Creating credit for my new wife... and increasing my credit lines

[jb71]

Howdy folks,

 

My first objective is to create credit for my wife.

My second objective is for me to get some high limit cards at the same time, if possible.

 

Details... My wife came to the US 3 years ago on a fiancé visa. We were married and have been living together happily in the US.

She is considered a Permanent Resident and has a SS# and can work, travel outside the US etc.

 

What we haven't done is gotten her "any" credit. We haven't given her SS# to anyone, other than immigration. I assume she would have no scores if we were to have her credit pulled as she has no tradelines. I considered adding her as an AU on some of my cards, but I'd really prefer she either have her own cards or apply jointly together with her so we have joint cards. Reason... I know that AU cards aren't what they used to be as far as credit scores go.

 

My situation... I have 780+ Fico credit scores across the board, 0 derogatories, 16 years Average Age of Accounts, and roughly $250k of open revolving trade lines with about $40k utilization on them (all are at 0% interest). So my utilization is about 15%.

Credit limits I have... UNFCU $40,000, NFCU Visa Platinum $30,000, NFCU Go Rewards $25,000, Penfed Platinum Visa $29,000, Penfed Amex $21,000, Compass Bank $20,000 and a LOC with a $30,00 limit... and then a bunch of various cards (about 10) totaling about $50k - $60k...all which I haven't used in over 5 years plus... Dell, Macy's, NTB, a Chase Card, a few Barclays cards, a Discover card ... all are less than $10k limits.

 

I am self employed and my income I paid taxes on last year was a little under $200k. I have no problem providing tax returns for proof. My wife does not work.

 

So my question is... Am I better off calling my creditors asking if I can add my wife as "Joint," not AU... or would they say "No."

What will happen if I apply as "Joint" with my wife for some new cards? I have a 780 score and make $200k/year and she has no scores and doesn't work. Are there creditors who would approve us? Any recommendations on where to apply to kill 2 birds with one stone. I.e. I'd love to get more cards with higher limits. Suggestions? Amex (Other than my Penfed Amex, I don't even have an Amex card), Citi? Which Amex and Citi? I love 0% introductory cards. Do Amex or Citi offer that. We travel a lot to, so travel reward cards are good.

 

So objectives are...

1) High limit cards "Joint" for me and my wife

2) I do want to get at least "1" 0% intro card as one of my 0% cards will end soon

3) Travel cards are always good because we probably spend $30,000 - $40,000/yr on airfares and hotels

 

Any suggestions would be greatly appreciated. I'm not concerned with which bureau they pull. I have 1 pull in last 12 months (small car loan. I got a $1,000 discount on the car for putting $10,000 of it with the dealers finance company, so they pulled my TU. I'm not concerned with having an EXP inquiry, nor is it frozen as 2 years will probably pass before I even apply for credit for anything again. Looking to go on a small app spree now with the main objective of getting some "joint" cards so my wife can start creating credit.

 

Forgot to add, I'm not military. Had an in to get into NFCU (grandfather was military).

 

Thanks!

Edited January 16, 2016 by jb71

[shabario]

I would say make her a AU on all of your cards and just cut the cards up as they come, or just tell the company you don't need them to send a card out at the moment this way she will pick up the credit established on these cards. In the future sooner than later she should be able to apply for her own and boom MAGIC!!!!!

 

GOOD LUCK SIR

Edited January 16, 2016 by shabario

[cashnocredit]

Have her open a secured card for as much as you feel comfortable letting her have. Secured cards let you kick start credit and the more money you put on them the higher you can boost CLs from cards down the road in a short period of time. It's also a way to find out if she is financially prudent without putting too much at risk. Then open your own Amex and make her an AU. Amex will let you set monthly spending limits. This will start her off then, in 6 months or so, she should be ready to start her getting own cards.

 

Oh, and remember, she can claim your income on credit card applications since she doesn't work.

Edited January 16, 2016 by cashnocredit

[ProcessServer]

So you have a mail order bride?

[JeffeVerde]

In addition to Cash's suggestions, I'd also make her an AU on several of your older, larger CL accounts - as long as they're in good standing and with low utilization . Your call whether or not to give her the cards (I'd lean towards not), but this will give her bare FICO a big boost.

 

With some fat AU accounts, and a secured card with a healthy CL, she'll probably start qualifying for decent CL's of her own after 6 months.

[Rogue]

So why have you waited 3 years to even begin establishing credit for your wife??? The obvious fast track here is AU accounts and they are fully effective for a legal spouse, otherwise it's a violation of the ECOA and violations are subject to actual and punitive damages. As an AU, you don't even have to give your wife the cards and as has been mentioned, get an AMEX or some other cards that allow you to establish spend/usage limits for AU cardholders.

