Sunday, November 14, 2010

My Fico says no revolving credit. Credit questions!?

My wife doesn't want a credit card but because she doesn't have an open card it shows as its hurting her credit rating. If I add her to mine will it also report to hers to help her credit score? Also how will that look on our credit. Right now I am cosigner for her car loan and if we share a credit card showing up on both our reports. We want to get a house soon will it look bad being on both our reports or will they know that we cosigned and that its only one loan? Same question with the credit cards will they know its one card not two cards with balances? I don't want to hurt our chances at getting the best rate possible and making sure i have enough available to me!My Fico says no revolving credit. Credit questions!?
Adding her to your accounts as an authorized user will not raise her credit score. In order to do that, she has to establish credit in her own name and make timely payments, keeping her debt to credit ratio low.My Fico says no revolving credit. Credit questions!?
First, you need to add her as a co-holder to the account, not an authorized user. Call your credit card company and check the procedure for doing this - they may run a credit check on your wife which will ding her score just a little (not enough to really make a difference). If they put her on the account, when you go to apply, they will know it is all one account (your name will be on the card on her record and vice the same account number will be reported). The only problem might be is how the credit card company reports the card on your wife's report or if you have to open a new account - if they adjust the card opening date for your wife to the date she is put on the account, it won't help her score a much immediately since it will not show any payment history for her (it will help the available credit portion however).

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