How Can I Help Build My Girlfriend's Credit Score?

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Dylan1982
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How Can I Help Build My Girlfriend's Credit Score?

Postby Dylan1982 » Thu Aug 02, 2012 4:38 am

She has ZERO debt, but has a bad score. She's 27, so she's been in the credit industry since she was 18 (9 running years), but I know credit bureaus view that differently.

So my question is, how can I help her build her credit?

Currently she has department store cards (Express, Target, Wal-Mart, etc...)

I've just recently paid off a car, paid off a credit card and dropped my utilization rate from 51% down to I dunno... ~5% or less....

Any ideas?? thanks!
Chase Freedom - $12,500 (2/2013)
GM Card - $7,700 (7/2002)
CitiBank (Thank You Preferred) - $6,400 (6/2012)
CitiBank (Diamond Preferred) - $4,600 (6/2012)
Rogers & Hollands - $3,300 (3/2006)
Target REDcard - $3,000 (11/2014)
BestBuy - $1,600 (9/2003)
Discount Tires - $1,000 (2/2004)
Kohl's - $300 (4/2012)


agp
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Postby agp » Thu Aug 02, 2012 5:10 am

Drop utilization down to under 10%
Pay all balances on time and in full
Then after keeping that up for a few months, apply for non-store cards, then get rid of those store cards if she does not shop at those stores.

Walmart card comes with free montly TU fico scores so keep an eye on that, and from that you can estimate how her EX and EQ scores are.

Main Card: Amex Platinum
For gas: Penfed Platinum Cash Rewards
For travel & dining: Chase Sapphire Preferred

DavidNY
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Postby DavidNY » Thu Aug 02, 2012 9:31 am

Make her an AU on your cards.

432521
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Postby 432521 » Thu Aug 02, 2012 11:11 am

Unless you know she is going to be responsible with a card I suggest you don't make her a AU because things could go wrong real fast
March 2011- Wellsfargo Cash Back College Card
May 2012- Chase Freedom
May 2012- Discover IT
August 2012- American Express Blue Cash Everyday

agp
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Postby agp » Thu Aug 02, 2012 11:39 am

Don't link with anyone monetarily unless it's your wife (provided there's no prenupt).

Main Card: Amex Platinum
For gas: Penfed Platinum Cash Rewards
For travel & dining: Chase Sapphire Preferred

KingVicc
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Postby KingVicc » Thu Aug 02, 2012 3:12 pm

agp wrote:Don't link with anyone monetarily unless it's your wife (provided there's no prenupt).


I agree with AGP, since it is risky. However, I have my girlfriend as an additional user on my AMEX account. Her college loans are really hurting her score, especially since she has no credit cards, she can't really improve it. With that said, I added her as an AU and placed a $200 spending limit. $200 isn't a lot, so if she were to do something nasty and try to mess up my credit (I hope not) I could easily pay off those $200, and cancel the card immediately.

Don't close her store cards, especially if she's had some for more than 5 years!!! Long credit history = thumbs up!!!!
[size=80]Wells Fargo Platinum Card (2010)
American Express Blue Card (2011)
Barclay US Card (2011)
[/size]

Dylan1982
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Postby Dylan1982 » Thu Aug 02, 2012 8:56 pm

I can make her an AU w/o her knowing, can't I? If I do that, will that help her credit? Will my CL be essentially her CL? I guess I am asking if I make her an AU, will the cards that I make her an AU on, will those cards report to the credit bureau?

BTW, my utilization is at 0% now!!!
Chase Freedom - $12,500 (2/2013)
GM Card - $7,700 (7/2002)
CitiBank (Thank You Preferred) - $6,400 (6/2012)
CitiBank (Diamond Preferred) - $4,600 (6/2012)
Rogers & Hollands - $3,300 (3/2006)
Target REDcard - $3,000 (11/2014)
BestBuy - $1,600 (9/2003)
Discount Tires - $1,000 (2/2004)
Kohl's - $300 (4/2012)

DavidNY
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Postby DavidNY » Thu Aug 02, 2012 10:44 pm

You could make her an AU on your accounts without her knowing if you use her social security number on the application. However she will see the new accounts when she sees her credit report. It's best to be honest about it and ask her if she'd like to be an AU on your accounts. You could keep or destroy the cards if you feel she might abuse them.

Dylan1982
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Location: Chicago

Postby Dylan1982 » Sun Aug 26, 2012 10:09 pm

agp wrote:Drop utilization down to under 10%
Pay all balances on time and in full
Then after keeping that up for a few months, apply for non-store cards, then get rid of those store cards if she does not shop at those stores.

Walmart card comes with free montly TU fico scores so keep an eye on that, and from that you can estimate how her EX and EQ scores are.

How would she go about obtaining that? I had no idea that wal-mart did that.
Chase Freedom - $12,500 (2/2013)
GM Card - $7,700 (7/2002)
CitiBank (Thank You Preferred) - $6,400 (6/2012)
CitiBank (Diamond Preferred) - $4,600 (6/2012)
Rogers & Hollands - $3,300 (3/2006)
Target REDcard - $3,000 (11/2014)
BestBuy - $1,600 (9/2003)
Discount Tires - $1,000 (2/2004)
Kohl's - $300 (4/2012)

Dylan1982
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Posts: 323
Joined: Tue Mar 06, 2012 12:15 am
Location: Chicago

Postby Dylan1982 » Sun Aug 26, 2012 10:11 pm

Dylan1982 wrote:I can make her an AU w/o her knowing, can't I? If I do that, will that help her credit?

Will my CL be essentially her CL? I guess I am asking if I make her an AU, will the cards that I make her an AU on, will those cards report to the credit bureau?

BTW, my utilization is at 0% now!!!

Can anyone answer the question in BOLD for me?

My utilization is now 6% which is an A score
Chase Freedom - $12,500 (2/2013)
GM Card - $7,700 (7/2002)
CitiBank (Thank You Preferred) - $6,400 (6/2012)
CitiBank (Diamond Preferred) - $4,600 (6/2012)
Rogers & Hollands - $3,300 (3/2006)
Target REDcard - $3,000 (11/2014)
BestBuy - $1,600 (9/2003)
Discount Tires - $1,000 (2/2004)
Kohl's - $300 (4/2012)



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