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How to get a credit history?

How to get a credit history?

Old Aug 26th 2004, 9:50 pm
  #76  
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Default Re: How to get a credit history?

Originally Posted by Boiler
Thats what we are doing, but like has ben said before it is only a part solution, as is a HBOS or AmEx US card.

Does not seem so much of an issues with US Kids, my stepson has an OK score and all he has is Student debts.
Patience!

Our story here if it's any help. I get a bit long-winded sometimes and apologise for the layout. Keep clicking continue.
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Old Aug 27th 2004, 6:34 am
  #77  
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Default Re: How to get a credit history?

Originally Posted by fatbrit
The problem with your reply is in the quoted part above. The card issuers all do their own thing and post to the bureaux as they see fit. Some issuers will post an additional user as such, others will not. Unless you sit at the board table of the dirty tricks dept of your company (or are widely read), they are unlikely to impart this imformation to corporate drones.
Point taken.

To anybody with kids (or foreign spouse) who wants to give them a start on their credit score, the answer is simple. Don't apply for their card as an additional user but apply for a jointly liable account. This is rarely advertised and - usually - one person needs to apply for the card, then phone up and get them to send you the paper work for making a joint user. If the user is a kid (or treats money like a kid!), don't even tell them you've applied for the card and put it through the shredder on receipt. Using this method, it doesn't matter a damn how the issuer reports it to the bureaux.
There is one problem with this suggestion: It is against the law for a credit card company (or any lender, for that matter) to open an account -- individual or joint -- in someone's name without that person's consent. It is also illegal for them to add someone to an existing account and make that person financially liable for the account.

(Adding an authorized user does NOT fall under this category, because they have no financial liability.)

For example, if you wanted to open a joint credit card account with your spouse, or add your spouse as a joint cardholder to your existing credit card account, the CC company MUST have your spouse's permission to do so. Most if not all CC companies require written consent.

BTW, due to the changes in the PATRIOT Act, some CC companies (like my employer) no longer permit joint cardholders to be added to existing accounts after a certain date. Likewise, depending on the company, it might not be an option to add someone as a joint applicant if that person wasn't included on the original offer.

Bottom line: If you use anyone's personal information, such as their name and SSN, without that person's consent, it is identity theft. EVEN IF that person is your spouse, your child, your parent, your sibling, etc.

So it isn't as easy as just making them jointly liable for an account in your name and then shredding up their card when it arrives in the mail.

~ Jenney
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Old Aug 27th 2004, 8:00 am
  #78  
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Default Re: How to get a credit history?

Originally Posted by Jenney & Mark
Point taken. There is one problem with this suggestion: It is against the law for a credit card company (or any lender, for that matter) to open an account -- individual or joint -- in someone's name without that person's consent.
Think you've got the wrong end of the stick here...

Er, where in my post does it say that you do it without their consent? You are doing them a favour, so why would you do it without their consent? You place the form in front of them and say, “Sign here, son.� I didn't actually write this in the post, I agree, but then again I also didn't write that it isn't a good idea to sh*t on the living room carpet as I assume everyone here already knows it's best to do it in a dug hole behind the rose bush in the back garden

So folks, get their consent! However, maybe the favour doesn't go as far as actually underwriting their spending. Hence, don't give them the card. And shred it. Tell them they can piggyback but that's as far as you're going. They can apply for their own card down the line now you've given them a leg up.

Oh, I’ve got it now. Your card company wants an irresponsible college student racking up the charges so mater and pater can pay the bill! You’ll go far in your chosen profession, I see.
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Old Aug 27th 2004, 8:21 am
  #79  
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Default Re: How to get a credit history?

Originally Posted by fatbrit
don't even tell them you've applied for the card and put it through the shredder on receipt.
That kindda implies lack of consent to me.

Thanks for the link to your financial experiences/advice page. It makes interesting reading. I've just applied for a Wells Fargo credit card secured on my savings account. I applied for a $500 limit. So you think I should spend about $200 a month on it and pay it off straight away?

Alex.

Last edited by g1ant; Aug 27th 2004 at 8:55 am.
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Old Aug 27th 2004, 8:42 am
  #80  
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Default Re: How to get a credit history?

[QUOTE=g1ant]
Originally Posted by fatbrit
don't even tell them you've applied for the card and put it through the shredder on receipt.
That kindda implies lack of consent to me.
How can you get consent from an acne-covered 18-year-old? Sign here! Done!

Actually, did say that, didn't I! Great apologies J&M, please excuse my ranting. Mea culpa. Think this board brings it out! I'm far nicer on other ones.


[QUOTE=g1ant]
Originally Posted by fatbrit
Thanks for the link to your financial experiences/advice page. It makes interesting reading. I've just applied for a Wells Fargo credit card secured on my savings account. I applied for a $500 limit. So you think I should spend about $200 a month on it and pay it off straight away?
Yup, good start. Just take it nice and slow.
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Old Aug 27th 2004, 2:31 pm
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Default Re: How to get a credit history?

