Building credit score from scratch

**Seeker** · 02-15-2008, 10:30 PM

Is she working ? Have her apply for a credit card with a "No Annual Fee."

Credit Cards for People with No Credit History - CreditCards.com

If you have good credit, you can have her apply for a regular credit card (in her name), and you co-sign on it. Since your married, you will be held 50% responsible anyway.

Up to you which route to take, but either route should get her on the way to establishing credit.

**Hypersion** · 02-16-2008, 04:06 PM

Apply for some student credit cards. Convert them to rewards cash in 12 months.

**yellow heel** · 02-16-2008, 04:53 PM

Thanks for the replies.

No she does not work.

I am currently using citicard and discover card. Can I have them send a card for my wife? will that count toward her credit score?

**Seeker** · 02-16-2008, 07:53 PM

Originally posted by yellow heel View Post

Thanks for the replies.

No she does not work.

I am currently using citicard and discover card. Can I have them send a card for my wife? will that count toward her credit score?

You can have them add her to your account..... but it will not do anything to improve her credit score. You can add anyone to your account; you still are responsible for paying those bills.

If she needs to build a credit history, she must do so under her name. In order for someone without any credit history to build one, someone will have to support her in this venture. Thus, by you co-signing on her account, you will help her to build a credit history.

**maat55** · 02-17-2008, 07:41 AM

Open her her own card with a small limit at first, then have her use it ONLY for specific uses, then PIF each month. You may have to cosign.

**disneysteve** · 02-17-2008, 05:03 PM

Originally posted by Seeker View Post

In order for someone without any credit history to build one, someone will have to support her in this venture. Thus, by you co-signing on her account, you will help her to build a credit history.

Another option is for her to open a secured credit card. That wouldn't require anyone else to cosign.

**yellow heel** · 02-17-2008, 09:02 PM

Thanks all for the replies.

How can I co-sign for a cc? is there a specific place in the application that I can enter my name? sorry been a long time since i saw an application.

How can i open a secured cc? how is this different from a normal cc?

TIA.

**disneysteve** · 02-18-2008, 04:38 AM

10 questions before getting a secured credit card (Page 1 of 2)

Read about secured cards here.

**buzz** · 02-18-2008, 06:56 AM

Originally posted by yellow heel View Post

Thanks for the replies.

No she does not work.

I am currently using citicard and discover card. Can I have them send a card for my wife? will that count toward her credit score?

Talk to Customer Service at Citi and Discover. You should be able to add your wife as a full co-holder of the card. She would get full usage and the full credit history. When the account is reported to the bureaus in her name, she could then apply for her own card.

**docstudent** · 02-18-2008, 09:01 AM

it is simple...add her to one or all of your credit cards. i added my cousin to three of my major credit cards (and within) months, her credit score went up about 100 points. however, i rarely use the credit cards and my cousin understands that she is not to use the cards, it is only a means to improve her credit.

**gekkoplus** · 02-20-2008, 10:19 PM

Here are very basic rules I follow which I believe has led to my credit score increase -

1) Never close any credit card. If I don't need a card, I just pay off the balance and "mentally shut off" the card.

2) Always use auto pay feature. By doing this, I am saving myself from all human errors which cost a fortune on late fees and also a long lasting blot on your credit history. Besides I get to spend some quality time with my family without remaining preoccupied about due dates and monthly payments.

3) I always use debit card wherever I am physically making a transaction. (Restaurants, grocery stores, cinema hall, haircut etc.). This is a wonderful way to bring most of your day to day debt down to minimum.

4) I use credit cards only for online transactions or wherever I am not able to physically swipe my card. This not only keeps my credit balance revolving but also gives me required security from online frauds.

5) Request a credit limit increase every 6 months or so. If I have managed my credit balances well in the past 6 months or so, chances are that I will be approved a credit limit increase. This drives my credit used by total credit ratio lower and lower.

The key is to spend wisely which you can pay, pay on time, and pay smartly.

**yellow heel** · 02-20-2008, 10:54 PM

Thanks for link steve. Looks like the secure cc might need some annual fees.

I like the idea of my wife co-holding my existing cc.

gekko, i appreciate your input but my wife doesn't have a credit history so I need to get her a cc and apply the principle as you have stated.

I'll give the cc company a call and see what they can do for me.

**disneysteve** · 02-21-2008, 03:48 AM

Originally posted by docstudent View Post

it is simple...add her to one or all of your credit cards. i added my cousin to three of my major credit cards (and within) months, her credit score went up about 100 points.

I'm almost positive they have changed the system so that this no longer works. Many parents were doing this to get their kids better credit scores but you can't anymore. I'll see if I can find a link one way or the other.

**FrugalFish** · 02-21-2008, 05:58 AM

I don't pretend to know all that much about how these things work, but I personally have a very high credit score and it was built almost completely as a coholder of credit cards that were opened in DH's name with his credit.

My DH and I both had trouble establishing credit, so years ago started with a secured card offered by Citibank. About a month after that we got a Sears store card- back then most stores would give you a credit card so long as you were holding a major credit card (maybe it still works that way now)- the secured card does not look any different than a regular unsecured card. It didn't matter though because within 6 months we were getting offers for unsecured cards, which we took and then cancelled the secured account when the year was up. We figured the $20 annual fee we paid for the card was a small price to pay to establish credit- and in retrospect, it was a very small price. The problem I see with your situation is that your wife would not have an income to declare on the application and generally you have to have some kind of self-generated income to get any credit card, even a secured.

Building credit score from scratch