mrsjperez wrote:My unsecured limit is $1000. His is $500 with $99 security deposit. I got him put in mine as an authorized user even though the bank said it was a waste and he did the same for me on his.
Should we go"buy something" like furniture? We are going to put our stuff in storage if is decided it would be better to live with family so we could put it in there as well. Still not sure which way is better. Moving auth family and having no bills except credit or staying here and saving minimal but having bills in our name for alternative credit.
It would be best, in my opinion, to stay put for a while and build both of your credit. Then when you have established credit, think about purchasing a house. If you wait a while and build your credit, you should also receive a better apr on your mortgage.
In regards to building credit, there is not just one way of doing it. Now that you have the Cap 1 card, charge a few small purchases and pay the card off when you get the bill. Do it again, by the second or third month of doing this it will start improving your credit by showing activity and payments. Then try to get another credit line (either card or through a furniture store). It is always best to have multiple lines of credit available to you. After 6 months of having this card open, log into Cap 1 and ask for a CLI, doing it online will not show a hard pull on your credit. Remember, keep your utilization as low as possible if not paying off your card before the bill. This will show a low utilization which will also help your credit. Your goal should be to get at least 3 to 5 open lines of credit. By doing this, it will show that lenders are willing to extend credit to you and your husband.
I hope this helps you out. If you have any other questions please feel free to ask.