 

In regards to AU cards, focus on adding her to your oldest accounts, not the highest credit limits and obviously avoid any accounts if there is any negative info reported or accounts with much of a current balance! If you manage this correctly she should have a longer AAOA than you do and lower utilization! I don't understand your focus on joint accounts, as there is substantially more downside than any potential upside to this and many companies do not even permit joint applications anymore, for example Synchrony Bank. Are you living in a community property state?

 

And all those cards you have not used in over FIVE years, charge something on them NOW! You are risking closure or other forms of AA on ALL of these accounts and they obviously have some good age if you have had them all over five years! FICO is not factoring theses cards in your scores due to their dormancy and this is holding you back from the 800+ club! The extra score boost will also be nice if you intend to add some new accounts as stated. These may also be some nice accounts you could add your wife to as an AU and actually give her the card to ensure some periodic usage.

 

Best of luck to you and your wife!

Edited January 16, 2016 by Rogue

[jb71]

Wait, I probably should have mentioned... I have no objection to her having access to high limit credit cards. She's my wife of a few years and we've "been together" for 10+ years.

 

My question really is, "Since I have 780+ scores and a $200k/yr income are we going to get approved for cards with high limits with her as joint and no scores and no income? I guess another question could be, "If she applied for some credit cards stating my income (since she is my spouse) would they approve her for decent limits, etc even though she has no trade lines and no scores?" I think the answer to that second question is, "No." Which brings me back to my first question... will they approve "us."

 

Yes, I could go the route of putting her on some of my high limit, $0 balance cards as AU, and also get her a secured card with a nice limit, and then once she has scores in 6 months, she can apply on her own. But, since I myself would like a few more high limit cards, will idea #1 work or not? Ie. Will "we" get approved applying as Joint, even though she has no scores?

 

If so, any suggestions on which cards might approve us as joint.

And then alternatively, any recommendations on the best cards with 0% BT option, high limit, and good travel rewards that I should add to my portfolio of cards?

 

Thanks

[jb71]

Rogue... honestly, I simply haven't had time. Heck, she still doesn't have a driver license yet. Just no time to teach her. I just bought us a new car as recommended by my CPA by Dec 31st, so we now have 2 cars yet I haven't taught her to drive yet. Yes, community property state. I work from home, we're together 24 hours/day. She walks out the door and goes shopping with my credit cards whenever she wants, so it really just hasn't been a big deal to get her credit going, teach her to drive, etc.

 

I want to start now though. So don't you think if I put her as AU on a handful of cards with $100k+ in combined limits and she all of the sudden has a 800 score, creditors would recognize that her score is completely made up of AU accounts and not approve her?

 

Why I don't use any of my old cards? B/C the interest rates are bad and honestly, I just like using 1-3 cards. Fico simulators say if I were to pay my bals down to $0 my score would be 820ish. Is there really a difference between 780 and 820 or even 760 if some of those dormant cards were to close? I just feel like I can get anything I want with my credit, I have plenty of cash and investments, not sure the point of worrying about getting an even higher score.

 

Perhaps I should just add her as AU on some cards and then in 6 months let her apply on her own for some cards stating my income. I want to apply for a 0% BT card right now, so I just assumed I go on a small app spree including her on 2 of 3 cards as joint... kill 2 birds with one stone. I just don't want to get declined and have an inquiry and not get anything out of it. Of course, that is contradictory of what I said above about "what's the difference... 780, 820, 760, etc" I guess when I physically do something that lowers my score, that would upset me... like applying for a card and getting declined, which I could only see happening if I put her as joint.. thus the reason I am asking for the best alternative here first before acting.

 

Thanks!

[cashnocredit]

You have a long, thick credit file. An Inq. will have almost no affect on your scores. Why do you think you would get declined? Stop worrying.

[jb71]

You have a long, thick credit file. An Inq. will have almost no affect on your scores. Why do you think you would get declined? Stop worrying.

Ok. I'll try it with her as joint. Will report back what happens.

[ProcessServer]

Sounds like you're getting punked. Hope you have a pre nup

[genseeker]

For the accounts with high interest rates, here's what I suggest. Charge something under $10, let it report, then pay it. The tiny interest you'd pay, at least to me, is worth keeping the accounts open for util and age. Then just use them every 3-4 months and PIF before statements cuts. That should prevent closure for inactivity. Even if you had a dozen accounts that reported a balance under $10 all of a sudden, with the limits you described, it would have no effect on your scores.

