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Starting up new credit with new SS#

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russellg

Joined: 16 Mar 2009
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Posts: 4

109 Magic Points

Subject: Starting up new credit with new SS#

Mon Mar 16, 2009 1:52 am

My wife is a new resident to the US and just received her new SS# How can she build her credit? What should be the first steps?

anthony

anthony

anthony

Joined: 31 Jul 2006
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Posts: 550

13573 Magic Points

Mon Mar 16, 2009 5:26 am

Your wife can build up a good credit profile through a credit card. But since your wife does not have a good credit score it is not possible for her to get an unsecured credit card and so she should go for a secured credit card to build up her credit. Getting an unsecured credit card is not at all difficult. All she need to do is to do is to contact a credit card company and deposit a certain prescribed amount and she will get a credit card with credit limit equal to the amount deposited. Now she should spend with the card and repay back the debt within the due date.
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Anthony Marx

A positive attitude is not achieved by turning a blind eye to the negative, but rather by responding to every situation in the most positive way possible.

carol

carol

Joined: 27 Jun 2006
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Posts: 1308

28489 Magic Points

Mon Mar 16, 2009 5:35 am

I agree with Anthony. You can easily get a secured credit card because these cards are backed by your own money and you get a credit limit equal to the amount you deposit with the company. Try and make payments regularly with the card and pay back the debt within the due date. Doing this you can build up a good credit history. Now since credit history contributes about 35% in your credit score, you can build up an impressive score if you do not default on your payments or do not make any late payments on the card.
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Carol

Russell
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Tue Mar 17, 2009 2:09 am

Currently my wife is not employed and has no income to claim on the secured credit application. I was told by our banker, even though the credit card will be secured by our money, she still must qualify for the card. My credit is not so great due to previous marriage and debt 6 years ago, so I do not want to co sign and risk her credit being damaged. Thanks for any suggestions!

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