My husband doesn't have any credit. How can he establish good credit without going into debt?

Answer 1

Actually I was the one with the bad credit. We got a personal loan so we did pay some interest but not much but we were told by a good friend that works at the bank that if you don't keep active for at least 6 months it won't do anything that is also with a credit card you can put the money in the bank and pay it back but over a 7 month period then you can pay it off thats what we did it worked wonders for my credit we are now looking for a house since he's already in the 700 range and I'm at least in the 600 (FICO scores) now!

Answer 2

First off, have him open his own checking account, then don't bounce any checks. Second, apply for a store credit card (Usually Target is very lenient with people having a lack of credit history). Once the card is received, charge something on it ONCE, then pay it off as soon as the bill is received. Allow approximately 6 months to 1 year to pass. By this time, he should have enough of a credit history to get a major credit card - Visa or MasterCard. Again, charge something on it ONCE, when the bill comes, pay it off completely. Allow another 6 months to a year to pass, then apply for an Auto loan. Following these steps, and timeframes can ensure your husband will be good in 1-2 years. In fact, at that point, he may be able to qualify for a decent interest rate on a mortgage. Try not to rush the process... Hard to do, I know, but if you rush it, and make too many applications in too short a period of time, it tells prospective lenders that you might be desperate for extra money. Good luck!

Answer 3

I had that problem. My husband got a credit card in HIS name and put me as a secondary user. Then I used it when I went to the store. When I got home, I'd take that amount of money and put it away. At the end of the month when the bill came, I'd pay it in full. That way, we never paid interest, but it boosted my credit quite a bit. Also, you might try taking out a small loan. Don't spend the money. Hold onto it and make double payments every month. You won't have paid much interest in the end, but that too will boost the credit. Good luck :)

Answer 4

Go to his bank and apply for a minimum amount signature loan (usually $500.00) Put the money in a savings account and pay 1 1/2 times the minimum payment every month. When that one is paid off get a $1000.00 loan. It isn't the fastest way, but it builds solid credit and not revolving credit.

Answer 5

Have him start off with a low interest credit card. have him make a couple small purchases and then pay them back right away. Do this for a little while, but dont overdue it and he eventually will have an established a small line of credit.

Answer 6

Get a credit card in his name and pay your house bills with it. Pay it off every month on time or go buy house furniture or jewelery. Never make a late payment.

Answer 7

try getting a credit card capitol one is good or orchard bank credit card or any department store to get him started and only use them when necessary try orchard bank first and u cant apply for so many at one time itmake your credit score messed up