Class-Incremental Learning (CIL) aims to prevent catastrophic forgetting of previously learned classes while sequentially incorporating new ones. The more challenging Few-shot CIL (FSCIL) setting further complicates this by providing only a limited number of samples for each new class, increasing the risk of overfitting in addition to standard CIL challenges. While catastrophic forgetting has been extensively studied, overfitting in FSCIL, especially with large foundation models, has received less attention. To fill this gap, we propose the Singular Value Fine-tuning for FSCIL (SVFCL) and compared it with existing approaches for adapting foundation models to FSCIL, which primarily build on Parameter Efficient Fine-Tuning (PEFT) methods like prompt tuning and Low-Rank Adaptation (LoRA). Specifically, SVFCL applies singular value decomposition to the foundation model weights, keeping the singular vectors fixed while fine-tuning the singular values for each task, and then merging them. This simple yet effective approach not only alleviates the forgetting problem but also mitigates overfitting more effectively while significantly reducing trainable parameters. Extensive experiments on four benchmark datasets, along with visualizations and ablation studies, validate the effectiveness of SVFCL. The code will be made available.