Need help trying to build credit for my wife

[dangerdave]

I did the online application and they had to verify some information and when they did talk to her they approved her for 4500 and added me as an AU so it should help me as well.  When she was talking to them she asked if they could lower her APR and they told her that a supervisor would have to do that and there wasn't one around so she is at 19% for now after the intro rate expires.

Any ideas on how to get that lower?

Thanks,

David

[Anonymous]

Nice Job Dangerdave!

$4,500 is nothing to scoff at!!!  Assuming you PIF at the end of each month, the APR really doesn't matter.  Keep utilization low and pay it off every month and it will do wonders for both you and your wife.

Who did she get that with (don't see the company)  Citi? 

[dangerdave]

No scoffing here.  I was just a little surprised that they would give a CL like that.  I'm really glad.  Sory I didnt mention the CC.  It was Discover.  We tried to get it linked to her old acct from 01 but they wouldnt do it.

So you are saying the APR is no big deal.  Just trying to learn.  I figured that lenders might see that and see her as a bigger risk with that APR...

David

[KIPPIE12]

No, lenders won't see her as a bigger risk with that APR.  That APR isn't listed on the credit reports.  That is only between Discover and her/you.  The only time it could show as a bigger risk, is if its close to, or maxed out.  That's why you should try to pay in full, or keep utilization below 10% before the statement cycles each month, so it shows a low balance when its reported monthly.

If you don't know the cycle date on the account, call Discover and ask them.  Pay your balance in full, or keep it less than 450$.

I hope i made sense, lol

[dangerdave]

Perfect sense.  Thanks for the information.  I'm sure I'll have some more difficult questions later

Thanks again

[dangerdave]

Now that she has a discover card.  It's the only card she has.  I'm itching to have her apply for another but I don't want to look like I'm trying to build her credit to quickly (which I am, sorta)  No need,  just impatient.  How long should I wait for her to apply for another card?  I have no immediate need for credit,  just trying to do the right thing.

Oh another thing.  Once I get my 3 credit cards straight should I add her as an AU for the AAOA.  I've had my cards since 03, 04 and 05.  Will it help her AAoA as well?

Thanks again...

David

[MarineVietVet]

---

@dangerdave wrote:

Now that she has a discover card.  It's the only card she has.  I'm itching to have her apply for another but I don't want to look like I'm trying to build her credit to quickly (which I am, sorta)  No need,  just impatient.  How long should I wait for her to apply for another card?  I have no immediate need for credit,  just trying to do the right thing.

Oh another thing.  Once I get my 3 credit cards straight should I add her as an AU for the AAOA.  I've had my cards since 03, 04 and 05.  Will it help her AAoA as well?

Thanks again...

David

---

She will inherit the entire history of these accounts. Just make sure the utilization stays very low and the payment history is clean. Keep in mind that if these accounts start to go south it will affect her credit as well.

From a BK years ago to:
EX - 9/09 pulled by lender 802
EQ - 7/06-663, 3/10-800
TU - 8/10-772
You can do the same thing with hard work

[dangerdave]

Thanks Marine for the answer to the AAoA question.  I do appreciate it.

Does anybody want to give me some advice on the first part...  I could use it...

Now that she has a discover card.  It's the only card she has.  I'm itching to have her apply for another but I don't want to look like I'm trying to build her credit to quickly (which I am, sorta)  No need,  just impatient.  How long should I wait for her to apply for another card?  I have no immediate need for credit,  just trying to do the right thing.

Thanks...

[Wolf3]

Is she going for CITI next?    I would do it now since she has positive history with them.   Just an opinion.

[Creditaddict]

I would go ahead and pick 3 banks and apply now all at once. if you have discover, consider Citi and maybe an american express charge card like Zync