Spouse has No Credit
Hi Terry, we went to finance a car and the dealer said my wife has no credit.
She had some credit cards that were late and we paid them off. This was years ago.
How can she re-establish her credit?
Thanks for your help.
Terry Says
Oh, it’s really important that she have credit in her own name! What would happen if you were not around??? Do you have a mortgage? If her name is on the title with you, contact your bank and make sure your payment history is reported in her name and SS# as well as yours.
Go to www.AnnualCreditReport.com and search online using her name and SS number to make sure she doesn’t have her own credit history.
Then she should start by getting a “Secured Card” — a card where you deposit money in a savings account at the card issuing bank and that amount becomes her credit limit on a Visa or Mastercard. She should use that card to buy something every month — and be sure to pay it off ON TIME and IN FULL every month! that will help build her credit report quickly. Here is the link to the page at CreditCards.com where they list the best secured cards.
