Credit, banking, blah blah

[SterlingGirl 1]

I'm sure it's been done before, but I'm lazy about searching, and would also like to ask peoples' experiences, not just the "according to Hoyle" facts.

My fiance and I want to take advantage of the awesome (buyers') housing market before the economy recovers, so we know that'll we'll have to do a bit of credit building on his part. I'm already planning to add his name to my checking account (as a side question - this WILL require he have an SSN, right?). I'm wondering, with my good credit, if I shouldn't go ahead and procure a good credit card and then add his name to the account once he's here and has his SSN squared away. Has anyone ever had trouble with a credit provider allowing one to do this? I know he'd have a heck of a time getting credit on his own, but he really has no interest in that; I'm the financial guru out of the two of us, so he's letting me completely handle expenses, business, etc. Am I right in believing that these measures will help him build credit without the headache of his attempting to build it all by himself?

[Mononoke28 135]

As far as needing a SSN to add him to your checking account, it depends on the bank, so the best thing to do is to give them a call.

The other thing is that if you plan to get a mortgage in both your names, he will need to build his own credit. You can try to get him piggy bank on you to accomplish this but it doesn't work some times. I added my husband to my credit cards and set him up as an authorized user, that still didn't work. He had to open his own credit card in order to get his credit rolling. Ten months and an extra credit card later, he has excellent credit.

Diana

[payxibka 10,047]

too lazy to search can sometimes prompt people to be too lazy to reply...

[SterlingGirl 1]

too lazy to search can sometimes prompt people to be too lazy to reply...

From what I've seen, lots of threads get mired down in pointless discussion and unnecessary comments from people with nothing constructive to say, and I don't feel like wading through all of that.

Hence, my own thread. Which I would also not like cluttered up with comments that add nothing. Thanks.

[payxibka 10,047]

too lazy to search can sometimes prompt people to be too lazy to reply...

From what I've seen, lots of threads get mired down in pointless discussion and unnecessary comments from people with nothing constructive to say, and I don't feel like wading through all of that.

Hence, my own thread. Which I would also not like cluttered up with comments that add nothing. Thanks.

ah... you own this thread... I thought this was a public forum

[SterlingGirl 1]

too lazy to search can sometimes prompt people to be too lazy to reply...

From what I've seen, lots of threads get mired down in pointless discussion and unnecessary comments from people with nothing constructive to say, and I don't feel like wading through all of that.

Hence, my own thread. Which I would also not like cluttered up with comments that add nothing. Thanks.

ah... you own this thread... I thought this was a public forum

And I thought this was a public forum meant for asking questions and receiving help. Since you're doing neither, could you please take your snarky comments elsewhere? Thanks.

[payxibka 10,047]

nope... this is as good a place as any today...

[Jon&Lindsey 0]

I added my husband to my credit cards and set him up as an authorized user, that still didn't work. He had to open his own credit card in order to get his credit rolling. Ten months and an extra credit card later, he has excellent credit.

Diana

If you want your husband to benefit from being on your credit cards, you need to have joint accounts - just being an authorized user means access to the money, but no responsibility to pay it back, so no benefit for the credit score. Capitol One does credit cards for people with no/low credit scores, I got approved for one with no score.

Hope that helps... I thought the other credit threads were pretty useful though.

[MrsCat 6]

payx be nice (shaking index finger) . . . . . .

I just moved a several weeks ago and opened a credit card with Capital One with no credit history. No need for a secured card there. Only $500 credit limit but its a start.

As said above, in order to piggy-back on someone's credit you have to be a joint holder, not just an authorized user. It helps to build credit faster. I think Suze Orman used to suggest this for couples who were certain that the other person's spending habits are not impulsive and going to lend to accumulating debt.

I needed my SSN to be added to my husbands account. I opened a bank account too (checking/savings/CD) on my own. However, until my nearly non-existent credit increases my bank will hold funds for 6 days. I get $100 the next business day and have to wait for the rest.

