Any tips on Credit?

[actob99 156]

Wondering if anyone has any good tips or helpful advice for getting fast- good credit for my wife?

[GodsGift225 54]

a cell phone under her own name, a small clothing store credit card, going through your bank if any.

[Soju 5]

You can start with a joint credit card application.

Also you can try to get secured credit card for her. I started out with $300 credit limit with Cap One with secured credit. After one year, they sent me to deposited money back and increased credit limit to $500 unsecured.

It's slow process, but got to start somewhere.

[qwerty123 6]

A utility bill in her name, one that is paid monthly and on time is a good idea as well.

[bsd058 296]

Here's a tip on credit: "Don't tip on credit."

Just kidding.

Any monthly invoice that is paid on time should suffice to build credit. If you want to be sure, you can go to the bank, and open a pre-paid credit card with a deposit of $500 - $1000. Then use it every month and pay it off every month. At the end of the year your bank will offer you more, plus you'll get your deposit back (can be the end of one year or two). Then, check your credit score online, and apply for a mortgage for a home you want. It's usually cheaper than paying rent. At least it is wherever I live (I've moved around a lot in my life).

Having a few different types of accounts (like a cell phone, a credit card, utilities, etc.) will get you good credit faster.

Then as the years go by and you build equity in your home (assuming the housing market doesn't tank again for a while), you'll qualify for more credit for other investments.

Just don't get hooked in the trap of buying things on credit that depreciate a lot in value (unless it is an emergency or a car that you need).

Edited January 30, 2013 by bsd058

[Darnell 8,478]

get a secured card with capital one.

[kzielu 1,149]

Here's a tip on credit: "Don't tip on credit."

Just kidding.

Any monthly invoice that is paid on time should suffice to build credit.

Good luck... They had zero relevance on my credit and most of the time this gets reported only if not paid on time.

In less than a year I had Equifax score above 750 - started with joint credit card, was added as authorized user on another one, the Kohl's charge and then my own credit card.

[actob99 156]

Thanks for the great info. Sounds like the secured credit card is the way to start. Then a kohl's or target card. I know its best to ise it every month and pay off every month.

Wasn't sure how long it would take for her credit score to come up. Example: high enough score for a car loan.

[bsd058 296]

Good luck... They had zero relevance on my credit and most of the time this gets reported only if not paid on time.

In less than a year I had Equifax score above 750 - started with joint credit card, was added as authorized user on another one, the Kohl's charge and then my own credit card.

I said more than this, though. If your read me in context, then you won't go wrong.

It's possible you quoted me while I was editing.

Edited January 30, 2013 by bsd058

[Darnell 8,478]

7 months, if she is diligent and starts with 1000 secured card.

[VanessaTony 3,567]

Thanks for the great info. Sounds like the secured credit card is the way to start. Then a kohl's or target card. I know its best to ise it every month and pay off every month.

Wasn't sure how long it would take for her credit score to come up. Example: high enough score for a car loan.

Here's how I did it (my husband doesn't believe in credit cards so I couldn't piggy back):

1. Capital One secured card. $49 deposit = $200 limit. I used that for a year until my score was high enough to apply for a non-secured card

Naively i thought this high score would be enough for a Kohls charge, it wasn't. I received a denial due to "lack of sufficient lines". So!

2. Wells Fargo non-secured credit card. The limit was based on my income and score. I also closed the Capital One (even though this is usually bad for your score, the secured card had an annual fee)

3. Amazon (Chase) credit card. Small $500 limit. Came with a $50 coupon and has no annual fee so that was great to spend!

4. Kohl's charge (just last week!).

I didn't start my score stuff until late, I didn't know about it so it's good to get a head start now.

Another quick way would be to get a small loan and co-sign with her, pay it for a couple of months and then pay it off.

Our electricity bill has NO EFFECT on my score. Even though they asked for my SSN to get it connected, it doesn't report to my score at all. I've heard I can ask them to, but I don't see the point honestly.

Good luck!

[actob99 156]

Awesome, great info and that is what I was looking for.. Thanks for sharing.

[Mark and Rassel 9]

Wondering if anyone has any good tips or helpful advice for getting fast- good credit for my wife?

I don't know if this the 'standard' approach, but she has one of each of my credit cards in her name. She's also on the rental agreement and is on one of my bank accounts as well . . . that has caused her to show up on the reporting agencies even before she had a SS # assigned! I wouldn't do anything special, just share what you have.

Mark and Rassel

[christeen 966]

Be sure to add her as an authorized user on your credit cards... This starts to establish credit history... Then a secured credit card... I am not sure how wise giving a new wife a kohl's credit card is... (Just saying, awfully tempting with all their kohls cash and discounts... LOL... ) just start slow, not too many inquiries (don't go around applying for tons of cards as each request is a ding on the score)... Let it build.

[JoBri 548]

My wife built her credit through a good credit union here. They loaned her $100 and she paid it back monthly, then loaned her again and she paid it back. That got the ball rolling. She got a used car at a crazy high interest rate without telling me, through some financier, and fortunately I hit a deer with her car and totaled it. I said "fortunately" because the insurance paid off her car in full and we got a very good car with cash after that. She also got a Master Card through Capital One and used that for gas and groceries. Now she gets offers for credit everywhere....