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Credit Cards

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mj81
New Member

Re: Credit Cards

I have a small income a part time job I'm a stay at home but have a job lined up to start in a few months around when I will  be moving out..  I have paid off my student loans so I have good credit but no revolving accounts

Message 11 of 17
boomhower
Valued Contributor

Re: Credit Cards

When you got your score it came with a credit report as well.  What accounts were listed on your report?

Message 12 of 17
bluedog1
Regular Contributor

Re: Credit Cards


@mj81 wrote:

I have a checking account in just my name that I opened around christmas and my name is on the joint account which will soon be removed.  The trash pick up is in my name(not sure that really counts) I also have a very small amount of stock in coca cola but that is actually still in my maiden name.

 

the house the cars the credit card are all in his name


First off welcome to the forums. I'm sorry to hear about your divorce. I went through a tough separation myself and had to go about getting my credit in order. None of those accounts contribute to your credit score. Only credit cards and installment loans such as auto loans or mortgage contribute. Most likely he added you as an authorized user to his cards and so the first step would be to pull a copy of your credit report and see exactly which accounts are on there. The next step is up to you. I went and got myself removed from all of my fiancee's accounts. I assume his accounts are in good shape since your credit score is good. But if something were to happen to his credit in the future you would be adversely affected. If you have absolutely no accounts under your name, the best way to establish credit is to apply for a secured credit card with your primary bank or a major bank such as Bank of America. You will put a deposit in exchange for the card. After a year or so the card should graduate to an unsecured card (you will get your deposit back) and you can start applying for additional unsecured cards. Good luck!

Message 13 of 17
mj81
New Member

Re: Credit Cards

They where all old accounts one was for my student loan the other was a car loan all balances say 0

there are 6 listed all 0 balance and all from before 2007

Message 14 of 17
mj81
New Member

Re: Credit Cards

Thank you very much for the info.

 

If the card is not considered unsucured for a year will it still help me bulid credit between now and then?

Message 15 of 17
webhopper
Moderator Emeritus

Re: Credit Cards


@mj81 wrote:

I have a small income a part time job I'm a stay at home but have a job lined up to start in a few months around when I will  be moving out..  I have paid off my student loans so I have good credit but no revolving accounts


Start with a secured card now..   Wells Fargo and Bank of America offer these.... As well as Capital One

In 6 months, after you've been working for a couple of months, apply for an unsecured card in your name. Chase Freedom, Discover It, Citi Forward, American Express... these all have good card that you'd qualify for with a little income and some re-established history.

 

I think its bad that you aren't joint on any of the open accounts... then you'd at least have some recent history to help you out...  What was the reasoning for you not having your own card or at least being joint on the bigger accounts?

 

I think its so important for both parties in a marriage to have their own accounts established, and for each person to have good credit.  It really helps so much if something were to happen to one or the other partner in a marriage, such as job loss, death, divorce, etc.

FICO 9:
Filed Chapter 13 on 6/1/2017 after job loss. Discharged 6/1/2022.

Goal: Gardening!


Message 16 of 17
bluedog1
Regular Contributor

Re: Credit Cards


@mj81 wrote:

Thank you very much for the info.

 

If the card is not considered unsucured for a year will it still help me bulid credit between now and then?


Absolutely. The point of a secured card is to help you establish credit. The only difference is you have to put a deposit because you are new to credit. The reason I recommend a big bank is because the card will grow with you as your credit improves. It will unsecure, the credit limit will increase, you can product change to other cards, and you will have built a relationship with a prime lender. These are important factors in the long run.

Message 17 of 17
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