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Best Credit Card for Wife

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jamie123
Valued Contributor

Best Credit Card for Wife

I've been spending some time cleaning up my wife's credit report lately. It never was too bad but I was succesful in removing 2 baddies that were about 4 years old. Her EQ score is now 696.

 

What would be the best credit card you think she might qualify for and should apply for?

 

Some background:

 

She works part time with an annual income of 12K.

She currently has 1 Fingerhut credit card with a limit of $600.

She has no other credit cards.

Her Credit report shows mostly her auto loans for the past 12 years or so. All paid on time never late.

 

Would my annual income help her get a card or is it considered on an individual's annual income?

 

Any insight you guys have would be greatly appreciated.

 

Thanks,

 

Jamie


Starting Score: EQ 653 6/21/12
Current Score: EQ 817 3/10/20 - EX 820 3/13/20 - TU 825 3/03/20
Message 1 of 10
9 REPLIES 9
JenniferinFL
Frequent Contributor

Re: Best Credit Card for Wife


@jamie123 wrote:

I've been spending some time cleaning up my wife's credit report lately. It never was too bad but I was succesful in removing 2 baddies that were about 4 years old. Her EQ score is now 696.

 

What would be the best credit card you think she might qualify for and should apply for?

 

Some background:

 

She works part time with an annual income of 12K.

She currently has 1 Fingerhut credit card with a limit of $600.

She has no other credit cards.

Her Credit report shows mostly her auto loans for the past 12 years or so. All paid on time never late.

 

Would my annual income help her get a card or is it considered on an individual's annual income?

 

Any insight you guys have would be greatly appreciated.

 

Thanks,

 

Jamie


Most banks only want individual income, so she'll have to apply on her own, though you can add her as an authorized user on cards that you have. However, only do this if their utilization is under 10%, they have no late payments and so forth.

 

Capital One will approve lower income, I only could put $10K annual income on my app and got approved. Unfortunately most of the cards that allow lower income are student cards. If she's even a part time student there's a student version of citiforward, a student version of Discover More and a student cap one called Journey.

Each of those have lower income requirements than the regular card does. 

 

Capital One Playstation will approve with income at those levels. That starts to get tricky though, because a lot of cards autodecline for income under $20,000.

 

Current Cards: Cap 1 Journey $3000, Cap 1 Playstation $2250, WFNNB Store Cards $2450 combined, Target $700, CareCredit $1700, Barclay Rewards Plat. Mastercard $1800, Old Navy $300, DCU Platinum Rewards Visa $2000, Swagbucks Rewards Visa $1000

Starting Score: 615 EQ (03-15-2012) 600 TU (03-21-2012 Barclays app) ) Ch.7 discharged 5/2009

Current Score: 671 EQ (09-27-2014 DCU) 660 TU (9/26/14 Barclays) Ex 688 (10/07/2014 Swagbucks)

Gardening since 9/22/2014


Message 2 of 10
jamie123
Valued Contributor

Re: Best Credit Card for Wife

Yeah...That,s what I was worried about.

 

She's was a stay at home mom for about 6 years. She went back to work part time about 2 years ago only making 12K a year. She used to make in excess of 50K a year.

 

I'd really like for her to have her own credit. I'm going to have her wait for thisEQ696 sink in for a month or so and then try apping for a good card and see what happens.

 

Thanks,

 

Jamie


Starting Score: EQ 653 6/21/12
Current Score: EQ 817 3/10/20 - EX 820 3/13/20 - TU 825 3/03/20
Message 3 of 10
halos24
Frequent Contributor

Re: Best Credit Card for Wife

What about a store card? Many of the backed GE cards such as Amazon, Old Navy/Gap, Walmart might work and they are generous with cls.

Do you have any major credit cards that you can add her as an AU? Discover, Amex,Citi do report AU.
MyFico 3B Scores: EQ: 3/22/16 (727), EX (710) TU (714)

Message 4 of 10
ILBrian
Regular Contributor

Re: Best Credit Card for Wife

If your income is a basis for repayment you could potentially use it on the application especially since your married.

 

Most lenders don't require proof of income, and as I said I wouldn't consider it deceitful or fraudulent if your income truly will/can be used for a basis of repayment. 