No time like the present for her to take control of her credit stuff.

PS: If she's new to the country and learning about credit/lending here the Suze Orman book Young, Fabulous and Broke is great. Even if she isn't young, its a great way to learn about mortgages, loans, 401Ks etc. Even though I moved from Canada, it was a good read to understand which options are best depending on your particular circumstances and making financial plans for the future.

sorry double post.

Edited November 18, 2008 by MrsCat

[kaffy 2]

If you have an existing credit card, simply call up the comapny and ask to add your husband as a joint account holder. They should send you some paperwork to fill out. Chase sent us a very simple form asking my name, SSN, address, my current employer, annual income.. and two signatures. Make sure you make it clear that you want to add him as a JOINT account holder and not simply an Authorized user

and when my husband added me to his checking account (Wells Fargo) yes, I had to provide them with my SSN

[Penguin_ie 5,995]

In terms of the SNN, it depends on the bank- in our case, they would add me to an account and let us open a second (new) joint account once I was present in person and could sign for it, but said I needed to submit my SSN when I get it, preferably within 30 days.

[reeses16 8]

As other posters mentioned, he will need to be a joint account holder not an authorized user. He will need his SSN to do this. If you have multiple cards or carry balances on any of them I recommend adding him strategically. Don't add him to a card that is near its limit...add him to a low debt/credit ratio card. Add him to the card you've had the longest. I did this, when I checked my hubby's credit report a few months after adding him his credit history went back to the date my account was opened.....waaaay before he got to the US.

Also, when buying your house its not necessary for your hubby to be on the mortgage. He can own the house without being on the mortgage (either during the deed/title process or by placing the home in a jointly owned trust; but if you live in a community property state he owns it 50/50 even without the extra paperwork)

You should look for the best rate on your mortgage possible. This may mean that the mortgage may need to be in your name only since you have a longer established credit history. Make sure you get both of your FICO scores before you make a decision.

[SterlingGirl 1]

Also, when buying your house its not necessary for your hubby to be on the mortgage. He can own the house without being on the mortgage (either during the deed/title process or by placing the home in a jointly owned trust; but if you live in a community property state he owns it 50/50 even without the extra paperwork)

Really? His income would figure into the house-buying process (I couldn't afford it on my own), so it was my assumption that if his income is factored into the bank's decision to loan us money, then his credit would ALSO be factored in as someone responsible for paying. He had an American-based job long before he entered the country (internet), so even though USCIS won't use his income as far as the level of support I can give him as a sponsor, I was fairly certain a bank would look at his credit if his income was to be used to qualify us for a loan.

Edited November 26, 2008 by SterlingGirl

[Mark UK 3]

Also, when buying your house its not necessary for your hubby to be on the mortgage. He can own the house without being on the mortgage (either during the deed/title process or by placing the home in a jointly owned trust; but if you live in a community property state he owns it 50/50 even without the extra paperwork)

Really? His income would figure into the house-buying process (I couldn't afford it on my own), so it was my assumption that if his income is factored into the bank's decision to loan us money, then his credit would ALSO be factored in as someone responsible for paying. He had an American-based job long before he entered the country (internet), so even though USCIS won't use his income as far as the level of support I can give him as a sponsor, I was fairly certain a bank would look at his credit if his income was to be used to qualify us for a loan.

If his income has to figure, then I would imagine that he will be factored into the bank's decision to lend the money. It did with us.

We had trouble when we wanted to buy a house after about six months of my being here. I had a decent income, excellent credit from the UK and my wife had tremendous credit here. We still got screwed by our mortgage company (don't use Wells Fargo!). I even transferred my Amex card with five years' credit history over here and it took about a year before my credit was up to a point where it should be. You might get lucky and you might get a bank very accommodating of the situation. But, if our experience is anything to go by, be prepared to have to pay like you had bad credit even when your credit score is near the top of the scale. Not meaning to pour rain in anyone's parade or anything - good luck!