Edited January 16, 2016 by genseeker

[jb71]

You have a long, thick credit file. An Inq. will have almost no affect on your scores. Why do you think you would get declined? Stop worrying.

OMG!!! This has never happened to me before.

 

Chase Sapphire... Pending 7 - 10 days... listed my wife as AU. Wasn't given the option to apply as joint

 

Citi Double Cash.... DECLINED!!! I didn't list my wife as AU, nor was I given the option to list her as joint. Declined, wtf???

 

Amex Bluecard Preferred... Pending further review... 14 days. I listed my wife as AU. Wasn't given the option to apply as joint

 

I have never had this happen before. Wtf? My scores are all three over 780??? Why would I not get instant approvals?

[Quietman]

 

You have a long, thick credit file. An Inq. will have almost no affect on your scores. Why do you think you would get declined? Stop worrying.

OMG!!! This has never happened to me before.

 

Chase Sapphire... Pending 7 - 10 days... listed my wife as AU. Wasn't given the option to apply as joint

 

Citi Double Cash.... DECLINED!!! I didn't list my wife as AU, nor was I given the option to list her as joint. Declined, wtf???

 

Amex Bluecard Preferred... Pending further review... 14 days. I listed my wife as AU. Wasn't given the option to apply as joint

 

I have never had this happen before. Wtf? My scores are all three over 780??? Why would I not get instant approvals?

 

 

We'd have to know more about your current portfolio of cards to start understanding what happened with those applications.

 

Consider calling some of the backdoor numbers to get a reconsideration.

 

I'm curious why you didn't just add her to some of your existing, older accounts?

 

Adding her as an AU to brand new accounts will start her with a really low AOAA.

Edited January 16, 2016 by Quietman

[jb71]

 

 

You have a long, thick credit file. An Inq. will have almost no affect on your scores. Why do you think you would get declined? Stop worrying.

OMG!!! This has never happened to me before.

 

Chase Sapphire... Pending 7 - 10 days... listed my wife as AU. Wasn't given the option to apply as joint

 

Citi Double Cash.... DECLINED!!! I didn't list my wife as AU, nor was I given the option to list her as joint. Declined, wtf???

 

Amex Bluecard Preferred... Pending further review... 14 days. I listed my wife as AU. Wasn't given the option to apply as joint

 

I have never had this happen before. Wtf? My scores are all three over 780??? Why would I not get instant approvals?

 

 

We'd have to know more about your current portfolio of cards to start understanding what happened with those applications.

 

I'm curious why you didn't just add her to some of your existing, older accounts?

 

Adding her as an AU to brand new accounts will start her with a really low AOAA.

 

My situation... I have 780+ Fico credit scores across the board, 0 derogatories, 16 years Average Age of Accounts, and roughly $250k of open revolving trade lines with about $40k utilization on them (all are at 0% interest). So my utilization is about 15%.

Credit limits I have... UNFCU $40,000, NFCU Visa Platinum $30,000, NFCU Go Rewards $25,000, Penfed Platinum Visa $29,000, Penfed Amex $21,000, Compass Bank $20,000 and a LOC with a $30,00 limit... and then a bunch of various cards (about 10) totaling about $50k - $60k...all which I haven't used in over 5 years plus... Dell, Macy's, NTB, a Chase Card, a few Barclays cards, a Discover card ... all are less than $10k limits.

 

I actually wanted to put her as joint, but wasn't given the opportunity. You are correct, it would be stupid to put her as AU on any of these cards. I wonder if I get approved for the Chase or Amex if I can tell them to cancel her as AU?

 

 

 

[Quietman]

I had my wife removed from my new (at the time) AMEX account. She then disputed with the CRA's that she never applied for them and had them removed.

 

When I built my wife's credit, located

 

Here;

Here:

Here:

Here:

BECU:

and Here

 

I made sure she was joint on all auto and mortgage applications to insure she has some credit reporting.

 

Prior to all the activity listed above, she did have a:

 

JC Penney Card, $1,500 limit

BP Card, $300 limit

Sears Store, $$10K

Sears M/C, $4K

Target Red Card, $1K

BOA - started as secured card in 2006, rolled over to unsecured

US Bank - same as BOA

 

I helped her get her own cards, not joint or AU but her own in case something ever happens to me.

 

I found that my credit union memberships really paid off as she was typically able to join as a result of my membership (NFCU, BECU(Boeing), USAA)

 

She doesn't work (professional homemaker) but used my income (six figures) as income.