Wallet: Discover IT, Discover Gas, Citi Professional (6.74% apr), Chase Freedom, Cap1 Quciksilver, Élan Financial Rewards, BOA Amex, Walmart, CareCredit, Paypal Smart Connect, Kohls, HSBC Cash or Fly, Chase Sapphire Preferred, Amex Zync, Amex Blue Cash Preferred, USAA Plat Rewards, Chase Ink, NFCU Plat
Message 5 of 10
rootpooty
Valued Contributor

Re: Best Credit Card for Wife

are you a member of any credit union? if not i would look into one. they are more leniant and as stated above 12k income although not much will result in a low limit card or i could be wrong and you could get approved with a decent prime card. I would check with a cu first just my opinion

NFCU plat 5k | NAVCHECK 5k | NFCU cashrewards 15k | BOFA 123 6k |
Chase Freedom 1.5k | Amazon 3K | Walmart 3K | Buckle 300 | AMEX BCE 2.5K | CHASE CSP 12K | CITI sears 6k | Kay 2k

On the prowl for Chase Sapphire Preferred! APPROVED 12K!
scores 7/14 647 622 630 (85%util)
scores 8/14 767 760 758 Boom! finally in the 700 club
Message 6 of 10
boomhower
Valued Contributor

Re: Best Credit Card for Wife

Why not apply for a joint card?  She could try for Chase, they just ask for income not nessasarily individual and even has homemaker as a source of income.

Message 7 of 10
FrugalRican
Blogger

Re: Best Credit Card for Wife


@halos24 wrote:
What about a store card? Many of the backed GE cards such as Amazon, Old Navy/Gap, Walmart might work and they are generous with cls.



+1 to this.

GE would give her some nice CLI's over time and then she could use those higher CL's to start applying for other cards.

Problem with applying with just 1 Fingerhut card for $600 is that even if you do apply for another card in her name... all she will end up getting is a low credit limit.

I'm willing to bet Discover or some of the others would only give her about 1K.

Follow my financial journey: http://www.frugalrican.com


EQ FICO (01/16/2012): 656 - EQ FICO (02/16/2012): 743 - EQ (02/24/2012): 760 - EX (04/28/2012): 739 - GOAL 2013: 800+

AMEX BCE (0/10K) --- BOA 1-2-3 (0/15.9K) --- Discover More (0/6K) --- Chase Freedom Visa (0/1.4K) -- Hyatt Visa Sign. (0/5.8K) -- Barclay's NFL Card (0/7.5K) -- Chase Sapphire Preferred (0/5K)

Message 8 of 10
crunching_numbers
Valued Contributor

Re: Best Credit Card for Wife

Most of the applications are cleverly worded to allow for household income. Some have an income and household income box. Some have an other income.  I would use the household income UNLESS the box specifically asks for personal income.

 

As far as what to apply for? I would try for a Walmart card. If she is elligible for the Walmart Discover, she will get that.  If not, she will be given a store card to start. Bonus is getting the monthly FICO. Being a GE card the CL will grow with her, even if it starts out low, and can be upgraded from the store card to Discover over time.  If you are willing to "mimi app spree", you could apply the same day for maybe a Discover card or a Zync.


Starting Score: 693 TU FICO, 679 EQ FICO
Current Score: FICO 8 = 844(9/15) EQ, 827 TU, 811 EX (7/15); mortgage FICO= 758 (9/15)EQ5, 797 TU4, 748 EX2 (7/15)
Goal Score: 750+, but shooting for the 800's
Hyatt Visa Sig ($23K), Amex BCP (24.8K), BofA Travel Rew Sig (22.5K), B&N World MC (22.3K), Amex RP Gold (NPSL w/ S&T), Cash+ Sig (20K),United Mil+ExpSig (16.3K), FNBO Visa (13.1K), Hilton Surpass (10K), Freedom Visa Sig (8.6K), Disc It (16.4K), Citi Dia Pref MC (3.7K),Sam's MC (10K), Wally (7.5K), JCP(5.3K), Costco (2K)
Message 9 of 10
jamie123
Valued Contributor

Re: Best Credit Card for Wife

I think am going to try the household income approach.

 

There is a pretty big difference between 12k a year and 86k a year.

 

If questioned, she can always say, "I thought you ment household income."

 

I really would like for her to be credit independant from me.

 

Ya know....In case she would ever find out about the little blonde on the side and shoots me. She would be able to get by on her own!Smiley Very Happy

 

Thanks,

 

Jamie


Starting Score: EQ 653 6/21/12
Current Score: EQ 817 3/10/20 - EX 820 3/13/20 - TU 825 3/03/20
Message 10 of 10
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