Helping my wife build her credit

[sihmud]

Hello all! 

I am new to this forum. I am assisting my spouse build her credit. She is a citizen of Mexico but recently became a U.S permanent resident.

she is an authorized user on my capital one card (credit limit 10,000) reporting a balance of $250 she has her own capital one platinum card going on 3 months credit limit of $500, last reporting balance of $271, and she has a Walmart credit card going on a month now $300 limit ( not reported on credit yet. I would like some advice on just one more place to get her a credit card and after that, I'll have her garden it for about a year. I thought about discover but don't really like them so prefer to stay away. we do bank with navy federal but not sure how they react to such baby credit. what suggestions do you guys have for her as far as lenders? i really would like her to get a card with at least a 2000 line. She received a 2k pre-approval from credit one, however, seems like a loan shark creditor haha

her Fico scores are 712 TU // 710 EQ // 692 EXP

[OmarGB9]

Hello and welcome to MyFICO!

Navy is a great lender to start a relationship with. If you have the means to (I believe the minimum needed is $200 in savings as a deposit?), I'd suggest opening up a secured card with them and using that as her 3rd card.

[sihmud]

thank for such a fast response! I was thinking of doing that, however, am kind of wanting to see her unsecured options before going the secured route.

[OmarGB9]

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@sihmud wrote:

thank for such a fast response! I was thinking of doing that, however, am kind of wanting to see her unsecured options before going the secured route.

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With such a thin/young file, most lenders won't be willing to approve. Discover and Amex are a couple of those who would be willing to, possibly. Or you could have her try for an unsecured card with Navy and see what happens. Is there a specific reason you're against Discover?

[ith02]

Maybe the Apple Card?

I got a $3800 SL on $36k income for my first card of all time, and that was with a 668 TU and only one AU account as history ($16k limit reporting for the better half of a decade).

Plus, if you don't get the limit you're looking for, you can always decline with only a soft pull. 

[sihmud]

I had a discover card and they reduced the limit by half overnight then they requested an IRS form for my transcripts or they would close my accounts. i had the card for 5 years. so I decided to just close it. it upset me that 5 years later they want proof of income. not that I couldn't provide it but after the CL decrease the card itself was no longer appealing.

[sihmud]

we actually tried the apple card through the wallet app. (said it wouldn't affect her score) and they declined it due to insufficient number of credit referenced)

[OmarGB9]

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@sihmud wrote:

I had a discover card and they reduced the limit by half overnight then they requested an IRS form for my transcripts or they would close my accounts. i had the card for 5 years. so I decided to just close it. it upset me that 5 years later they want proof of income. not that I couldn't provide it but after the CL decrease the card itself was no longer appealing.

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Understood. Well in that case, as I said, Amex might be willing to approve her. Or the Navy Secured as I mentioned, it's a great card, still earns rewards (albeit only 1%), and can graduate as early as 6 months.

[sihmud]

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@OmarGB9 wrote: Understood. Well in that case, as I said, Amex might be willing to approve her. Or the Navy Secured as I mentioned, it's a great card, still earns rewards (albeit only 1%), and can graduate as early as 6 months.

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i think your right. best bet will be Secured. might just start her with a 1k limit and go from there.

[ith02]

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@sihmud wrote:

we actually tried the apple card through the wallet app. (said it wouldn't affect her score) and they declined it due to insufficient number of credit referenced)

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Gotcha. Sorry to hear that!