topic Wife file her own cards? in Credit Cards

Wife file her own cards?

Anonymous — Mon, 01 May 2017 00:37:48 GMT

Hello,

My wife and I filed bankruptcy Chapter 7 in Feb 2015 and it became final in May 2015. Prior to that we had a short sale on our house. We are slowly trying to work our way back.

Since BK, I have applied for everything in my name and have been approved for Cap 1 VentureOne card ($20,000 CL) and Quicksilver ($7,000 CL). I also have a secure ISAA visa with $3,000 limit. She is AU on all accounts. I also have 2 auto loans in my name only. Unfortunately, I have been unsuccessful in further credit, and have too many recent inquiries, so I am laying low for the next year to allow them to fall off.

My wife has not applied for any credit since BK, but prior to that it was great. The only current entries on her report are 1 student loan, the AU accounts, and an old Dell computer account. Her numbers are 630-640 range and mine are 670-680.

My thought was to start ramping up her credit. Recently, she shows 2 prequalified offers for Quicksilver and Venure, as well as Discovery. The Discovery offer shows a specific APR, not a range, so I suspect it is legitimate. I was planning on having her apply for all 3 cards and get listed as AU.

What do you all think? Should we space the apps out? Will it help or hurt my credit? Thoughts???

Re: Wife file her own cards?

Anonymous — Mon, 01 May 2017 00:43:40 GMT

If the Disco is showing a solid apr then it should be good to go. My suggestion is to add cards to her profile slowly. One card every 6 months is fast enough. Credit is not a race is along marathon. Take you time. Disco is a great card and will treat you well if you do the same for it.

Re: Wife file her own cards?

AverageJoesCredit — Mon, 01 May 2017 00:44:13 GMT

Since shes prequaled on CapOne's site , seems those are usually good, and if on Discover's discovery channel shows a specific Apr, id say hit the 3 up at once then garden. Might as well pull off the bandaid in one pull so that the wound heals together judt my 3 cents

Re: Wife file her own cards?

medicgrrl — Mon, 01 May 2017 00:53:31 GMT

@AverageJoesCredit wrote:
Since shes prequaled on CapOne's site , seems those are usually good, and if on Discover's discovery channel shows a specific Apr, id say hit the 3 up at once then garden. Might as well pull off the bandaid in one pull so that the wound heals together judt my 3 cents

Then she can join you in the garden

Re: Wife file her own cards?

Revelate — Mon, 01 May 2017 01:08:28 GMT

My opinion only for your DW: open up 3 cards all at once right now and then she needs to sit on her hands just as you are doing now.

FICO is both lack of negative tradelines but also having positive tradelines, and under more modern algorithms your wife has not much. If you wait on them, you're just prolonging the pain... spreading apps out doesn't apply here (or also in my opinion anywhere in the current market, that was so subprime crisis credit strategy).

The only constant in any FICO algorithm is time passes, and a spree of applications or even an outright denials is irrelevant compared to the BK that's already on her report. Cap 1 and Discover both pickup, and if you need a baby secured card for the third do that too.

Two big mistakes as I see it credit building wise:

1) People who have a significant credit event wait to re-establish tradelines: start the positive clock running ASAP.

2) People who spree a bunch of accounts, don't sit on their hands for a requisite amount of time.

You have the right strategy already for your own rebuild, get some accounts, then just hang out for a while building some history... do exactly the same for your wife as well, and that should be done right now for best results.

Re: Wife file her own cards?

Anonymous — Mon, 01 May 2017 01:12:47 GMT

Love the responses here! Please keep chiming in. I'm seeing a consensus starting to develop!

Re: Wife file her own cards?

Anonymous — Mon, 01 May 2017 01:17:19 GMT

Let me add to our story. We are getting paperwork together now for a house loan. Since we live in California and I am retired Air Force, we will be utilizing CalVet loan. The nice thing about it is they do their own approvals and do not use credit reports for approval. As long as we are 2 years out of bankruptcy and have established good credit moving forward, that's the only requirement. No money down, no closing costs, and a good interest rate as well.

Do you think the sudden apps by my wife will have a negative effect?

Re: Wife file her own cards?

medicgrrl — Mon, 01 May 2017 01:25:44 GMT

@Anonymous wrote:
Let me add to our story. We are getting paperwork together now for a house loan. Since we live in California and I am retired Air Force, we will be utilizing CalVet loan. The nice thing about it is they do their own approvals and do not use credit reports for approval. As long as we are 2 years out of bankruptcy and have established good credit moving forward, that's the only requirement. No money down, no closing costs, and a good interest rate as well.

