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Credit....

Ok so I'm sahm and I don't have any credit. I've tried getting credit cards and they always deny me because I don't have any credit. I'm really frustrated with it. I even tried some store cards-Walmart and Toys "R" Us. I make some money through online work as an independent contractor and also I do babysitting. DH alone makes well over $50,000 a year. This last credit card wanted to know our annual household income and yet I was turned down for not having credit. What should I do? We want to be able to get a house!

Answer Question
 
Anonymous

Asked by Anonymous at 4:42 PM on Jul. 9, 2011 in Money & Work

Answers (8)
  • Well applying to often can hit your credit as well. My advice is to seek out a 'secured' credit card. You give them about $200-$500 and they 'lock it' in an account. You get that much in credit and they bill you as a regular credit card. Eventually it can go unsecured and the money is given back to you.
    But_Mommie

    Answer by But_Mommie at 4:45 PM on Jul. 9, 2011

  • do you have a bank account? Soemtimes you own bank can give you are secured loan or a secured credit card. That will help you to get started on you credit score. And then you can make it little by litlle from there.
    LittleBirdFly

    Answer by LittleBirdFly at 4:50 PM on Jul. 9, 2011

  • Try to find yourself a good co-signer! Sometimes syou need a little bit of help with your credit, and if you find the right person to cosign for one it'll open up and establish your credit history!
    something_

    Answer by something_ at 4:51 PM on Jul. 9, 2011

  • whitepeppers

    Answer by whitepeppers at 4:52 PM on Jul. 9, 2011

  • I agree with the above, that's how I started with a secured card. $500. But it can be more, whatever you can put into the saving account. Would your husband co-sign a loan in your name. If has some credit already. Make the payments with the money you borrowered.
    SassySue123

    Answer by SassySue123 at 4:53 PM on Jul. 9, 2011

  • Because I am a stay at home mom, I have all of the utilities in my name, so it's monthly credit reporting. I have a credit card in my own name, and also one that is in both of our names. When both of your names is on it, it will affect you both on your credit score.
    JulieJacobKyle

    Answer by JulieJacobKyle at 5:15 PM on Jul. 9, 2011

  • I had credit already, but adding my name to my husband's card was a great move. Our reasoning was just for me to have access to the card, but because of the 15-year history he had with the card, the appropriate limit and low debt-to-available ratio with good payment history, it put a positive bump in my credit. It will take a few months for it to show up in your credit history, but if you DH has a card, get on it ASAP!
    KateDinVA

    Answer by KateDinVA at 6:00 PM on Jul. 9, 2011

  • Establish a relationship with a bank - they even gave my DD a credit card when she didn't have a job -- based on my credit score.
    tasches

    Answer by tasches at 2:50 PM on Jul. 12, 2011

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