Questions regarding Credit Score and Credit Cards

[quentin955 4]

Hello everyone. 

I have a few questions about all of the credit stuff here in the US.

My wife, the US citizen, has a good score, way above 700. 
I, however, have no credit history. I wanted to get an AMEX credit card, since I'd get some nice perks, but I need a score of at least 620 to get it. 

1. Is there an easy way for me to build a credit score, or at least, what would be a good way to start?
2. If my wife sign up for the AMEX card and get a free second card for me, will it help and build my credit score as well?
3. My last question is: Is it necessary for me to have a credit score, since my wife has a good one? I mean, if we want a loan to buy a house later, will they only use her credit score, or mine as well?

Thank you! 

[millefleur 5,047]

1. Pay everything off immediately and keep the balances low on your credit cards. Use the cards regularly. This is what I do and my score is 741. Taking out other debts (car, even household stuff, etc.) and paying it off immediately will help your score grow.

2. If you're just an "authorized user" it will have no effect on your credit score.

3. Good question...it depends really. My mother told me that employers are now checking people's credit scores as a way to check on them during the hiring process. Insane, I know...but in that case, obviously having a good score would benefit you personally. But my mother has an awesome credit score (above 800) and her husband's is mediocre. As a couple, they've always done everything under her name because of this. So it just depends on how you want to plan your own fiances.

 

You won't be able to get an AMEX in your own name tied to your score without a decent score. So you'll have to wait to build it up.

 

 

 

Edited June 25, 2017 by millefleur

[DeesGirl 13]

25 minutes ago, quentin955 said:

Hello everyone. 

I have a few questions about all of the credit stuff here in the US.

My wife, the US citizen, has a good score, way above 700. 
I, however, have no credit history. I wanted to get an AMEX credit card, since I'd get some nice perks, but I need a score of at least 620 to get it. 

1. Is there an easy way for me to build a credit score, or at least, what would be a good way to start?
2. If my wife sign up for the AMEX card and get a free second card for me, will it help and build my credit score as well?
3. My last question is: Is it necessary for me to have a credit score, since my wife has a good one? I mean, if we want a loan to buy a house later, will they only use her credit score, or mine as well?

Thank you! 

1. My husband also did not have a credit history. He went to Bank of America and got a secure card (call and ask about it). It did not require an SSN and it allowed him to build his credit. He started off with zero credit and now has a score of 590 after 1 year. 

 

2. I've heard that adding a family member to a credit account as a secondary user can help build their score...but I think it a rumor. I would call AMEX and ask them these questions personally.

 

3. You only need one credit score to finance the home. Plenty of married couples only have one person working. BUT....If you have two incomes, then the bank is more likely to allow you to take out a larger loan (if thats what you desire).

Edited June 25, 2017 by DeesGirl

[Unlockable 7,315]

The absolute easiest way to get the AMEX in your name and enjoy the perks is to have your wife apply for it and have you as an authorized user as you mentioned in question 2. You will get a card in your name. Later, after paying your cc bills on time and keeping your balances low you can apply for one as your own.

 

When, everyone says keeping balances low, it means keeping you balance below 30% (at worse 50%). Meaning if your credit limit on your card is $1000, keep the amount you owe below $300  - $500. Or if you can, pay off the entire balance as much as you can.

[WandY 430]

*You need to have steady employment.

*Pay bills on time.

*There is no such thing as "My credit score is xxx." Credit scores change day-to-day and there are several reporting agencies. Scores can vary widely in a short period of time. The new rules are more favorable to you - that's good news.

*Buy something on credit/loan that will be reported to credit agencies. Ask if your loan will be reported.

*Take out a secured credit card (lots of offers online). Buy stuff, pay card on time, and extend credit line.

*It's important that you build credit. Maybe you'll get divorced, widowed, etc. Employers look at credit.

*AMEX is not a good card for you. Go with a Visa or Mastercard.

 

[A'n'L 735]

My husband added me to his AmEx credit card, six months later my score was > 700 based solely on this.

