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I am trying to build up my wifes credit. My scores are always around the 800 range and she is usually only about 30 points or so behind me. However my total cards add up to about 50k ish while she is at around 15k. I am trying to build her available credit, but should i? is there much value in that? according to the capital one credit tracker there is value in getting into the next category but im having trouble with figuring out which card I should go for that shoudl give her a decent credit limit out the gate. I am military so i know NFCU and USAA are options.
Her cards currently:
Victoria Secret
Chase Freedom
Capital Quicksilver
Rooms to go
Also, funny thing worth mentioning.... we all complain about cap one and how they never give credit line increases automatically (myself included), but for some reason they love my wife. In the past two years she has been notified THREE TIMES!!! that they raised her limit. lol, luck of the draw i guess.
@Scott90 wrote:I am trying to build up my wifes credit. My scores are always around the 800 range and she is usually only about 30 points or so behind me. However my total cards add up to about 50k ish while she is at around 15k. I am trying to build her available credit, but should i? is there much value in that? according to the capital one credit tracker there is value in getting into the next category but im having trouble with figuring out which card I should go for that shoudl give her a decent credit limit out the gate. I am military so i know NFCU and USAA are options.
Her cards currently:
Victoria Secret
Chase Freedom
Capital Quicksilver
Rooms to go
Also, funny thing worth mentioning.... we all complain about cap one and how they never give credit line increases automatically (myself included), but for some reason they love my wife. In the past two years she has been notified THREE TIMES!!! that they raised her limit. lol, luck of the draw i guess.
I will always recommend NFCU. You can't beat them for their credit and loan products. Not sure if you're a member already but I'd take advantage of their resources. USAA is great as well but more so for their insurance products.
NFCU and USAA are good options.. But why not add her as AU on your current card?
I was thinking about adding her as an AU... but will it be more beneficial if the account was 100% hers? Or will both options have the same effect? I'd have no problem adding her to the accounts.
@Scott90 wrote:I am trying to build up my wifes credit. My scores are always around the 800 range and she is usually only about 30 points or so behind me. However my total cards add up to about 50k ish while she is at around 15k. .
NFCU ... what are you waiting for? Get one for you and your wife. Their 16K card pushed me into 15K territory. I used to get $1,500 CL's until this card opened the door for me.
While you are at it, get the Capital One Venture as well. Mine's was approved last month for 30K.
Where is her AMEX? Get the AMEX and do the 3X CLI trick...it's posted everywhere on these forums. My initial CL was $3,000, then 3X to $9,000 then $25,000
Any of those 3 cards above could very well get her over 15K on just 1 card.
That should solve her low limit problem. Sometimes you need a prybar that gets you past low limits...those 3 cards should do the trick. After that her future cards should follow the lead of these higher limit cards. Another card would be the Lowe's card which can very easily be bumped up into the 15K+ cards.
As far as AU, if the cards are a few years old with low or 0 balances, you add her as AU on all your older cards....have her add YOU as an AU on her older cards as well... although it doesn't sound like you need it. For her to add YOU as an AU, the card should be older than yours...that will benefit.
I guess I just have been waiting to go for those cards till we needed something. Right now we have 0 credit card debt so I wasnt sure if it would look bad if we applied and got approved for 10-15k, but then didnt use the card. I thought they may reduce it or close it.
NFCU and/or CapOne Venture, and you should be set for bigger CLs.
@Scott90 wrote:I guess I just have been waiting to go for those cards till we needed something. Right now we have 0 credit card debt so I wasnt sure if it would look bad if we applied and got approved for 10-15k, but then didnt use the card. I thought they may reduce it or close it.
Just put some of your regular spending on them occasionally...you don't have to be looking to finance something over a period of time. Pay the power bill, use it at the grocery store, then pay off at or before statement cut...
I only have one card carrying a small balance that I'm paying off over a few months at 0%, but there are several cards I USE all the time, just for everyday stuff to keep them active and earn cash back. (Mostly to earn the cash back!)