Originally Posted by fatbrit
To anybody with kids (or foreign spouse) who wants to give them a start on their credit score, the answer is simple. Don't apply for their card as an additional user but apply for a jointly liable account. This is rarely advertised and - usually - one person needs to apply for the card, then phone up and get them to send you the paper work for making a joint user. If the user is a kid (or treats money like a kid!), don't even tell them you've applied for the card and put it through the shredder on receipt. Using this method, it doesn't matter a damn how the issuer reports it to the bureaux.
I was actually thinking of doing the same for our student daughter (who actually has an L2 visa but is at uni in London). Even she concedes that she would be dangerous with a credit card....but Amex have told us that if we want to transfer the 'Reward points' into her Virgin Atlantic or Continental Airlines airmile accounts she needs to have an Amex card in her own name (of course then they then charge for issuing another membership card).

I guess we will just apply for a card for her (yes - with her knowledge and permission) and just keep it under lock and key in our house. Actually it's very useful to have an Amex card in emergency situations ie. when my husband once flew off to the Far East on a 3 week business trip but left his wallet with all his cash and credit cards in his jacket at home...Amex was a lifesaver. Come to think of it, Amex was a lifesaver when we first moved to the States as they immediately issued a US Amex card and we used it extensively
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Old Aug 27th 2004, 8:21 pm
  #82  
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Default Re: How to get a credit history?

Originally Posted by Englishmum
I was actually thinking of doing the same for our student daughter (who actually has an L2 visa but is at uni in London). Even she concedes that she would be dangerous with a credit card....but Amex have told us that if we want to transfer the 'Reward points' into her Virgin Atlantic or Continental Airlines airmile accounts she needs to have an Amex card in her own name (of course then they then charge for issuing another membership card).

I guess we will just apply for a card for her (yes - with her knowledge and permission) and just keep it under lock and key in our house. Actually it's very useful to have an Amex card in emergency situations ie. when my husband once flew off to the Far East on a 3 week business trip but left his wallet with all his cash and credit cards in his jacket at home...Amex was a lifesaver. Come to think of it, Amex was a lifesaver when we first moved to the States as they immediately issued a US Amex card and we used it extensively
Yes, we do a similar thing with the MIL when she graces us with visits from deepest Mitteleuropa. She isn’t flush with cash, there’s no direct flight here, and we were worried about her getting stranded. She travels on a B-2. Therefore, we sent her her own US-issued MC credit card (using our credit to get it) with strict instructions not to use the card except for emergencies. Peace of mind if nothing else! We make her use it in Albertsons a few times while she's here so the account isn't totally dead. (You’ll notice, I haven’t given the issuer’s name – am worried it could be the one J&M work for and they’ll be busy trying to cancel it!)

Also like Amex a lot. But starting to question whether it’s worth paying for the membership when they issue the Blue series for nothing?
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Old Aug 30th 2004, 4:50 am
  #83  
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Default Re: How to get a credit history?

Originally Posted by fatbrit
Er, where in my post does it say that you do it without their consent? ... *snip* ...

Oh, I’ve got it now. Your card company wants an irresponsible college student racking up the charges so mater and pater can pay the bill! You’ll go far in your chosen profession, I see.
Someone else has already pointed out that you DID advise people to apply for an account in their spouse's/child's name and not tell them about it, so I guess I don't need to quote it myself. I saw your "mea culpa", insincere as it was. I didn't really appreciate the personal attack.

FWIW, it's not my "chosen profession" at all. I actually left a job I loved to take this job out of necessity. I needed to make more money to meet the income requirements to get my British fiance here on a K1 visa, and also so he could adjust status and get his green card. In other words, this job allows me to have the love of my life with me.

Your insults were unnecessary and rude, and your initial advice about setting up an account for someone without telling them about it was very poor. Too bad you don't know how to apologize well.

~ Jenney
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Old Aug 30th 2004, 5:21 am
  #84  
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Default Re: How to get a credit history?

Originally Posted by Jenney & Mark
Someone else has already pointed out that you DID advise people to apply for an account in their spouse's/child's name and not tell them about it, so I guess I don't need to quote it myself. I saw your "mea culpa", insincere as it was. I didn't really appreciate the personal attack.

FWIW, it's not my "chosen profession" at all. I actually left a job I loved to take this job out of necessity. I needed to make more money to meet the income requirements to get my British fiance here on a K1 visa, and also so he could adjust status and get his green card. In other words, this job allows me to have the love of my life with me.

Your insults were unnecessary and rude, and your initial advice about setting up an account for someone without telling them about it was very poor. Too bad you don't know how to apologize well.

~ Jenney
Ouch!
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