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Established Member
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Registered: ‎02-27-2008
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Re: I'm in Heaven

I am a newbie myself so I may be wrong but I would go with what works. Your method worked for you, I can't see why applying for a secured card wouldn't for her as well. A friend of mine who was a manager at Conn's always used to say that they sold credit, not appliances.He told me to go buy an iPod or something and pay it off on time (pre myFico days when I didn't care so I didn't listen) and that would start my walk towards a decent credit score. I'd try that with her and continue to pay all on time. For family reasons you may want to add her as an AU on your big cards, that may help her a bit too.
Can't even get a loaf of bread on credit...
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Posts: 1,157
Registered: ‎05-21-2008
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Re: I'm in Heaven

You might go down to your bank or CU.  I got an unsecured CC when I was still in high school for overdraft protection before I knew what credit was from my local bank (FirstTennessee) that came with a whopping $500 CL.  That card has an $1100 limit now (3 1/2 years later).  I had blank CRs when I got it.

Starting Score: EQ: 665 - TU: 687
Current Score: EQ: 749 - TU: ---
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Regular Contributor
Posts: 239
Registered: ‎08-30-2007
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Re: I'm in Heaven

    What are our options establishing my wife credit without getting more inquiries on my credit? We tried to get her a secued card with Orchard bank and I think she was turned down because this wwas her first inquiry ever. I have since added her as an authorized user on one of my cards. Will this help with a secured card and should we try again soon?

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Current Score: 799
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Posts: 394
Registered: ‎12-10-2007
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Re: I'm in Heaven

So your wife has no credit file at all? Have you pulled her credit report or even tried, even there is nothing there I'd still try to find if she has one unless you both know for a fact she has no credit. If she doesn't and isn't a student in college (hey don't laugh school is ageless lol) then I'd open-up a secured card. I have WAMU and BOFA and both are working for me. A friend of mines has a secured card from Citibank and an HSBC card (unsecured).

I'd open maybe 2 cc and try for a store card like target or macy to give her a mix. If she has no credit then it will take 6 months to build a fico score -- I know this because my EQ file finally gave me a score it's the thinnest and only had my SL reporting since December, then 1 cc started in March. I'm still waiting for EQ to update my other 2 cc but I digress.

I would get started working on her file asap as you have the knowledge and tools to help her build hers. Good luck and congrats on your success!!
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Posts: 28,098
Registered: ‎04-01-2007
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Re: I'm in Heaven

If you have one or two older, CLEAN accounts, I would add her as an AU (if the CCC will let you, they don't all do this), and once they report, have her get a secured card from Bank of America or a credit union. If she joins a credit union, she could also go for a $1K personal loan. If she turns around and pays most of it off right away, and then dribbles the rest out for a year, that will help minimize any interest bite.

Be aware that not all CC's report AU's, thank goodness. DH is an AU on my PenFed, and it doesn't show on his reports, and I am somehow an AU on DD#2's Gap card, and I'm eternally grateful that this doesn't show on my reports.

Anyway, once she has two accounts in her own name that have reported for more than six months, she can drop off as an AU and continue under her own steam.
* 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
Regular Contributor
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Registered: ‎08-30-2007
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Re: I'm in Heaven

[ Edited ]
 Please Help. I need all your experience and expertise to predict our credit future. I want to increase our credit limits to put us in the best possible position to get the best interest rates in May 2009 to buy a home. We will only have revolving credit and no installment loans when we try to buy . I don't want to explain our situation because I've already done this within this thread. I have a total cc limit of 5850 with 4 cards, never late, and always using them to pay bills and paying them off immediately leaving a small balance. My score is now 682 only because my 2 oldest accounts are almost a year old and my 2 newer accounts are very recent. I would like to know 2 things. 1...What do you recommend I do to get the highest limits on each card before May 2009 and ....2 ...Assuming I pay everything on time and keep my utilization below 9% would I qualify for the best interest  rates. I know it's asking a lot but please read this thread before determining your response.


