Building up credit history

[paulinespens 3]

I have opened a checking account without any problems. I have a checkbook and visa debit card and had no problems getting the account.

I applied for a credit card with Citi Cards and I received a letter today with two credit cards in it. a $500 credit limit which is a start and im more then happy with.

0% Apr for 6 months on purchases.

So yeah things are going well the banking side of things for me.

[Mononoke28 135]

I have opened a checking account without any problems. I have a checkbook and visa debit card and had no problems getting the account.

I applied for a credit card with Citi Cards and I received a letter today with two credit cards in it. a $500 credit limit which is a start and im more then happy with.

0% Apr for 6 months on purchases.

So yeah things are going well the banking side of things for me.

Did you have any other type of credit cards before Citibank approved you? My husband and I opened a checking account last December and I've been wondering of whether or not have him apply for a credit card.

Thanks!

Diana

[Jigi 0]

hi,

You can add your hubby to one of your credit cards as a joint holder and then after 3 months or so he can apply credit card by himself. In that period make your hubby use the joint card which is attached to your account and slowly add him onto all utility accounts, bank accounts, lease agreements etc.

I guess thats how it will help him get more credit

Jigi

[Mononoke28 135]

But see reading here they've said that adding him to my credit cards does no good since it'll be like a ghost account. I've already added him to the lease and other stuff plus we opened a new joint checking/savings account. It would be better if he could have a credit card by himself and I wanted to see if there were other options out there besides the secured credit cards.

Diana

[tom&tata 2]

But see reading here they've said that adding him to my credit cards does no good since it'll be like a ghost account. I've already added him to the lease and other stuff plus we opened a new joint checking/savings account. It would be better if he could have a credit card by himself and I wanted to see if there were other options out there besides the secured credit cards.

Diana

I read that the authorized user account will no longer count towards FICO credit score calculation - not sure whether it has started or have yet to start. But adding your spouse to the credit card as joint account holder will still count towards the credit score.

You can try your bank whether they can issue credit card for him. It does not matter if it is small limit as long as he has credit history being reported. Good luck!

[reeses16 8]

Mononoke28,

There is a difference between adding him to your account (aka authorized user) and making him a joint user (financially responsible for the bill). I called the # on the back of my card, requested to add my hubby to my card as a joint user, they sent us paperwork in the mail. To become financially responsible (and build credit via a joint account) you both will have to sign the form they send you and provide your social security numbers. A month or 2 after that my hubby applied and received his own credit card with a good limit and low interest.

[paulinespens 3]

I have opened a checking account without any problems. I have a checkbook and visa debit card and had no problems getting the account.

I applied for a credit card with Citi Cards and I received a letter today with two credit cards in it. a $500 credit limit which is a start and im more then happy with.

0% Apr for 6 months on purchases.

So yeah things are going well the banking side of things for me.

Did you have any other type of credit cards before Citibank approved you? My husband and I opened a checking account last December and I've been wondering of whether or not have him apply for a credit card.

Thanks!

Diana

Citibank was the first card I applied for. I had opened my checking account 4 weeks ago.

[JVKn'CVO 11]

I have opened a checking account without any problems. I have a checkbook and visa debit card and had no problems getting the account.

I applied for a credit card with Citi Cards and I received a letter today with two credit cards in it. a $500 credit limit which is a start and im more then happy with.

0% Apr for 6 months on purchases.

So yeah things are going well the banking side of things for me.

Go Citi! I opened a checking account with them the other day, since I hope to start working soon I wanted to have the account open, and make it my direct deposit account. I chose the EZ checking account and signed up for AAdvantage miles

Saludos,

Caro

[Mononoke28 135]

Thanks everybody!

Diana

[JamalNTam 1]

But see reading here they've said that adding him to my credit cards does no good since it'll be like a ghost account. I've already added him to the lease and other stuff plus we opened a new joint checking/savings account. It would be better if he could have a credit card by himself and I wanted to see if there were other options out there besides the secured credit cards.

Diana

I read that the authorized user account will no longer count towards FICO credit score calculation - not sure whether it has started or have yet to start. But adding your spouse to the credit card as joint account holder will still count towards the credit score.

You can try your bank whether they can issue credit card for him. It does not matter if it is small limit as long as he has credit history being reported. Good luck!

Where did you read this? I was added as an authorized user on my husbands 2 credit cards and it appeared on my fico score back in November - does this mean that now it doesn't count my score will take a drastic decline or as it was added before it no longer takes effect, it'll stay on my report? It seems unfair that they would just remove it and make it look like my credit score has dropped!

