10-23-2012 02:15 PM
I have recently started trying to rebuild my credit. In my quest to do so, I also decided to check my husband's credit scores/reports. He has myfico scores for Equifax 603 (I think it has 1 unpaid collection) and Transunion 488 (it has 3 collections, 1 is paid and I think 1 inquiry from 12/11) He has no other history. His Experian Fako is 601 (1 inquiry and 1 paid collection). He is pretty much a stay at home dad and my credit is not the best. What is the best way to start a history for him to build up his credit? Can he get a credit card at all? Thanks for any information you are able to give me, I really appreciate it.
10-23-2012 02:48 PM
secured credit cards are the key, go to a local bank or credit union to apply (preferably credit union) and you deposit any amount over $200 usually and you'll have a credit card within 10 minutes at most local credit unions.
Otherwise best thing is to add eachother as an Authorized user, if friends and families are willing to help have them add you to their cards. They don't have to give you the cards at all, but it'll copy and paste their credit history onto your report. You can add 30 years of history even if your not 30 years old lol, it works wonders. 16 year old kids can have 800+ credit scores this way it's pretty funny how well it works. Fico 08 was supposed to change that but it was more of a bluff to get people to stop people from buying authorized user accounts from strangers or companies.
I had a score in 400's last year, removed everything and had 4 AU accounts 2 secured and 1 unsecured and now I have 750's credit score (after every bad things removed) and over 50k in usable credits posted on my credit reports.