I have a department store card, and two credit cards.  DH filed bankruptcy this year, long story.  I wasn't included in the bankruptcy at all.  Can I add DH my card or cards for the purpose of rebuilding HIS credit?  Would this help him at all?  It would be the only reason to do it. Does he have a chance to be added since I am the primary on the card or would they run his credit also making his chances zero?

If anyone has done this or know how to rebuild credit ,I know it will take years, let me know.

I manage the cards and pay them monthly, he will not get near them, over my dead body only!

Carmina 

 

Carmina:

... he will not get near them, over my dead body only!

Carmina 

 

If that's the case, then why take the risk of putting your own credit rating in jeopardy? If he's an authorized signor on the account and runs it up to the credit limit and doesn't pay the bill then your credit rating goes down the tubes as well. Unless, of course, you pay it off. More than one marriage has ended for that reason.

A better way is for him to get a secured credit card to demonstrate that he can handle credit. To get a secured credit card he has to keep an amount in a savings account equal to or greater than the credit limit he wants on the card. That money (say, $1,500) is then "locked" by the bank and he now has a credit card with a $1,500 limit. If he doesn't pay at least the minimum payment on time the bank is then able to take the money out of the "locked" funds in the savings account.

In a year or three he can then apply for a regular card and will probably be given one since he has then proven that he can make payments reliably.

Believe me, he doesn't have access to them and he hasn't used a credit card in years.  He hasn't asked me for my card in years.  He pays everything cash or we do without. I don't use the ccard either. 

The department store card gets used only when kids need shoes or pants. We have 6 kids and they grow.  We do hand me down first.

 Otherwise, I get discounts, use them with the card and pay the card off before the due date. We can't afford to get a secured card,  we would be paying interst to the bank for having a card  (paying interest on our own money monthy, ridiculous). I just want to help him rebuild.

Carmina

Carmina:

We can't afford to get a secured card,  we would be paying interst to the bank for having a card  (paying interest on our own money monthy, ridiculous). I just want to help him rebuild.

Carmina

What I suggested only works if one pays off the full credit card balance every month of course. Then in effect the bank is giving you a free loan between the time of purchase and the time the bill is paid.

That all falls apart the first time one is late with a payment or pays the credit card interest rate to carry a purchase from one month to the next.

 

Carmina:

Can I add DH my card or cards for the purpose of rebuilding HIS credit?  Would this help him at all? 

Are you both hoping to be in a position again one day to purchase a house?

 

 You stated he only uses cash or goes without and you both haven't used credit cards for years.  Which begs the question: Why does he "need" to rebuild his credit score?  

A credit score is a reflection on living with debt, year in and year out.  Rebuilding a credit score is for the purpose of accessing debt-loans and credit cards.

Vehicle insurance companies sometimes charge a higher rate on premiums if one has a low credit score but it isn't a huge differrence.  Certain very high security careers require a high credit score, again this is not the norm. 

So, again, why does he "need" to rebuild credit if not to borrow money or access credit cards?  Even if he suceeds in boosting his score the negative report of the bankruptcy is on his record for years and years--that is more of a hinderance than the score.  

 

 

 

The ONLY reason to rebuild credit would be try an purchase a house or build a small one in the next 2-4 years if we can afford it then.

It is NOT to have credit cards to use to pay for things.  We haven't used credit in years except I use my cc for purchases online (I heard it is safer) which I hardly do or the dept store card for clothes/shoes once or twice a year after reviewing the hand me downs and the card gets paid before the due date.  DH and I don't update our wardrobe every season is more every two years, clothes that need to be replaced.  We don't spend on restaurants, movie theatres, home decor or vacations, only cash for these items.

The bankruptcy was due to a lawsuit, a messy business situation with an old partner.

Carmina

Ask at your bank if they will run a credit check and tell you what your/dh's score is.  Sometimes a mortgage company will do this if you indicate you need to find out if you qualify.  Or you can go to annualcreditreport.com--you can look at your credit reports free of charge, which is good as you can then correct any wrong information on them, for free.  To view your scores you will need to pay around $15, iirc.  That would help you to determine what your scores are. 

 

 

Since you are the major card holder..would it even count as credit for him?  up here I don't think it does...credit on your own is what is counted for credit cards.

Back then long time ago when first married both hubby now ex had way to much debt well knee deep in it hubbys bill were 10,000 dollars that way back in 88 well for a year we tried and tried diferent methods nothing worked so we did the you know what it has taken me to pay off my dept 10 years now phew but if you file a sec. type 8 you rebuilt it comes after ten years credit people hardly touch you its harder to get an appartment or house thank god for the roof over the head thats when I turn total tight wad every one didn't mike me for that but I had to make a dollar scream so bad it had to poop change to this day yes got credit card and a divorce from a hubby yeaaahhh???!! I still make that dollar poop change its totally hard yes gotta do it...

Just remember think hard go threw the hoops first then the dept people they help too but if you file its going to take ten years with out a credit card.