How to build my husband's credit?

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5 posts
Drudai
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How to build my husband's credit?

Postby Drudai » Thu Aug 08, 2013 10:52 am

My husband never cared to think about his credit score before we were together, we even have 5/3rd's Identity Alert ($8/month) for both of our credit scores every 30 days and he's maybe checked it twice out of the year we've had it.

Now that we're saving up for his car (currently sharing mine) and possibly a home in the future, he doesn't want his score holding us/him back.

Reporting on his report as of 7/23 is:
Experian - 674
Equifax - 607
TransUnion - 600

3 inquiries
1 collection (for a cancelled Verizon cellphone plan, $375, that I'm still working with the collector to settle for a lower amount)

He had a personal loan that his father paid off a long time ago, and it says "On average, your accounts were opened 3 years and 2 months ago" so I'm not sure if this is his AAoA or not.

And last but not least he is an authorized user on my Chase card, and that is reporting but I've heard somewhere that this doesn't help or hurt him?


I made him an AU on my new Discover card as well, but that won't be reporting for another cycle. I really don't want to sign him up for Capital One's secured card as mine is the crappiest thing we/I have, but I don't know what he would really qualify for with a) a 600 avg, b) a collection and c) not much reporting recently besides an AU account.

I wondered about opening a joint credit card, but I don't want my account to take a hit right now with another inquiry.

Suggestions?
[size=60]
Chase Freedom: $800
Chase Slate: $500
Discover It: $2000
Sears: $2000
US Bank: $500
AMEX BCE: $2000
[/size]


MemberSince99
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Location: WI

Postby MemberSince99 » Thu Aug 08, 2013 12:44 pm

If you want to avoid Cap One or worse you will need to use lenders who pull EX.
Amex is a known EX puller and he MIGHT be able to get a Green/Gold card IF the Verizon collection is old, if it's recent as I'm guessing, I'm not sure they would approve him.
Consider the BofA 99/500 secured card that will graduate to a regular card after a year - they pull EX.
Also consider the Walmart or Amazon store card - they are backed by GE and will grow with time and proper use.
Last but not least consider the "Shopping cart trick" if you haven't heard of it, search for it on the forum or Google it.
If none of these pan out, you will have to do the Cap One/First Premeire route that everyone hates.

I hope this helps you good luck!

Drudai
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Posts: 55
Joined: Sun Dec 16, 2012 8:25 pm
Location: Illinois

Postby Drudai » Thu Aug 08, 2013 5:45 pm

Would you call 2 1/2 years "recent"? or more like 4+ years?
[size=60]

Chase Freedom: $800

Chase Slate: $500

Discover It: $2000

Sears: $2000

US Bank: $500

AMEX BCE: $2000

[/size]

Midori
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Location: TX

Postby Midori » Thu Aug 08, 2013 10:43 pm

What part of IL are you in? Check the credit unions near you.

Du Page Credit Union, for example, has a Visa Credit Builder Secured card with no annual fee, with credits of $500-$2500 secured by savings. It doesn't graduate, but your funds get released back to you 60 days after you pay in full and close the card.

RIA Federal Credit Union has a no-annual-fee secured Visa.

The Navy Federal Credit Union has an nRewards Secured Visa with no annual fee that earns points.

US Bank has a Harley-Davidson Visa Secured Card with $0 annual fee. Even if you don't ride, it advertises that "When you've managed all of your credit obligations responsibly consistently for 12 months, you'll be well on your way to a strong credit standing, and we may be able to move you to an unsecured credit card product."

They don't graduate, but if you don't mind locking up $500-$2500 indefinitely, they would be useful tools. Otherwise, the $35/year fee for some of the rebuilder cards wouldn't be that onerous in comparison, and you wouldn't cry when you got rid of it in a year or two after getting better cards. The card itself would continue to report for 10 years after it was closed, so that helps with the math side of things.

MemberSince99
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Location: WI

Postby MemberSince99 » Fri Aug 09, 2013 6:23 am

4+ years would be better with Amex. They are not real fond of collections. Not sure I would waste the inquiry. With them it's impossible to say for sure, but probably a long shot.



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