darkale wrote:
Ok well good news for my DH ... he is on the road to recovery with his credit. But I found out when we applied for a new car loan (we got a 08 Jeep Liberty) that I have no score. I'm bummed! Not that I am surprised. I have been a homemaker for years! So as I am sure I am not the only one in this postion ... any idea where to start? What credit card would give me credit with no score and using a HHI? I have to start somewhere! I wouldn't be a very smart girl if I didn't try to establish some credit in my own name...
I would start by having him add you as an authorized user on two of his cards. You want to have cards that are utterly clean (no late payments, etc), report a $0 or very low balance, and have some decent age on them if possible, 3 years or more. Make sure that the issuing company will report AU cards; they don't all do so. And yes, despite all the talk about FICO 08, AU cards still count in scoring, although I understand that they're trying to find a way to verify that the AU is actually connected in some way to the card-holder.
Anyway, do that with the two cards, and then go to a local credit union that offers CC's to those in your situation and get a card in your own name. Since you are invisible in terms of credit, you might need to go with a secured card (deposit $1K in exchange for a $1K limit, for example), but that's fine.
After you have had credit reporting for six months, you will then have FICO credit scores. You can then go ahead and get two more cards in your name. Who knows where the credit industry will be in six months? --but I'd recommend checking out Bank of America and Chase.
Depending on the AU cards, I'm guessing that you will be 660 - 680 at the end of six months, and then 700 - 720 after a year, with cards in your own name. HTH --good luck!
* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007
