Wife and I are trying to build credit-HELP

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Joined: Sun Dec 22, 2013 11:48 am
Location: Michigan

Wife and I are trying to build credit-HELP

Postby rebuildincredit » Sun Dec 22, 2013 2:26 pm

Here is the situation. My wife and I are trying to rebuild credit. We are on a land contract with our home so no reporting there. No car loans. No loans whatsoever. We have debit cards and pay cash. I have pulled reports on both of us.

My situation. I have an old CC from Capital One that went to collections(and has been sold off to another collector) but this debt $541 will be off of my report in May 2015. I have no other positive or negs in my report.

My wife literally does not even have a report. She does not even have a score. She works fulltime and makes 30k a year. She has tried to get store cards in the past with denials(been a while since she has done this), I have a small business that by the time tax time comes makes 7k a year. Combined we make 37k on paper.

Looking for advice. I feel I should get us into some secured cards(2 for each of us) and pay on time and keep the debt under 25% on the cards. My hope is to build our scores so we can finance the house after the May 2015 date when my report will have no negatives. What is the best plan of attack and what cards do you recommend will be the best for our situation. Also, with a secured card, what dollar amount would be the best. I appreciate all input as I want to start 2014 on my way up the credit ladder.

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Postby MemberSince99 » Tue Dec 24, 2013 5:47 pm

I agree, secured is probably about what you are going to have to start with, if not the bottom of the barrel lenders like First Premiere or Credit One. But I would skip them if possible.

Also try a credit union.

Last but not least if you have someone who can make you two AUs (authorized users) on their cards it will help you build your credit. Google the term or search on here for more details about this if you want to learn more but basically it just means someone who has a card gets cards for you and lets you make charges on it. If you do it with a lender who reports you as users it builds your history. Amex does report with an SSN. Discover did not in the case of the person I added as an AU. So they vary but that's how you do that.

Hopefully this helps. Hope you have a good Christmas.

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