The wife got bushwacked!

[Equaliser]

Hi, Folks,

It's been a long time since I've been on. Between law school, civilian job, and a promotion to major, I've been swamped.

My wife and I were repairing our credit so that wew could apply for a mortgage to buy a house. Problem is that when she fixed hers, her credit went from bad to no credit whatsoever. How coud this happen? Any ideas?

Thanks everyone!!

[TTigggers]

Does she have any positive TL's?

If not you need to get some and let them age to bring the score up

[isislc]

Haa haa, when you said your wife got Bushwhacked, first thing I thought was GET A ROOM!

But yeah, get some TLs like Tiggger said and let them age. Will take about 6 months unfortunately.

[LeslieR]

Do some searching around here - depending on her scores and other details of her situation, there is a card for her. She needs to build some history and this site as well as whogavemecredit.com will help. I've seen others mention FinanceGlobe.com

Crown Jewelers and the "Sterling Trifecta" (do a search here) are great places to start. Most have success with one of the HSBC cards, Cap 1, and Hooters. But it all depends on her situation and what "bad" credit in the past means. For example, some banks will blacklist if she defaulted on an account w/ them even 15 years ago.

[NASCAR_Devil]

Do some searching around here - depending on her scores and other details of her situation, there is a card for her. She needs to build some history and this site as well as whogavemecredit.com will help. I've seen others mention FinanceGlobe.com

Crown Jewelers and the "Sterling Trifecta" (do a search here) are great places to start. Most have success with one of the HSBC cards, Cap 1, and Hooters. But it all depends on her situation and what "bad" credit in the past means. For example, some banks will blacklist if she defaulted on an account w/ them even 15 years ago.

You might want to consider a BOA secure card before going for the unsecured. 6-12 months of positive pay history will get her upgraded to an unsecured.

[LoveToGod]

Hi, Folks,

It's been a long time since I've been on. Between law school, civilian job, and a promotion to major, I've been swamped.

My wife and I were repairing our credit so that wew could apply for a mortgage to buy a house. Problem is that when she fixed hers, her credit went from bad to no credit whatsoever. How coud this happen? Any ideas?

Thanks everyone!!

Yeah, if she got all of the negatives off, but did not having any positives, than she does not have a credit score. Consider this:

35% of your score is your payment history

30% of your score is the ratio of used revolving credit card balances compared to your credit limit. For example, if you have $1000 chase visa card, and you owe $350, your ratio is 350/1000, 35%. The lower, the higher your schore

15% is the time you have had credit. For someone new to credit, there is not anything you can do about this.

10% Amount of new credit aquired and inquries within the last year

10% your credit mix, that is do you just have revolving accounts or revolving and installment accounts as well.

SO I would do the following;

1. Get her a credit card that she only carries about 10% of a balance on.

2. Get an installment loan, check out CONNS, or Friedmans. If that dosen't work go to a bank or credit union, give then $300 and borrow against it get an installment loan on there

This will give her a credit mix, good payment history for at least 6 months, and low balance will help the score. BUT IT TAKES 6 MONTHS to get a score.

Joseph

[LoveToGod]

SO I would do the following;

1. Get her a credit card that she only carries about 10% of a balance on.

Joseph

I forgot something. Where? Try the following

www.capitalone.com

www.crownjewelers.com

www.orchardbank.com

A secured credit card from a credit union or bank. The Wells Fargo secured card is not too bad.

This one will fee you to death, but it is not as bad as others:

www.firstpremierbank.com --but will not approve until at least 1 acct shows paid as agreed.

[blkNgld]

Hi, Folks,

It's been a long time since I've been on. Between law school, civilian job, and a promotion to major, I've been swamped.

My wife and I were repairing our credit so that wew could apply for a mortgage to buy a house. Problem is that when she fixed hers, her credit went from bad to no credit whatsoever. How coud this happen? Any ideas?

Thanks everyone!!

If you know anyone with a well aged credit card and perfect payment history on said card, she can enjoy a nice score increase by being added as an authorized user. This technique still works and will give her the ability to get her own card in a matter of weeks. But time is running out as plans to implement FICO 08 are forthcoming. If she can get enough authorized user accounts it might not even be necessary for her to apply for her own credit. New credit cards will temporarily erase some of the gains she receives from the authorize user accounts. So if you are wanting to get a mortgage soon and all you need is to get her score up, tap the parents or a relative for some free creditworthiness.

B&G

[rachael24]

Capital One is my pick here...Plus its No Hassle

But seriously, a secured card from a credit union or bank is the way to go. 6 months, and credit will be back.