Building Credit Questions?

[Anonymous]

So, I am trying to find out the best way to build my husbands credit? Everything we try to apply for (for him) he gets denied? The only accounts he has on his credit history are a car loan (with me) and a personal loan (with me). He can't get approved for anything by himself. He no longer has any negatives in his credit history, and we have never missed a payment on either loan, but he still can't get approved for a simple credit card (that he doesn't have to pay an arm and a leg for). Does anyone know of any options for him?

[Shogun]

Do you belong to a CU?  You will probably have to get a secured card and age it just a bit.

[nicholasyud]

dont apply for anything else....pull his credit report and we work from there......make sure you pull them from this website Fico score

[jamesdwi]

Make him an AU on a couple of your credit cards,  perferably a CapOne card, wait about 2-3 months CapOne tends to send out letters inviting you to apply,  he should get approved for a toy limit CapOne card, take the card use it lightly, pay on time, don't max it out, in 5 months they typically give an auto CLI, after a few more months other lenders will start approving him, that it what I did with my son, he didn't even recieve a card with his name on it, but they approved him for a card. before they denied him. 

[Anonymous]

so i take it he only has installment accounts reporting and no revolving?  if so thats prob why.  Also would recommend pulling all 3 reports just to make sure there are no derogs being reported.   

[nicholasyud]

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@Anonymous wrote:

so i take it he only has installment accounts reporting and no revolving?  if so thats prob why.  Also would recommend pulling all 3 reports just to make sure there are no derogs being reported.   

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yeah even better

[jamie123]

You have probably just been applying for the wrong cards! You need to apply for cards that will approve him with a thin credit file.

What cards have you tried applying for? What are the reasons they give you for denial?

Do you have any idea of what his credit score is?

Have you signed up for the free score here on myFICO or over at creditkarma.com?

We can help you but we just need a bit more information.

[Shogun]

Pull his reports.   Go to www.annualcreditreport.com and get your free yearly report.  Sit down, go over it, see what's good, what's bad, and go from there.

[nicholasyud]

+1

[Anonymous]

I have pulled all of his credit reports. They just say he has a lot of inquiries, and that he has no revolving credit. I have made him an authorized user on two of my accounts already, My AmEx card and my citi bank card. Does that build credit for him, just being an authorized user? I've gotten his score here, equifax, and transunion, he's about a 640. I just don't understand how it can be that bad having 2 loans on there with no missed payments? Our car loan is just about payed off now. What about a joint CC. Anyone know of any joint accounts that we might be able to get? I'm new to the whole credit score thing and I don't quite understand how someone with no credit just automatically gets a terrible score like that? We were  hoping to buy a house this coming year, but I don't want to try and get a mortgage with his score that low. Any advice is greatly appreciated!! Thanks!