Best Way to Build Credit from Ground Zero

[macmars45]

I got a Macys card as a 19 years old. It was my first credit card. No one else would give me a credit card until I'd had that one for a year or two. I'd suggest Macys because your H could go clothes shopping with you and buy the stuff on his card and then it could be paid off as a second transaction while you're still in the store. Would that work? If I'm totally off base, just ignore me.

[Raggedeannie]

Jan 2, 2013 23:54:58 GMT -5 @joesther said:

I can't help but wonder if this is a cultural thing. In Israel, where I'm from, being in negative, "in the red", can actually be quite common. People have their bank accounts in the red quite regularly, and oftentimes they don't get out of the red for months at a time. I don't know where your husband is from, but I wonder if this is the norm for his home country.

Regardless, I think it's very important that you stress to him that being in the red in this country is not the norm, and that if he continues to do so, having a credit card will not be in his near future. For now, I recommend you do not put him on one of your cards.

He should check his bank account regularly, either accessing it through his phone, through the Internet, or through the ATM, and he should develop a sense of responsibility towards his account, knowing that both yours and his future depends on it. More than about finances, it's about trust in the relationship, and if you don't feel you can trust him with a credit card, that does not bode well for your marriage.

I'm going to echo the suggestion for marriage counseling.

Good luck.

I agree with most of this and too wonder if it is not so much that he is irresponsible with money but rather that there are some cultural issues going on here with respect to the way personal finance is managed. DH is Brazilian and has no concept of the importance of a credit score.

When DH first got his SSN I cosigned a car loan with him which is on his credit report. Also added him as a joint owner on one of my credit cards, and was able to open a Macy's card in his name. I agree with others that you need to get him to understand the importance of credit in this country and what kinds of things can eff it up, and consequenty eff up your chances of car loans, mortgage, etc in the fiture. And i would try to get him a low level secured account. I'd also suggest turning off overdraft on his checking so that when he is out of money, he is out of money. Good luck.

[mrssavy42112]

I hate to dig up a dead thread, but I don't want to act like I'm ignoring comments.

DH grew up in the French West Indies, so credit cards & credit scores don’t matter. Plus, regulations are much looser. My MIL was able to go to the bank & withdraw the remaining balance from DH’s checking acct, after it laid dormant for 4 years, with no written or verbal authorization, or even the debit card. Just waltzed right in. It’s a different life.

We’d like to buy a home in a few years, so starting to build credit now would be ideal. I know the board loves to jump to marriage counseling, but that’s not the answer. The answer is seeing a financial planner than can help DH to see the importance & help him to understand how he can both negatively & positively affect our future.

Thanks for the suggestions.