[WandY 430]

5 minutes ago, NuestraUnion said:

The absolute easiest way to get the AMEX in your name and enjoy the perks is to have your wife apply for it and have you as an authorized user as you mentioned in question 2. You will get a card in your name. Later, after paying your cc bills on time and keeping your balances low you can apply for one as your own.

 

 

Being an authorized user has no bearing on the authorized users' credit or future extension of credit. It isn't reported. It just means that the cardholder is responsible for someone else. I'm against giving other people authorized use. It only extends risk, nothing else.

2 minutes ago, A'n'L said:

My husband added me to his AmEx credit card, six months later my score was > 700 based solely on this.

Not true. Perhaps you need to understand the terms and conditions of credit cards, FICO scoring, and credit risk.

[A'n'L 735]

Just now, WandY said:

Being an authorized user has no bearing on the authorized users' credit or future extension of credit. It isn't reported. It just means that the cardholder is responsible for someone else. I'm against giving other people authorized use. It only extends risk, nothing else.

With AmEx it certainly has bearing, re my previous post.

[millefleur 5,047]

2 minutes ago, A'n'L said:

My husband added me to his AmEx credit card, six months later my score was > 700 based solely on this.

Huh, that's really interesting. I have an AMEX myself. What did your husband do to "add" you to the card? Was it just being added as an authorized user? I want to get my husband added right away when we arrive.

 

[A'n'L 735]

1 minute ago, WandY said:

Being an authorized user has no bearing on the authorized users' credit or future extension of credit. It isn't reported. It just means that the cardholder is responsible for someone else. I'm against giving other people authorized use. It only extends risk, nothing else.

Not true. Perhaps you need to understand the terms and conditions of credit cards, FICO scoring, and credit risk.

 

Perhaps I do. In that six month period I did nothing else that would build my credit score other than being a joint user on my husband's account. We asked them when I was added if it would contribute to my score, answer was absolutely yes. When I check my credit report, the AmEx CC is cited as the only background data they have used in calculating my score. We also talked to a financial advisor in our local bank who could confirm the accuracy of this.

[A'n'L 735]

2 minutes ago, millefleur said:

Huh, that's really interesting. I have an AMEX myself. What did your husband do to "add" you to the card? Was it just being added as an authorized user? I want to get my husband added right away when we arrive.

 

He called them and asked to add his wife to his account. He was asked for my personal information including SSN, a week or so later I got the card with my name on it in the mail. He has a long history of good standing with AmEx, and the customer support person hinted that that would be very beneficial for my credit score (which it was).

[DeesGirl 13]

3 minutes ago, A'n'L said:

 

Perhaps I do. In that six month period I did nothing else that would build my credit score other than being a joint user on my husband's account. We asked them when I was added if it would contribute to my score, answer was absolutely yes. When I check my credit report, the AmEx CC is cited as the only background data they have used in calculating my score. We also talked to a financial advisor in our local bank who could confirm the accuracy of this.

Thanks for sharing your experiences.

 

Do you think its only AMEX that does this?

 

I may just call Capitol One and see what they can do for my hubby.

[A'n'L 735]

Just now, DeesGirl said:

 

Do you think its only AMEX that does this?

No clue

[Unlockable 7,315]

7 minutes ago, WandY said:

Being an authorized user has no bearing on the authorized users' credit or future extension of credit. It isn't reported. It just means that the cardholder is responsible for someone else. I'm against giving other people authorized use. It only extends risk, nothing else.

Some CC companies do. Happened to my wife twice. When she arrived I immediately put her as an authorized user on 3 of my cards. After 1 year, Cap1 and Chase both offered her her own cards. She just received a Chase Freedom Unlimited.

 

And being an authorized user can be reported on the person's credit report. Again, not all CCs  companies don't. But they can.

[DeesGirl 13]

Just now, NuestraUnion said:

Some CC companies do. Happened to my wife twice. When she arrived I immediately put her as an authorized user on 3 of my cards. After 1 year, Cap1 and Chase both offered her her own cards. She just received a Chase Freedom Unlimited.

 

And being an authorized user can be reported on the person's credit report. Again, not all CCs  companies don't. But they can.

Thank you for sharing.