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My wife and I are looking to purchase real estate in a highly competitive market, and to best position ourselves, I'd like to build her credit score. Mine is 800+, although she has significantly less history leading to a score of just 700. Nothing bad on the record, just shallow history. She's currently an authorized user on my credit card. Both scores were checked w/ the big three.
We have healthy income so I am thinking we get her a credit card with a modest limit, keep the credit utilization ratio low, and of course pay off the balance every month. Do you believe this is the best way to go about building credit fast?
My wife and I are looking to purchase real estate in a highly competitive market, and to best position ourselves, I'd like to build her credit score. Mine is 800+, although she has significantly less history leading to a score of just 700. Nothing bad on the record, just shallow history. She's currently an authorized user on my credit card. Both scores were checked w/ the big three.
We have healthy income so I am thinking we get her a credit card with a modest limit, keep the credit utilization ratio low, and of course pay off the balance every month. Do you believe this is the best way to go about building credit fast?
Thanks in advance,
-adr3naline
get 3 credit cards with high limits and keep the utilization very low
get 3 credit cards with high limits and keep the utilization very low
I'm not sure that is a great strategy. Suddenly getting a lot of available credit can actually hurt your score. Plus I believe showing paying off is more important than having but not using credit. I'm not sure there is an easy eay to meaningfully change a credit score in a positive direction in a year. Since you are looking to purchase rela estate you may wantto target installment loans rather than consumer credit. Does she have any oustanding car loans or student loans? You could consider paying those more aggressively.
I'm not sure that is a great strategy. Suddenly getting a lot of available credit can actually hurt your score. Plus I believe showing paying off is more important than having but not using credit. I'm not sure there is an easy eay to meaningfully change a credit score in a positive direction in a year. Since you are looking to purchase rela estate you may wantto target installment loans rather than consumer credit. Does she have any oustanding car loans or student loans? You could consider paying those more aggressively.
I'm not sure paying off the cards or any payment activity factors in other than utilization. Not using them at all is fine
I am an ameteur travel hacker and have more credit cards than I can count.. Score jumped 75 points in a year from doing this.. Went from from 750's to 815-835
I'm not sure that is a great strategy. Suddenly getting a lot of available credit can actually hurt your score. Plus I believe showing paying off is more important than having but not using credit. I'm not sure there is an easy eay to meaningfully change a credit score in a positive direction in a year. Since you are looking to purchase rela estate you may wantto target installment loans rather than consumer credit. Does she have any oustanding car loans or student loans? You could consider paying those more aggressively.
Agreed. I can imagine gaining access to multiple high-limit cards would prompt some questions from the financing institution.
We own both of our cars outright, but she does have some sizable student loan debt. We've organized those payments to be based off of her income, and they auto-deduct, so no late payments.
I'm not sure that is a great strategy. Suddenly getting a lot of available credit can actually hurt your score. Plus I believe showing paying off is more important than having but not using credit. I'm not sure there is an easy eay to meaningfully change a credit score in a positive direction in a year. Since you are looking to purchase rela estate you may wantto target installment loans rather than consumer credit. Does she have any oustanding car loans or student loans? You could consider paying those more aggressively.
interesting. you arent sure and the original poster agrees with you. im not throwing out my guesses and theories. my situation is similar to IonRedLine08. i actually did sign up for a bunch of credit cards in a single year and my score shot up. for years my score wasnt moving and then all the sudden a pop of around 75 points or so. ive posted about it before, ill try to find the exact point increase.
interesting. you arent sure and the original poster agrees with you. im not throwing out my guesses and theories. my situation is similar to IonRedLine08. i actually did sign up for a bunch of credit cards in a single year and my score shot up. for years my score wasnt moving and then all the sudden a pop of around 75 points or so. ive posted about it before, ill try to find the exact point increase.
I got two in a year and my wife did the same and both scores went up as well
Credit Karma has a program that lets you estimate how your score changes for various items. https://www.creditkarma.com/
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