DH feels I need to get a cc.

**Ceashels** · 04-10-2008, 04:13 PM

As we are trying to purchase a rental property (investment realestate seems to have stricter rules), we found out that I may not be allowed on the mortgage because I have NO credit . I have NO score. I am a non-entity in terms of credit.

DH wants to add me as an authorized user to one of his but still highly recommends I establish credit on my own as well. I know this would help if anything tragic should ever happen as I will have established credit/funds to deal with emergency needs until the paper work gets transferred into my name.

Does anyone else here have a cc that they use just to keep a high credit rating? Have you found it beneficial?

Are there any pro's and con's I should be aware of? I do not like the idea, but I am willing to have one if it will help in the real estate venture.

I would love to hear your thoughts on this and greatly appreciate the wisdom of the Village. Thank you.

**stinkbug** · 04-10-2008, 04:18 PM

Are you not included on your mortgage note? Or a car loan? If your name is on either of those, you should have a credit rating.
I've had my *own* credit for about 25 years now....just a Macy's card and a car loan when I was a single mom. But I'm also included on all our owned property. House, cars, etc. I can't imagine in this day and age a couple having things in a man's name only.

**Jskell911** · 04-11-2008, 11:50 PM

I was kinda wondering the same thing as stinkbug. Also, note that just "having" a cc in your name does not help establish credit. You will have to use it here and there. For an odd reason creditors view a small balance more favorably than a never used cc. Weird but true!

**Ceashels** · 04-16-2008, 10:36 AM

Yeah, I was thinking of using it for something already routinely budgeted like the pet foods that are purchased monthly. It would be paid in full each month and I wouldn't be spending that "virtual" money on stupid things. That way I can establish credit in a safe and controlled manner.

Thanks for the inputs.

**McD** · 04-16-2008, 11:11 AM

Originally Posted by Ceashels

Yeah, I was thinking of using it for something already routinely budgeted like the pet foods that are purchased monthly. It would be paid in full each month and I wouldn't be spending that "virtual" money on stupid things. That way I can establish credit in a safe and controlled manner.

Thanks for the inputs.

This is a great idea!!!!

**Jskell911** · 04-16-2008, 12:26 PM

Originally Posted by Ceashels

Yeah, I was thinking of using it for something already routinely budgeted like the pet foods that are purchased monthly. It would be paid in full each month and I wouldn't be spending that "virtual" money on stupid things. That way I can establish credit in a safe and controlled manner.

Thanks for the inputs.

That is exactly what DH and I are doing with our remaining open card.

**CYork** · 04-16-2008, 01:13 PM

Why don't you look into getting a rewards type credit card. There is an Hilton American Express card that is fee-free as well as a Capital One card that provides a 1% rebate. That one is free as well. Just make sure to pay it off at the end of every month.

By the way, there are tons of different rewards cards out there, just do a simple Google search so you can compare.

**wannabedebtfree** · 04-16-2008, 01:41 PM

Just another thought, Dave Ramsey's book mentions a way for you to do this without a FICO score. Mortgages are different so lenders can actually approve you without a FICO score based on another set of "guidelines".