[athena_ny 1]

But see reading here they've said that adding him to my credit cards does no good since it'll be like a ghost account. I've already added him to the lease and other stuff plus we opened a new joint checking/savings account. It would be better if he could have a credit card by himself and I wanted to see if there were other options out there besides the secured credit cards.

Diana

I read that the authorized user account will no longer count towards FICO credit score calculation - not sure whether it has started or have yet to start. But adding your spouse to the credit card as joint account holder will still count towards the credit score.

You can try your bank whether they can issue credit card for him. It does not matter if it is small limit as long as he has credit history being reported. Good luck!

Where did you read this? I was added as an authorized user on my husbands 2 credit cards and it appeared on my fico score back in November - does this mean that now it doesn't count my score will take a drastic decline or as it was added before it no longer takes effect, it'll stay on my report? It seems unfair that they would just remove it and make it look like my credit score has dropped!

My husband's report still shows an account I added him on back in March of 2007. Also, being nitpicky, but accounts don't appear on your FICO score, they appear on your credit report which is used to calculate your FICO score.

If anything though, that account probably brings his credit score down ... considering after a little less than a year he has a credit score over 700 and I don't

[tom&tata 2]

But see reading here they've said that adding him to my credit cards does no good since it'll be like a ghost account. I've already added him to the lease and other stuff plus we opened a new joint checking/savings account. It would be better if he could have a credit card by himself and I wanted to see if there were other options out there besides the secured credit cards.

Diana

I read that the authorized user account will no longer count towards FICO credit score calculation - not sure whether it has started or have yet to start. But adding your spouse to the credit card as joint account holder will still count towards the credit score.

You can try your bank whether they can issue credit card for him. It does not matter if it is small limit as long as he has credit history being reported. Good luck!

Where did you read this? I was added as an authorized user on my husbands 2 credit cards and it appeared on my fico score back in November - does this mean that now it doesn't count my score will take a drastic decline or as it was added before it no longer takes effect, it'll stay on my report? It seems unfair that they would just remove it and make it look like my credit score has dropped!

What they call FICO 08 is the new calculation that does not take into account authorized user (joint account will stay the same). I am not really following the news so I am not sure whether they are using it or not already. But the reason they change the calculation because there are people who are selling authorized user account to boost score.

Edited February 19, 2008 by tom&tata

[brtlmj 0]

Reportedly, the new method of calculating FICO scores will assign a significant weight to credit utilization. If you use more than 30% of your limit, your score will take a hit.

So, when a new immigrant gets a credit card (presumably with a low limit), it might be best to keep it in a drawer and use his/her USC spouse's credit card (as an authorized user, of course).

I (an immigrant, but with a decent score by now ) am planning to ask my bank for an increase in credit limit, so that I don't ever have to get close to it.

[mawilson 2,133]

Does anyone how to convince a credit card company to increase your credit limit threefold?

I spend about $5,000 per month (and pay off my balance in full each month), yet the best

I could get from Chase was a credit card with a low limit of $10,000.

My outstanding balance is always way too close to the limit (especially near the due date),

which negatively affects my credit score.

Ideally, I'd like to keep my debt/limit ratio under 25%, which means I need a credit line of

at least $30k.

When I asked Chase to increase it to $30k, they ran a credit check and denied my request.

I have other credit cards (including one "secured card" with a $15k limit that I used to

jump-start my credit), but I don't really want to use them anymore.

Any ideas?

[*julez* 124]

Does anyone how to convince a credit card company to increase your credit limit threefold?

I spend about $5,000 per month (and pay off my balance in full each month), yet the best

I could get from Chase was a credit card with a low limit of $10,000.

My outstanding balance is always way too close to the limit (especially near the due date),

which negatively affects my credit score.

Ideally, I'd like to keep my debt/limit ratio under 25%, which means I need a credit line of

at least $30k.

When I asked Chase to increase it to $30k, they ran a credit check and denied my request.

I have other credit cards (including one "secured card" with a $15k limit that I used to

jump-start my credit), but I don't really want to use them anymore.

Any ideas?

If you close out the card you no longer want to use, that should boost your credit score, which will also increase the likihood of a higher limit with Chase. They take into consideration your debt-to-income ratio, and if you have lots of available debt (like that unused card) it negatively impacts your ability to get more credit.