She doesn't have any installment loans at all, open or closed. She has never had one. She has paid cash for her cars and all her bills with checks. She was fiscally responsible just didn't have any idea about credit. We sold a car before we moved to Alaska and bought one for cash up here. My truck is already paid off so we have no auto loans and don't expect one for 7 years.
I'm on a mission now to get her credit higher because we want to buy rental property in the next 10 years or so and I want to be able for her to buy some of those houses. Or when she needs a new car I want to leave money in investments and her be able to get a good rate for a car loan.
I would also like her to be able to get some of the nicer reward cards such as the Chase Sapphire so we can use some of the travel beenies. So far only I can do that and we get a new reward card every 2 years or so. I'm not even sure if they would let you get your own account (Chase for example) if you are already an AU on your spouses account?
We only use credit cards for the rewards, we pay them off each month. We are good savers and don't have any needs for loans - but I was thinking of getting her a small 500$ loan and paying it back just for the credit. It would only be a couple bucks in interest because I would pay it down to 9% after it post to the credit agencies.
So then she would be an AU on two cards (AMEX and Chase Sapphire)
Have her own secured WF Visa, and a Citi Double Cash
And have a small installment loan payed down to 9%. (don't have this yet)
The goal is not the number. I could care a less what the number is as long as she can get the best rate on a auto loan, mortgage, & qualiftys for the best reward cards. So far she has been denied for the smallest of store cards with her mighty credit karma 700 score lol
I have read through a ton of threads here and all the stickies, fun learning about this stuff.
Thanks to all who replied - you guys really know your stuff!
