BUILDING CREDIT

[Dar&Shan 3]

Hello everyone! My husband and I are eager to build a house, but I'm wondering.......at what point can he start to build credit? Obviously, we would like to have both of us on the mortgage application. We just aren't sure when he is eligible to apply for credit. Thanks for your answers:)

[UK_Fan 192]

that's a catch 22.. even though i, for example, have a SS# now, it's not that easy. to get a credit card you need some kind of credit already.. i suggest you start with a cell phone..

[jkelly07 120]

any big department store will give you store credit.it's a start. some banks will give you 300 hundred dollar limit to start, you may have to put money down an use that as cridit until you build up your credit, check around.

[Penguin_ie 5,997]

*** Moved from AOS to Moving Here and your New Life forum ****

[Peter_Pan 661]

Does a secured loan build credit?

[engineer21 51]

I think work history helps with getting the initial credit card.

This is how I got my first credit card in the US..

I had been working full time on OPT for 6+ months.

I applied at my credit union, showing my paystubs and employment verification, and was given a credit card with $1000 limit.

It builds as years go by, and payments are made on time, and more credit is given, etc etc..

At one point when we were looking to get a loan with my USC hubby, I had more credit than he did

But I have also heard it is possible to get the foreign spouse a secured credit card attached to USC's account.

Low credit limit also, but gotta start somewhere!

[soon2batexan 3]

My recommendation would be to talk to Bank of America. I spoke to several banks who gave me options, but one very kind and knowledgeable lady at a local BoA informed me that they can pull a Canadian credit buerau ( at least they were willing to do so a year ago). They called and spoke to people in the appropriate department, then gave me their number so tha I could phone bac a few minutes later and provide them with my info. They basically asked me the usual identifying questions, and I had to give them my SIN.. I was told it it would take a couple days, and it did, but in the end it was worth it because they gave me a credit card, no questions asked, based on my Canadian credit history, with a much higher limit than I would've gotten with a secured card. Using that card responsibly has allowed me to build credit over the past year, so it has been really helpful!

Might be an option for you and your husband to consider if BoA is still willing to do it. And if the personal banker isn't aware of the process, maybe ask a manager if they're aware of the process.

[unlockingsky 94]

if you can secure a cc with american express it will be smooth building in your credit. i know a fact that american express does real good reporting on credit scores vs master&visa.

[rocks 494]

capital one has a credit card with a low limit for people with no credit history.

[웃 910]

Add your husband to your oldest credit card in good standing and it will do wonders for his credit history.

Then add him to your bank and pay them to give you a credit card (this is called getting a secured credit card). If you pay $400 you get a $400 limit....$500 a $500 limit, and so on...

At the end of 12 months you get the money back and you should cancel the card. At this point he'll have a score in the high 600s.

If you both have good credit and good incomes then it is great to do a joint application. But your mortgage officer will immediately advise you NOT to do a joint application if one of you has a low score or low income....