Credit Rating impact?

[heo luoi 206]

My finance is coming from VN where I dont think anyone uses credit. Seen some related posts, wondering what some people that have done whatever may have better feedback on hindsight or what may be different from previously?

I have a very good credit rating. I assume I will add her when she gets here. People get married all the time, but not so much to people w/ ZERO credit....will it absolutely destroy my credit rating adding her ? Do I try to get her, her own which will likely be very difficult w/ no history?

Is the secured credit card approach cause you can't get any other card or even add to USC accounts, or cause you wouldnt want to?

Edited September 24, 2015 by coldhands

[Jo Së 200]

Marrying someone doesn't automatically cause someone's credit to change, you adding your fiancee will not drop your credit score nor will it increase, it will only help her build credit eventually. You can add her as an authorized user on your credit cards but that doesn't always help them build credit either.

Given that she has no credit history she will not be approved for a credit card on her own, she can get a secured credit card but some banks will want her to have some kind of income. Building her credit will take time once she gets a job and gets approved for credit cards. Same with teenagers, it takes a few years to start building credit once they become adults.

However, it will make a difference as far as interest goes if you open a loan or get a mortgage and add her to them for the reason that she has no credit history.

[ricnally 258]

Everyone coming here has the same issue. Credit history from one's home country is not considered. She will have to build her credit slowly. A secured credit card is a good way to start.

[heo luoi 206]

Everyone coming here has the same issue. Credit history from one's home country is not considered. She will have to build her credit slowly. A secured credit card is a good way to start.

I guess maybe I'm not clear enough? Im very much less concerned w/ her history vs its negative impact on mine. I dont know when she will have any of her own income if ever if we are hopefully able to start a family.

also was worried during AOS if she wasn't on my card(s) if that would flag why. If I add her to everything immediately or slowly add her to my account(s) over time...?

[Ebunoluwa 6,136]

Adding her will not lower your good credit rating. If you had bad credit then it would end up dragging her down too but adding someone with no

credit will not affect your good credit.

My husband was able to get a secured CC ($49 deposit) from Capital One based on MY income, he was not working at the time because he didn't have

his EAD yet. He climbed to over 640 after he made the first payment. We plan to keep his utilization low so that he will climb quickly to the 700's.

I had to fax some documents to Capital One and a letter stating that he would have a certain amount of my income available monthly.

Check out creditkarma.com, it's a good tool to learn and monitor what affects your credit's rise and fall.

[Anh map 2,098]

All the ways that anyone establishes a credit history are what your spouse will do. Having a job makes it easier to get a department store card, etc. A secured card is also a normal way to do it.

[Jo Së 200]

I guess maybe I'm not clear enough? Im very much less concerned w/ her history vs its negative impact on mine. I dont know when she will have any of her own income if ever if we are hopefully able to start a family.

also was worried during AOS if she wasn't on my card(s) if that would flag why. If I add her to everything immediately or slowly add her to my account(s) over time...?

Her not being on your accounts will not be an issue since by then you would have been married a short period of time, that will matter the most when she removes conditions 2 years after she gets her green card.

[TBoneTX 45,288]

*** Thread moved from "Moving to the US" forum to the Tax & Finances forum. ***

[Kat&Jon 85]

Hi heo luoi,

I don't know if you already got your answer but even though its a few days late I thought I would help out. I can confirm that adding your wife to your account will not affect your score in any way. I actually recommend that you add her to your account in order to help her build up her credit. When you do add her, I recommend you make sure they input her full social security number on file. This allows her to start building a credit profile. It will show on her credit report (eventually) that she is an authorized user on your account. To the bank and credit bureaus this means that she is not responsible for the account but does show that she can be responsible with credit based on your good standing.

The only way your score would drop at all by adding her to your accounts would be if she were to take the credit card you gave her and max it out which would then affect your credit utilization percentage and it would drop a few points. What would cause it to drop drastically is if you were all of a sudden since adding her start to continually make late payments because if the scenario I just mentioned happened and you weren't able to make the new higher minimum payments.

I hope this is the answer you were looking for, even though it was a few days late!

[heo luoi 206]

Welcome to VJ Kat&Jon, thanks to you and everyone. I think based on the feedback I'll add her slowly to some of my accounts and also try to procure a 'secured CC card' I

Still not sure about employment....I'm on to ponder about the eligibility to open her own Roth IRA now! :/!

Hi heo luoi,

I don't know if you already got your answer but even though its a few days late I thought I would help out. I can confirm that adding your wife to your account will not affect your score in any way. I actually recommend that you add her to your account in order to help her build up her credit. When you do add her, I recommend you make sure they input her full social security number on file. This allows her to start building a credit profile. It will show on her credit report (eventually) that she is an authorized user on your account. To the bank and credit bureaus this means that she is not responsible for the account but does show that she can be responsible with credit based on your good standing.

The only way your score would drop at all by adding her to your accounts would be if she were to take the credit card you gave her and max it out which would then affect your credit utilization percentage and it would drop a few points. What would cause it to drop drastically is if you were all of a sudden since adding her start to continually make late payments because if the scenario I just mentioned happened and you weren't able to make the new higher minimum payments.

I hope this is the answer you were looking for, even though it was a few days late!