Message Edited by RichRaven on 06-18-2008 12:33 AM

Message Edited by RichRaven on 06-18-2008 12:36 AM

Message Edited by RichRaven on 06-18-2008 12:37 AM

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Re: I'm in Heaven

OK, it looks like all your accounts will be over a year old, come mortgage-seeking time. Cards celebrate their birthdays on the first of the month, even if you got them on the 29th. You'll get a points boost next May 1, and a smaller bump next May 29th from the inqs no longer counting. (For some reason, the account birthdays are on the first of the month, but inqs wait until the exact date.)

Don't apply for anything else in the meantime, with the very possible-maybe-if it really makes sense exception of an installment loan. This way all your accounts will be over a year old at mortgage app time, which maximizes your scores AND makes you look stable to the lender.

Keep doing what you're doing: use the cards a lot, especially the BofA. You can let the utilization go high during the billing cycle as long as you pay it down or off before statement time. Once you get close to mortgage time, say next March, switch to where only one card reports a balance each month, under 10% or even under 5%, with the others reporting $0. You can still use the others; just watch your calendar.

The reason that I said to emphasize using the BofA is that you have the greatest potential to grow with them, especially with CLI's. I would first call their customer service, ask to speak to a "credit analyst" (this phrase matters), and find out if your card can grow, or if it has a built-in ceiling. Tell him/her that you're applying for a mortgage in a year (note: BofA does mortgages, too), and you want to be sure that this card is eligible for CLI's over time. If you wound up with a card with a built-in cap, ask if you can switch your card to one that will grow. If all else fails, find out if you could probably qualify for a card that does grow. If you get one by the end of June, it would be no longer new next June 1. (This would be the other exception to "no new accounts," I suppose.)

It really does sound like you know where you're going. In the meantime, save, save, save. Even if you're not getting serious interest initially, you'll want that money at mortgage time. If you think you know who your mortgage lender might be, you might even consider establishing your savings with them, to maximize the warm fuzzies.

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
Regular Contributor
Posts: 239
Registered: ‎08-30-2007
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Re: I'm in Heaven

   An update on my quest to financial perfection. I think I've reached my limits as far as getting credit limit increases in the near future. I currently have a $3500 limit with WaMu opened in May 2008, $750 with Cap One opened May 2008, $1300 with BofA opened Aug 2007, and $300 with Orchard opened Nov. 2007. I realize that WaMu with give me increases in time. I tried with Cap One and they told me to wait for my automatic increase. I called BofA's backdoor number and they told me my credit is still new and I should wait longer to ask for a cli but I'm greatful they graduated $300 card to an unsecured $800 card and then I asked for an increase and they gave me an additional $500. I got my first Scorepower report and it was 671. I got 3 others with only the increase of the $1300 BofA accoung and my score currently stands at 682 before the WaMu and Cap One accounts have posted.
 
I need you all to please chime in on predicting several things. When should I  next begin to ask for cli's on my cards, what can I do to maximize what I have now since I will not be getting any more cards, what do you think my Fico score will be in by Dec. 2008, and does keeping my balances close to zero using each card twice a month speed up the process of asking for higher limits frequently?
 
This forum has really helped me understand the importance of keeping a perfect credit file and and I appreciate every one of you for helping me. I plan to give the same knowledge you've given me to the Auto Loan forum because of my 20+ years selling automobiles. I'm very good at my job and I'll do everything in my power to help the members there understand the process of buying a car which will save them thousands of dollars. It's the least I can do since you've done the same for me.
 
Please read all the posts here so you can give me the best advice possible. I couldn't have done this so far without you.

Starting Score: 721
Current Score: 799
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Regular Contributor
Posts: 153
Registered: ‎07-01-2008
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Re: I'm in Heaven

I remember reading this thread a long time ago. I'm really happy for you!

Just try not to get any more credit cards, and nurture the ones you have as if it's a child. I have a revolving balance on two of my cards so I really can't PIF at the moment. I'm so broke haha. Just ALWAYS pay on time, even if you can't PIF. It's better than being late. Keep it up! Smiley Happy
Regular Contributor
Posts: 239
Registered: ‎08-30-2007
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Re: I'm in Heaven

   Any more advice....Moderators please offer your help please.

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