topic Re: Not so much rebuilding but new credit question. in General Credit Topics

Not so much rebuilding but new credit question.

Anonymous — Fri, 27 Feb 2015 17:24:52 GMT

I got remarried in June of 14..... my wife is from China and has no credit here at all. She currently has a SS# and a work card, is working at a resturant and gets a paycheck plus tips (which they show and tax as income), just got approval for her 2 year green card so all is good there. I have added her to a couple of my cards but I would like to get her going credit score wise because in a year or two we want to buy a house.

Whats the best route for this ? Secured card, cards ? She makes about 2K a month which just goes into savings as we live 100% off my income but she (along with most all their culture) hates to use credit at all. She uses the, if we dont have the cash we shouldnt buy it theory.

I have convinced her we need to do something so she can eventually get a credit score and since we are starting new I need to know what others think is the best route.

Thanks in advance,

John

Re: Not so much rebuilding but new credit question.

Duke84 — Fri, 27 Feb 2015 17:30:49 GMT

I think the secured route would be the best way to go. You could sell her the notion that the funds used are in an account and can be retrieved by closing the secured card.

Re: Not so much rebuilding but new credit question.

Anonymous — Fri, 27 Feb 2015 17:37:57 GMT

Yes, get at least two secured cards to start out with, and a small secured loan from SDFCU or other CU for a few hundred bucks. After two years of perfect payment she will have very decent scores.

She need not use the cards, other than a small charge every few months to keep the accounts active.

Nothing at all wrong with her theory, just explain that 'having credit' does not necessarily mean 'using credit'.

Re: Not so much rebuilding but new credit question.

icebox702 — Sat, 28 Feb 2015 19:20:10 GMT

get a gas card and PIF every month. tell her that using cash at the pump is incovenient (you have to get change from the cashier all the time) and you shouldn't use a debit card with all these security breaches!

Re: Not so much rebuilding but new credit question.

Anonymous — Sat, 28 Feb 2015 19:51:15 GMT

2 secured cards, one store card (walmart/target) is a good start