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Credit card question

I have never had a credit card or any other credit. My score is 0. Can I still get a credit card if I am a SAHM but dh works? If not, can dh get a credit card with fair credit? His score is somewhere in the 600's. He tried the major cards and stuff and they all say that while his score is good, he doesn't have enough things showing where he paid something off such as a loan. He currently has 2 car loans out and money is very tight. We wanted to get a credit card so that we could have something for an emergencyand also build credit back up.

Answer Question

Asked by Anonymous at 1:17 PM on Oct. 19, 2010 in Money & Work

Answers (10)
  • Be careful, since money is already tight. I would wait on the CC.

    Answer by kiansmom0423 at 1:19 PM on Oct. 19, 2010

  • with zero credit history, you won't be able to get one in your name. DH may be able to get on in his, but they are not so easy to obtain anymore after the recession hit

    Answer by peanutsmommy1 at 1:20 PM on Oct. 19, 2010

  • can you get a card if you are self-employed? I really need to establish credit for myself. Me not having credit has cost us more money in the long-run. For example, we weren't able to get a new car because of it and we are still renting.

    Comment by Anonymous (original poster) at 1:24 PM on Oct. 19, 2010

  • The best kind of card for you to try and apply for is either a capital one credit card, or one at a store. When I turned 18, I was approved for Capital One and Kay's Jewelers. I used them to charge small things to and then paid off to help built my credit.

    Answer by xxlilmomma09 at 1:24 PM on Oct. 19, 2010

  • You can start with a secured credit card. You can probably get one from your bank or credit union.

    Answer by UpSheRises at 1:24 PM on Oct. 19, 2010

  • My first credit card was a store credit card, they have an insane amount of interest but if you buy something and pay it off immediately it will still help to build up your credit. Your husband may be able to get a lower interest rate card and have you as a co applicant so that it will be on your credit history as well. The biggest credit builder that I had though was my first car loan, my mom co-signed for me and I was always on time with my payments. If you do get a credit card make sure you are always paying more than the minimum payment and try to pay it off as quickly as possible to avoid high interest charges. If you can get a line of credit or a credit card through your bank or credit union, they generally have the best rates and lowest fees.

    Answer by foxracing43701 at 1:31 PM on Oct. 19, 2010

  • You're a smart cookie, foxracing! This is why I love CM. You get real answers here and I just found good advice without searching all over the internet.

    Comment by Anonymous (original poster) at 1:39 PM on Oct. 19, 2010

  • If you want a major credit, like Visa or Mastercard, you'll probably have to have DH as a co-signer. Or, if he already has a card, you can get a second card on the same account in your name. There are cards available for people with low credit ratings. On some of them, you set aside a certain amount of money and that's your credit limit. You can't go past that. I recommend you shop around for a card. It will be harder to get one but no impossible.

    Answer by HotMama330 at 1:48 PM on Oct. 19, 2010

  • Yes you probably will be able to find someone somewhere that will give you a credit card, but the terms may be very bad.

    I know this is obvious, but when there is an emergency, it is not the time to go into high interest credit card debt. One missed payment and your interest rate could should up to 30% or more plus the fees are insane.

    Not having credit has saved you money. If you haven't noticed when you borrow money you pay interest. Often times a lot of interest over a life time. I haven't been able to verify it, but one book that I read said that the average American over their life time pays $600,000 in interest! Holy snikes! Even if it's only $100,000 or $200,000 that's still something most of us can't afford.

    Check out Dave Ramsey's book My Total Money Makeover from your library. You just might see that not having a credit card or a credit score is actually a good thing not a bad thing.

    Answer by Erica_Smerica at 1:12 AM on Oct. 20, 2010

  • Actually, I had a First Premier Bank credit card for a little while. My credit wasn't that super, but I wanted to try and rebuild it. First Premier Bank is there to help people with bad/poor credit or no credit build credit. Once you get it, charge small things (pack of gum, milk, etc.) once or twice and then don't use it again until you receive the monthly bill. Pay that bill and start the process over again.

    Answer by _Tam_ at 9:34 AM on Oct. 20, 2010

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