Do you think the sudden apps by my wife will have a negative effect?

Yes, if you are currently in the home buying process, do not open any additional credit. If you are still 6 months away from applying for a mortgage, then now would be a good time.

Re: Wife file her own cards?

Anonymous — Mon, 01 May 2017 01:28:42 GMT

If you're thinking of purchasing a home within the next few months I would not do any credit apps until after everything goes through and closing is done. If it's still a while away than I don't see the harm.

Re: Wife file her own cards?

jdxprs1 — Mon, 01 May 2017 01:34:43 GMT

I would get some kind of installment loan showing on her report before apping for the cards. One of those self lender loans or something.

Then her scores will be higher and you'd be more likely to get some decent starting limits.

Re: Wife file her own cards?

Anonymous — Mon, 01 May 2017 01:37:18 GMT

Don't the student loans count as an installment loan?

Re: Wife file her own cards?

Anonymous — Mon, 01 May 2017 01:41:00 GMT

Any changes from loan app to the day of closing is no no. Do apply for anything even the morning of the closing. Lenders regularly do pulls in the final hours before closing and I have seen loans cancled because of this. No apps, no car loans no credit line incease nothing during the app process the day after closing you are fine.

Re: Wife file her own cards?

JamP — Mon, 01 May 2017 01:49:43 GMT

Start her slow. Lucky she has prequals.

I would check all prequal sites unless you do not want CIti or Chase cards.

Most solid apr prequals are legit.

Discover is definitely a nice card to rebuild with.

When I was rebuilding my wife's credit,I too added her to my cards as AU, I started with Cap1 and went up from there.

She has a few more cards then she needs now but we will trim the fat someday.

My goal lately is to get her the same cards as I have so we can double dip on rewards.

She now has HuntingtonVoice, DiscoverIT, CitiDC, Cap1QS, Walmart, TJMAXX, Amex ED, Cabelas.

I will probably remove her from AU on a few of my cards now that she has the same cards.

We love cards with cash back and 0% financing.

On a side note, her credit is good enough to get her a used car loan at 2.74% a month ago. Which is a better rate then my car loan and I had better credit.

Re: Wife file her own cards?

HeavenOhio — Mon, 01 May 2017 03:10:29 GMT

@Anonymous wrote:
Any changes from loan app to the day of closing is no no. Do apply for anything even the morning of the closing. Lenders regularly do pulls in the final hours before closing and I have seen loans cancled because of this. No apps, no car loans no credit line incease nothing during the app process the day after closing you are fine.

I assume you mean "do not."

Re: Wife file her own cards?

medicgrrl — Mon, 01 May 2017 03:28:27 GMT

@Anonymous wrote:
Don't the student loans count as an installment loan?

Yes, they do

Re: Wife file her own cards?

Anonymous — Mon, 01 May 2017 03:30:02 GMT

Yes you are correct That was a typo/ sorry. No NOT Apply

Re: Wife file her own cards?

joltdude — Mon, 01 May 2017 07:55:48 GMT

@Anonymous wrote:
Yes you are correct That was a typo/ sorry. No NOT Apply

Backwoods:

You can go back and edit your post... I would =)

Re: Wife file her own cards?

joltdude — Mon, 01 May 2017 08:05:23 GMT

@Anonymous wrote:
Let me add to our story. We are getting paperwork together now for a house loan. Since we live in California and I am retired Air Force, we will be utilizing CalVet loan. The nice thing about it is they do their own approvals and do not use credit reports for approval. As long as we are 2 years out of bankruptcy and have established good credit moving forward, that's the only requirement. No money down, no closing costs, and a good interest rate as well.

Do you think the sudden apps by my wife will have a negative effect?

Stop.. do not pass Go.. do not collect 200$

You do not want to app for anything, nor your wife... Even with their own approvals. Apping right now is a NO NO...

YES IT DOES HAVE A NEGATIVE EFFECT!

Esp if your getting documentation together... Close on the loan first.. id even wait a day or so after keys in hand .... (not sure if your state allows you to change your mind on closing.. hence the 48 hour wait..) then follow Revelates suggestion and go for both DIsco and (I think it was Cap One).. and possibly a third secured card...

Until then..

