Husband's Credit

[Paul and Melanie 0]

Hi there! My husband is trying to get new credit in his name, and we were wondering whether or not its bad to have his credit report checked over and over again to receive some kind of credit in his name, even though he doesn't have anything on it? I know if someone like me were to have my credit checked, it would lower my score, but since he doesn't have anything, is it bad? He applied at about 4 or 5 different companies so far, and most have declined since he has no credit. We're still waiting to hear back from 2 more. Should we wait a while longer to let another company run it?

Thanks.

Edited May 5, 2006 by Paul and Melanie

[Cassie 8]

So what he needs to do is get a store credit card, or one of those secured ones (that isn't the name for them, someone will pipe up with the right name), and put some purchases on it, pay it off in full each month, and build up some credit this way. I am not sure what rechecking his credit report over and over again will do other than tell you what already know -- he has none!

[Paul and Melanie 0]

Thank you. I'm starting to read about that now about getting a store credit card instead of trying to get a major card like a Visa or Mastercard. We should have only applied for department stores first.

[SteveLaura 0]

There's been various topics about the best ways to gain credit in the US - a search will pick them up for you. I agree with Cassie - I can't see the point of checking his score until he has been offered credit. I applied for a Secured credit card thru my bank (Associated) - it cost $500, which is my limit, and that cash is earning interest . I've also got a Target card and a loan for a mattress thru a local store, all in my name. I don't intend to check my score for a good few months yet. I know that others here have got normal credit cards thru online deals using their household income details. Check the threads for more info.

[pax 1]

There's really no point in checking the credit report until you have a minimum of six months' history to actually be reported.

Steve's idea is a good one, and I think we might pursue it (applying for a secured card through your own regular bank). Particularly if you have a good relationship with a small, local bank, they might be more willing to work with you than the "big boys," but what you do with the credit is still reported to the major credit bureaus.

Good luck!

[Paul and Melanie 0]

There's really no point in checking the credit report until you have a minimum of six months' history to actually be reported.

Hi there, I meant when the creditors check the report to give credit. Would it hurt his report if they see all these inquiries?

[zyggy 9]

There's really no point in checking the credit report until you have a minimum of six months' history to actually be reported.

Hi there, I meant when the creditors check the report to give credit. Would it hurt his report if they see all these inquiries?

Why don't you apply for a joint credit card.. most major credit card companies do not take store credit into account when making a decision on giving you a visa or mastercard..

[Paul and Melanie 0]

Why don't you apply for a joint credit card.. most major credit card companies do not take store credit into account when making a decision on giving you a visa or mastercard..

Yep, we're going to see about doing that too.

another thing....Our bank in Vegas ( Washington Mutual) doesn't offer secured credit cards. Weird!

[anya-D 8]

My husband added my name in the bank and get me the ATM card.. also he applied for 2 credit cards with my name as a second holder and after that - I got tons of credit card offer... which i applied for Capital one and Chase (in my name only) - they gave me the credit card without a hazzle (with $300 credit line) and now is offewring me a higher credit line..

That's another way you can do to built your credit ^^

[Paul and Melanie 0]

My husband added my name in the bank and get me the ATM card.. also he applied for 2 credit cards with my name as a second holder and after that - I got tons of credit card offer... which i applied for Capital one and Chase (in my name only) - they gave me the credit card without a hazzle (with $300 credit line) and now is offewring me a higher credit line..

That's another way you can do to built your credit ^^

Wow, that's cool, congrats! I added him to one in December. I'm sure he'll get something in his own name soon. We want to try to make a major purchase in about a year.

[ChristinaM 0]

I always understood that too many "fingerprints" on your credit record was not a good thing, although I don't think it can take you into "negative" credit if you don't have any at all.

I would probably refrain from applying for too much more so that he doesn't get flagged as a potential fraud risk.

Congrats on the AOS, btw!

[faith 0]

I know that in some credit checks (some credit companies) there isn't anything put on your file because you have NO file. If they can't verify info it's like you don't exist.

[ewen 0]

Get a Mastcard or Visa 'secured card' with a credit limit of anywhere between $300 and $1k (do not go for any of those unsecured cards you get offered in the post as they are more likely to damage your credit than help it, apparently, and you don't want to be flagged as 'desperate for credit'). The bank will require a deposit into a savings account equal to your credit limit.

Aim to use around one third of this credit but never more than 50% otherwise the credit scoring system will flag you as 'over extended'. Use the credit for buying groceries etc but never for renting a car or booking a hotel room as these purchases often place a hold on funds in excess of the amount you are charged (e.g. a hold of £500 was put on my UK credit card last month, for insurance purposes, when I rented a car and taken off when I returned it safely). Pay your bill in full and immediately ever month.