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Rebuilding With No Income


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I am a SAHM, my husband is a disabled vet- his income comes from the VA, ad he is working on building his credit with two low limit Capital One cards and a store card- We are currently in the position where I can get a secured card in an attempt to raise my personal credit, but is that even possible with no income? If it is, which one would you recommend going with?

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Credit without income is mission impossible because credit usage is paid BACK with some kind of income. In your case you should include your husband's income in your quest of credit but be careful to only use credit that you CAN pay back. Consider Wal Mart (store or Master) card if you live close to a Wal Mart as it helps you float grocery purchases and also provides you with a monthly Transunion Fico score. Mine started at $150 last November and it's now at $900. It could be higher if I wanted but there is no need for now. Also, I admit this is against the latest trend here at CB against these types of cards, but look into Care Credit card which can help you face small health situations. I have one with $800 CL and it's not hurting me...

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Yes, when you apply you will find that most issuers ask for household income, money that you can reasonably expect to have access to. If you have no credit file at all I'd recommend starting with a secured credit card.

 

These days you are allowed to use all the income you reasonably expect to have access to: e.g.typically what was called household income, For historical reasons almost no application asks for "household" income which could include roommates and such but they use other words that mean the same thing in most instances. They could ask for "individual income" and they used to do that back when the law was interpreted to mean that. The CFPB reinterpreted the law a few years ago to broaden what creditors were permitted to include.

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Credit without income is mission impossible because credit usage is paid BACK with some kind of income. In your case you should include your husband's income in your quest of credit but be careful to only use credit that you CAN pay back. Consider Wal Mart (store or Master) card if you live close to a Wal Mart as it helps you float grocery purchases and also provides you with a monthly Transunion Fico score. Mine started at $150 last November and it's now at $900. It could be higher if I wanted but there is no need for now. Also, I admit this is against the latest trend here at CB against these types of cards, but look into Care Credit card which can help you face small health situations. I have one with $800 CL and it's not hurting me...

Care credit is much different than a Victoria's Secret or Express clothing card, just saying.

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Credit without income is mission impossible because credit usage is paid BACK with some kind of income. In your case you should include your husband's income in your quest of credit but be careful to only use credit that you CAN pay back. Consider Wal Mart (store or Master) card if you live close to a Wal Mart as it helps you float grocery purchases and also provides you with a monthly Transunion Fico score. Mine started at $150 last November and it's now at $900. It could be higher if I wanted but there is no need for now. Also, I admit this is against the latest trend here at CB against these types of cards, but look into Care Credit card which can help you face small health situations. I have one with $800 CL and it's not hurting me...

Care credit is much different than a Victoria's Secret or Express clothing card, just saying.

 

I hear you but just not sure if Care Credit would be received here better than let's say Home Depot nowadays...

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Bank of America secured card

Back in 2008 after repairing my credit I stumbled into some books about credit building which recommended secured card as a way of building credit when looking into buying a house. So I went to Bank of America local branch and opened a $3,000 secured card. Little did I know this opened the door to the wonderful world of prime cards. So in no time I found myself with BOA(3000->4500), Chase(1800), HSBC(1800), 2 Citi's(1800+2000) without knowing much about the world of credit card. In 2010 financial trouble found me(or I found financial trouble) and ended up burning all these prime lenders all of them now showing CO's on my CR. Moral of story is BOA is a PRIME secure card which can lead to credit wonderland if someone knows what they are doing. In my case I did not know/care which I regret to this day.

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Here I'll show you:

 

I couldn't resist: wah wah wah

 

Vs

 

I broke my tooth, needed Care Credit

Got your point. Not arguing at all. It's just that this board mainly recommends 2 store cards: WM(Fico) and Lowe's(UTI). So I was just pointing to OP that suggesting care credit would be against the conventional wisdom on approved store cards.

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I am a SAHM, my husband is a disabled vet- his income comes from the VA, ad he is working on building his credit with two low limit Capital One cards and a store card- We are currently in the position where I can get a secured card in an attempt to raise my personal credit, but is that even possible with no income? If it is, which one would you recommend going with?

 

In the hubbub of advice, let me say thanks to your and your husband for your sacrifices. :)

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As a VA nurse, I can definitely vouch for the system needing work... Having said that, I wouldnt work anywhere else... The large majority of the veterans I get to serve are the most appreciative, kind, and patient patients I have ever worked with. Everytime one of them tells me thank you, I tell them no thanks needed... You earned this healthcare and it is my pleasure to help you, because without you and your brothers, who knows where we would be. Its just sad to see people "fall through the cracks". Its hard to not get discouraged when you are dealing with any organization that is as burearacratic as the VA is, but I believe that nurses that care make as much difference as they can.... Sorry for the off topic post, just wanted to add my two cents!

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As a VA nurse, I can definitely vouch for the system needing work... Having said that, I wouldnt work anywhere else... The large majority of the veterans I get to serve are the most appreciative, kind, and patient patients I have ever worked with. Everytime one of them tells me thank you, I tell them no thanks needed... You earned this healthcare and it is my pleasure to help you, because without you and your brothers, who knows where we would be. Its just sad to see people "fall through the cracks". Its hard to not get discouraged when you are dealing with any organization that is as burearacratic as the VA is, but I believe that nurses that care make as much difference as they can.... Sorry for the off topic post, just wanted to add my two cents!

