Building credit when starting from 0.

[Anonymous]

Ok, so maybe not 0, but whatever the lowest score is for a person with NO credit history.

My husband is from a developing country where everything is dealt with in cash. He moved here when we got married, and has NO credit history whatsover. What steps should we take in order to get him on his way to great credit? I know that it will take a while, but it is better than nothing. Would it be beneficial to add him as an A/U to my oldest account? It is a CC through Wells Fargo, opened in 2003, $15,000 limit, and a low balance? He's been fine with just using a debit card for now, but I'm starting to rethink things....

[Anonymous]

I would start by inquiring at your bank about a secured 'credit builder' loan. Not sure if WF offers these or not. Explain to them that your husband is a 'new citizen' and has no credit history at all.

[DeeBee78]

Wells Fargo has a secured CC he'll easily qualify for. Put 1k in the savings account, use the card for gas, and pay it in full every month. In 6-12 months, they'll graduate him to a standard Platinum VISA card. 

[Anonymous]

Thanks for the answers. They are along the line with what I was thinking. We're trying to move most/all of our banking to a local CU, so I'll check there for a secured CC/credit builder loan before going to Wells Fargo. Credit was about the last thing on my mind when he was emigrating--another thing to add to the big, fat immigration file sitting on my desk at home