New Credit

[felyasocal]

So my wife has only been in the country for a few years. I started off by adding her to my two credit cards. In the last month she got approve for $3500 with CareCredit (medical based loans), she was approved for Chevron\Mobil gas cards, and a Macy's store card. She might also be getting some college loans, but they shouldn't be more than a $1000 a semester.

Should she apply for her own credit cards now? Does it make a difference if she is authorized on my cards vs having her own? Her credit score is 740 now and I want to make sure we do everything right to get her good and stable history. What do you recommend we do besides what we have already done? How long would it take before she can go in and lease a nice car on her own?

Thanky you !!!!

[Anonymous]

AUs are good for building but she will eventually need her own lines of credit.

Many creditors will not factor in AU accounts.

If those AUs are her oldest I would not remove her from them as it will hurt her AAoA.  Have her do a few pre-approvals with cards she wants and see if anything comes up.  They will be soft pulls unless she applies then a HP.  Pre-approvals are not guarantees of extension of credit just that she meets some of the requirements.

With a 740 I don't see why she couldn't get a car now.

You may want to get the car first and apply for a CC afterwards.  The higher your score the more the inquiry will hurt and the addition of a new TL.

[felyasocal]

I see. Thank you for the info. I wasn't sure on how AU works vs having your own credit line. We applied for two credit cards today and we'll see how it goes. We don't need a car right now, but my lease is running out in about 6 months and I am afraid my credit won't be good enough for another lease\purchase. Might have to use her credit or mine and have her cosign. 

Any suggestions on good credit cards right now?

Thanks!

[Anonymous]

For her and her score or for both of you?

[felyasocal]

For her. I got me a few starter cards and I am on my way to rebuilding my credit. For wifey, we applied for Chase Sapphire, Discover, AMEX, and Venture

[Anonymous]

Yes, those are definitely good cards.

You don't want to apply for too many at one time, it will destroy her AAoA if she is approved.  Plus the inquiries will hurt.