Credit Question

[Michahellis]

I just got my credit report and score from Transunion. I made a huge mistake by having all account and credit cards in my wife's name for the last 7-8 years. The only thing showing on my credit profile are 16 paid student loans- all closed accounts. I don't have any current revolving or installment accounts.My credit score is 795, which I guess is not bad. However, I assume the fact that I have no recent history and no current payment history will likely prevent me from obtaining credit?

 

Just wondering is my decent credit score would be enough to obtain an unsecured low limit credit card, or is it likely that I would only receive a secured card.Perhaps is I had a cosigner, I could receive an unsecured card?

 

Dave

[cv91915]

I just got my credit report and score from Transunion. I made a huge mistake by having all account and credit cards in my wife's name for the last 7-8 years. The only thing showing on my credit profile are 16 paid student loans- all closed accounts. I don't have any current revolving or installment accounts.My credit score is 795, which I guess is not bad. However, I assume the fact that I have no recent history and no current payment history will likely prevent me from obtaining credit?

 

Just wondering is my decent credit score would be enough to obtain an unsecured low limit credit card, or is it likely that I would only receive a secured card.Perhaps is I had a cosigner, I could receive an unsecured card?

 

Dave

795 on what scale? What is the source of that score?

[Michahellis]

I should mention that I am Canadian. I obtained my score from getting an online report from Transunion online.The scale runs from 300-900,so I assume that 795 is pretty good on this scale.

 

Cheers,

 

Dave

[Michahellis]

bump........

[cv91915]

It seems to me that you have a good score, but getting your first revolving account can be a crapshoot.

 

I would:

 

First, app for a card that you really want. If you get turned down try for your next most desired card. If you get turned down again, and one of the reasons is lack of revolving credit (which is likely):

 

- Have your wife add you as a joint owner (NOT as an AU) to her cards, if the issuer will do that. Once those report with their corresponding age, try again for a card that you want;

 

OR

 

- Apply for a student card (if you are truly a student)

 

OR

 

- Join a local CU that has a reputation for working with customers. They are usually pretty forthcoming with what they will and will not do. Go in person and meet with a new account person and explain your situation and ask for advice. The right CU will probably give you a card. If not try the next step...

 

OR

 

- Get a secured card and use it/PIF for a few months and try again.

 

Obviously these are terrible ideas if you are rejected for reasons other than lack of revolving credit. If you are declined for other reasons, post the results of your failed app here and we'll be sure to comment. We aren't exactly shy around here.

Edited May 17, 2013 by cv91915

[BobWang]

We aren't exactly shy around here.

 

I am.

[Rebuilding2010]

Pshaw

 

Op, cv gives excellent advice.

[cv91915]

 

We aren't exactly shy around here.

 

I am.

Yeah, sorry for the broad generalization....

[Michahellis]

Thanks so much for everything. I haven't been a student for a long time, but like I said it's the only thing on my account. My folks have an excellent relationship with the local credit union so I think I might go that route. The co owner on my wife's cards is an interesting idea. I assume these cards would only start reporting to my card as of the time I am added? By which I mean any late payments etc from the past would not be transferred to my account? There were a couple of late payments in the last 18 months but everything has been perfect for the last year or so.

 

Really appreciate all the solid advice once again. I'll be sure to post back with results of what I did.

 

Dave

[cv91915]

Thanks so much for everything. I haven't been a student for a long time, but like I said it's the only thing on my account. My folks have an excellent relationship with the local credit union so I think I might go that route. The co owner on my wife's cards is an interesting idea. I assume these cards would only start reporting to my card as of the time I am added? By which I mean any late payments etc from the past would not be transferred to my account? There were a couple of late payments in the last 18 months but everything has been perfect for the last year or so.

 

Really appreciate all the solid advice once again. I'll be sure to post back with results of what I did.

 

Dave

If you become a joint owner you get the whoooooooole history, so choose carefully.