Build my credit?

[longway 0]

Me and my hubby have joint bank account, all bills I have are under his name. I have my EAC (Employment Authorization Card) and I got a job. My status on the APPLICATION TO REGISTER PERMANENT RESIDENCE is Initial Review. Is there some way for me to start building my credit?

[Caryh 5,206]

We got my wife a store credit card, which was the first step. We occasionally put something on it then pay it. We have added her to our utility bills to. Next was buying a car, we have her and I on that loan. Of course she's on the bank accounts to. I'm guessing it will take a little time, but within a year I'd think she's going to start having a fair credit score. You have to use credit to build credit.

[WrightFamily 34]

This is what im going to have my wife do:

Start with a secure credit card from your bank due to a new SSN and no credit history! After 6 months of good payments apply for JC Penny's and Target credit cards!!

Good luck

Edited May 31, 2012 by WrightFamily

[ceadsearc 516]

Capital One gives low-limit unsecured cards w/ no credit history as well. That is how my husband started building his credit.

[rocks 494]

Capital One gives low-limit unsecured cards w/ no credit history as well. That is how my husband started building his credit.

I got one of these, they upped my credit limit a little bit after a few months.

My bank advised me to take out a loan and pay on it for 6 months and then pay off the whole amount. I suspect this was probably to make them some $$ though.

Getting credit and store cards is probably a better bet.

[Dave&Roza 748]

Have your husband add you to any investments. Once your SSN is associated with investments and your deby to equity ratio is very high those pre-approved credit card offers will come rolling in. That's what happened to my wife when she was added to all my investment accounts as joint owner. No investment accounts, then you will have to do it with CCs and other financial items that require a SSN and report to the credit agencies. It takes time.

Dave

Edited May 31, 2012 by Dave&Roza

[BobCray 5]

I got one of these, they upped my credit limit a little bit after a few months.

My bank advised me to take out a loan and pay on it for 6 months and then pay off the whole amount. I suspect this was probably to make them some $$ though.

Getting credit and store cards is probably a better bet.

The best way to build up you credit is to have 3 different lines of credit. Credit card is a good start, a joint loan on a car with the USC is also excellent and see if your bank will give you a small overdraft protection credit line on your checking account.

Use all of the above but keep the credit down to 10% of your credit limits. Sometimes paying off the complete balance immediately is counter productive. If your balance is reported to the credit agencies at the wrong time, your balance could always appear to be zero and it will look like you are not using the credit so your score will not improve.

I have had these 3 things since November and am now inundated with credit card applications so I assume my credit score is pretty good. I would avoid store cards.

The above was advice given to me by two good friends, one is a mortgage broker and the other a financial adviser.