they fall behind on some bills, and there goes their FICO scores.

Before you work on your FICO score, make sure your income exceeds your spending. If you're in debt up to your eyeballs, even making $175,000 a year can feel like treading water.