 

She now has $160K in available credit, all in her name.

 

Final thought, before worrying about applying for any great travel cards maybe just get some credit history started.

Edited January 16, 2016 by Quietman

[jb71]

Hmmm... Yes, I am going about this all wrong. I should put her as AU on some of my 20+ year old accounts first. How long will that take her for scores to create from a few AU cards with loooooooooong aging on them? 6 months?

 

You just made me think of something. Can she get her own NFCU and Penfed cards using my income, even though I'm pretty much at their max limit exposure, so they told me a few years ago. If so, then step 2 should be getting her in at NFCU, getting a card or two with good limits with NFCU on her own using my income and then have her start getting all her own cards.

 

Good plan? Will it take 6 months for her to have scores once I put her as AU on a few of my cards?

 

Thanks!

I had my wife removed from my new (at the time) AMEX account. She then disputed with the CRA's that she never applied for them and had them removed.

 

When I built my wife's credit, located

 

Here;

Here:

Here:

Here:

and Here

 

I made sure she was joint on all auto and mortgage applications to insure she has some credit reporting.

 

Prior to all the activity listed above, she did have a:

 

JC Penney Card, $1,500 limit

BP Card, $300 limit

Sears Store, $$10K

Sears M/C, $4K

Target Red Card, $1K

 

I helped her get her own cards, not joint or AU but her own in case something ever happens to me.

 

I found that my credit union memberships really paid off as she was typically able to join as a result of my membership (NFCU, BECU(Boeing), USAA)

 

She doesn't work (professional homemaker) but used my income (six figures) as income.

 

She now has $160K in available credit, all in her name.

 

Final thought, before worrying about applying for any great travel cards maybe just get some credit history started.

[jb71]

What does EO mean at Citi on the backdoor numbers link you put on there. I'm kind of ticked I got declined. I've never been declined for a credit card before.

[Quietman]

What does EO mean at Citi on the backdoor numbers link you put on there. I'm kind of ticked I got declined. I've never been declined for a credit card before.

 

Executive officer

[Quietman]

QUOTE: Hmmm... Yes, I am going about this all wrong. I should put her as AU on some of my 20+ year old accounts first. How long will that take her for scores to create from a few AU cards with loooooooooong aging on them? 6 months?

No, maybe thirty days or so (next reporting period I believe). Make sure it's not a DORMANT card, buy a tank of gas or a pack of gum, let it post to show activity. It may not happen in thirty days, but no way will it be 6 months.

You just made me think of something. Can she get her own NFCU and Penfed cards using my income, even though I'm pretty much at their max limit exposure, so they told me a few years ago. If so, then step 2 should be getting her in at NFCU, getting a card or two with good limits with NFCU on her own using my income and then have her start getting all her own cards.

Starting to sound like a plan! Make sure they aren't DORMANT.

Good plan? Will it take 6 months for her to have scores once I put her as AU on a few of my cards?

Should be way less, you might consider using a credit monitoring service to watch her files (that's what I ended up doing).

Thanks!

[josephina]

I thought that adding a person as an AU to an old card no longer helps with their AAOA, it starts their age from the date they became AU.

[Quietman]

I thought that adding a person as an AU to an old card no longer helps with their AAOA, it starts their age from the date they became AU.

 

It might depend on the card, many other experts here can chime in.

 

You are correct that there have been some changes in AU policies over the last few years

[josephina]

Jb71, the declines are likely due to high utilization. Although the percent is low the dollar amount is high.

[genseeker]

FWIW, when I added my sons as AU on my Cap1 card, it gave them the whole TL from when I opened it, not when they were added. Neither one had a score at all and CK could not generate one either. 2 months after I added them, they each had a report showing 3+ years of age and perfect payment history. Cards came to my address and I destroyed them and disposed of the pieces in public trashcans over the next couple weeks. A few pieces here, a few there, and no way anybody could track them all down and piece the right ones back together. Because of past identity theft, I may be just a wee bit paranoid. I actually did have a card I cut up pieced back together and used online. Least I could show I was in a different state when the charges were made and they were able to trace to at least the carrier of the internet - my home area at the time.

[JeffeVerde]

I thought that adding a person as an AU to an old card no longer helps with their AAOA, it starts their age from the date they became AU.

 

That's specific to the card issuer. Typically, an AU account gets the same OpenedOn date as the original account. AmEx used to have an added twist on that, where an AU would inherit the MemberSince date of their "sponsor", and this would then apply to any AX accounts that the AU later opened on their own. But that went away along with D*

Edited January 16, 2016 by JeffeVerde