DONT APP FOR ANYTHING... Its not unheard of for a loan to fall through because they noticed a change on your CR.. they may not use CR to base the main approval butt im pretty sure your reports are going to be pulled...

Just wait it out...

-J

Re: Wife file her own cards?

UncleB — Mon, 01 May 2017 09:29:28 GMT

@joltdude wrote:
@Anonymous wrote:
Let me add to our story. We are getting paperwork together now for a house loan. Since we live in California and I am retired Air Force, we will be utilizing CalVet loan. The nice thing about it is they do their own approvals and do not use credit reports for approval. As long as we are 2 years out of bankruptcy and have established good credit moving forward, that's the only requirement. No money down, no closing costs, and a good interest rate as well.

Do you think the sudden apps by my wife will have a negative effect?

Stop.. do not pass Go.. do not collect 200$
You do not want to app for anything, nor your wife... Even with their own approvals. Apping right now is a NO NO...
YES IT DOES HAVE A NEGATIVE EFFECT!
Esp if your getting documentation together... Close on the loan first.. id even wait a day or so after keys in hand .... (not sure if your state allows you to change your mind on closing.. hence the 48 hour wait..) then follow Revelates suggestion and go for both DIsco and (I think it was Cap One).. and possibly a third secured card...

Until then..
DONT APP FOR ANYTHING... Its not unheard of for a loan to fall through because they noticed a change on your CR.. they may not use CR to base the main approval butt im pretty sure your reports are going to be pulled...

Just wait it out...
-J

Having lived through this on both sides of the table multiple times, I'll say this... if you're planning on doing anything with a mortgage, you need to talk to a mortgage specialist as soon as you can, and let them be your guide - you're paying them, after all.

Usually mortgage people (brokers, etc.) work on commission, so they have motivation to help you close (in other words, they'll try hard to not lead you wrong). If you need to add an account, they'll tell you (and walk you through it). If you need to close an account (probably not applicable in your case) they'll direct you in this as well... once you're ready to begin the process it's best to not try to "figure out" what they'll want - just ask and they'll tell you. Remember they work for you, and they are on your side.

Re: Wife file her own cards?

Revelate — Mon, 01 May 2017 09:56:12 GMT

@UncleB wrote:
@joltdude wrote:
@Anonymous wrote:
Let me add to our story. We are getting paperwork together now for a house loan. Since we live in California and I am retired Air Force, we will be utilizing CalVet loan. The nice thing about it is they do their own approvals and do not use credit reports for approval. As long as we are 2 years out of bankruptcy and have established good credit moving forward, that's the only requirement. No money down, no closing costs, and a good interest rate as well.

Do you think the sudden apps by my wife will have a negative effect?

Stop.. do not pass Go.. do not collect 200$
You do not want to app for anything, nor your wife... Even with their own approvals. Apping right now is a NO NO...
YES IT DOES HAVE A NEGATIVE EFFECT!
Esp if your getting documentation together... Close on the loan first.. id even wait a day or so after keys in hand .... (not sure if your state allows you to change your mind on closing.. hence the 48 hour wait..) then follow Revelates suggestion and go for both DIsco and (I think it was Cap One).. and possibly a third secured card...

Until then..
DONT APP FOR ANYTHING... Its not unheard of for a loan to fall through because they noticed a change on your CR.. they may not use CR to base the main approval butt im pretty sure your reports are going to be pulled...

Just wait it out...
-J

+1

Having lived through this on both sides of the table multiple times, I'll say this... if you're planning on doing anything with a mortgage, you need to talk to a mortgage specialist as soon as you can, and let them be your guide - you're paying them, after all.

Usually mortgage people (brokers, etc.) work on commission, so they have motivation to help you close (in other words, they'll try hard to not lead you wrong). If you need to add an account, they'll tell you (and walk you through it). If you need to close an account (probably not applicable in your case) they'll direct you in this as well... once you're ready to begin the process it's best to not try to "figure out" what they'll want - just ask and they'll tell you. Remember they work for you, and they are on your side.

The flipside of that is never do what a mortgage banker says without sanity checking here first. There's a reason why quality mortgage LO's like Shane and DLG who frequent this forum defer to others when it comes to FICO scoring beyond the basics.

Follow what joltdude said as the AU's will count on the mortgage models: pretty up your revolving utillization, don't apply for anything, and try for the mortgage. Once you close (keys in hand) then follow the suggestion I made earlier of getting 3 cards in your wife's name.