Re: Helping BF rebuild credit
11-06-2012 10:04 AM
I definitely told him not to apply for anything for awhile until he has a chance to work on his current issues, and hopefully being an authorized user on some of my accounts with higher limits once he's in a good financial position where he wants to get his own card hopefully he can get something better than say first premier or credit one.
He didn't have much credit to begin with so I think it's really only one credit card that the creditor closed, and then I believe a few unpaid medical bills. He's been doing a bit of traveling or work reasons, so I think that's where the feeling comes from that he needs at least one credit card for things like car rentals, hotels, etc.; so I think putting him on mine solves those issues. I think the biggest reason he has been adamant about trying to improve his credit is once we're married he doesn't want to be the reason that say we can't qualify for the best rate on a mortgage or a car loan, or feel like he's skimping on an engagement ring because if he doesn't have whatever he wants to spend on hand in cash and he can't qualify for financing....which are all admirable reasons, but I just feel like he thinks there is a magical cure to turn it around quickly. I've tried to reiterate that the best thing for your credit is time.....but just want to make sure that I'm suggesting all the right things to see consistent improvements in his credit score overtime.
I think getting the secured card is a good idea so that its building history now while his credit is not the best, so that its not starting at ground zero with new accounts once his score improves.