In all of the troubles in VA and ACA, etc. I can't think of anywhere where nurses are the problem, grief from the patients, grief from the doctors, grief from the families, grief from the administrators, meanwhile the nurses go round and make it happen. It takes a certain kind of person to be a nurse, one who can take all that grief, still perform routinely and especially in emergencies and hopefully not take all that stress home. Nurse=Good 👍

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Here I'll show you:

 

I couldn't resist: wah wah wah

 

Vs

 

I broke my tooth, needed Care Credit

Got your point. Not arguing at all. It's just that this board mainly recommends 2 store cards: WM(Fico) and Lowe's(UTI). So I was just pointing to OP that suggesting care credit would be against the conventional wisdom on approved store cards.

 

I get your point as I'm learning the same thing. But, public opinion be damned. Get whatever store card you feel like you'd use the most! For me, it was Lowes, Target, and Macy's for the discounts and financing.

(Don't really recommend Target anymore because of the low limits)

 

So think of where you shop, find a card you like, and do proper research on it's approval criteria, benefits, and long term habits.

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Here I'll show you:

 

I couldn't resist: wah wah wah

 

Vs

 

I broke my tooth, needed Care Credit

Got your point. Not arguing at all. It's just that this board mainly recommends 2 store cards: WM(Fico) and Lowe's(UTI). So I was just pointing to OP that suggesting care credit would be against the conventional wisdom on approved store cards.

 

 

No, this board generally recommends no store cards, unless you receive a long-term benefit from it.

 

You no longer need the W*****t card to get a TU FICO 08, since there are now multiple places to get one (both free and paid). The W*****t store card is worthless otherwise. The MC might or might not be a good rewards card depending on one's spending patterns and ability to get other cards. If this is the only rewards card you can get any time soon... well, then, maybe.

 

It makes more sense and saves more money to keep a stash of Lowe's gift cards purchased from Cardpool (http://www.cardpool.com/buy/lowes-gift-cards) or similar site than it does to get a Lowe's store credit card. You get ~7.5% off or more with gift cards, plus the rewards from the credit card you use to pay for the GCs.

 

I'm sure someone is going to bring up 0% financing. I'm generally not a fan of financing any purchases smaller than a car (and not even that if you can help it), even at 0%. If everyone had the discipline to pay these debts back by the expiration of the 0% term, I assure you the 0% offers would disappear. Most people lie to themselves because they want to leave the store today with something they can't afford.

Edited by cv91915
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Here I'll show you:

I couldn't resist: wah wah wah

Vs

I broke my tooth, needed Care Credit

 

Got your point. Not arguing at all. It's just that this board mainly recommends 2 store cards: WM(Fico) and Lowe's(UTI). So I was just pointing to OP that suggesting care credit would be against the conventional wisdom on approved store cards.

....and do proper research on it's approval criteria, benefits, and long term habits.
That's all we're trying to get across, thank you for stopping in Jon77, peace!
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Thank you guys for your kind words and thanks- I will pass them on to my hubby

I have NO good credit in my name, I have never had a credit card or line of credit. What I do have is bad- most of it is rolling off, or I am working on getting it paid off/removed. What I need is any kind of GOOD credit in MY name. I am considering taking a small personal loan with my Dad as cosigner. THat still works, right?

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Thank you guys for your kind words and thanks- I will pass them on to my hubby

 

I have NO good credit in my name, I have never had a credit card or line of credit. What I do have is bad- most of it is rolling off, or I am working on getting it paid off/removed. What I need is any kind of GOOD credit in MY name. I am considering taking a small personal loan with my Dad as cosigner. THat still works, right?

 

No, a small personal loan is an installment loan, which isn't going to help you much. You need revolving (major credit card - Visa, MasterCard, American Express) accounts. You may need to start with a secured card, as mentioned above.

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Yes, it will still work as proving good payment history, especially with that particular lender. It will not help with other credit factors though. UT is one.

 

If what you want in the immediate future is to get an installment loan, I would suck up to the bank you want and start a positive history with them. If they're very picky, you could co-sign with your Dad, and they may consider removing him as cosigner after 6 months.

Edited by Jon77
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Thank you guys for your kind words and thanks- I will pass them on to my hubby

I have NO good credit in my name, I have never had a credit card or line of credit. What I do have is bad- most of it is rolling off, or I am working on getting it paid off/removed. What I need is any kind of GOOD credit in MY name. I am considering taking a small personal loan with my Dad as cosigner. THat still works, right?

 

You can apply for a credit card in YOUR name, and you are permitted to put your husband's income (because it is household income,) where the app asks for it. (I know this was said above, just saying again in case it got lost.) Go to the Capital One (not Credit One) pre qualify site, and see if anything comes up for you.

 

What bad things are on your report now? Do you know if you have a Fico score?

 

Don't ask dad to cosign anything, you can do this on your own.

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