Your wife can build up a good credit profile through a credit card. But since your wife does not have a good credit score it is not possible for her to get an unsecured credit card and so she should go for a secured credit card to build up her credit. Getting an unsecured credit card is not at all difficult. All she need to do is to do is to contact a credit card company and deposit a certain prescribed amount and she will get a credit card with credit limit equal to the amount deposited. Now she should spend with the card and repay back the debt within the due date.
I agree with Anthony. You can easily get a secured credit card because these cards are backed by your own money and you get a credit limit equal to the amount you deposit with the company. Try and make payments regularly with the card and pay back the debt within the due date. Doing this you can build up a good credit history. Now since credit history contributes about 35% in your credit score, you can build up an impressive score if you do not default on your payments or do not make any late payments on the card.
Currently my wife is not employed and has no income to claim on the secured credit application. I was told by our banker, even though the credit card will be secured by our money, she still must qualify for the card. My credit is not so great due to previous marriage and debt 6 years ago, so I do not want to co sign and risk her credit being damaged. Thanks for any suggestions!
Your wife can build up a good credit profile through a credit card. But since your wife does not have a good credit score it is not possible for her to get an unsecured credit card and so she should go for a secured credit card to build up her credit. Getting an unsecured credit card is not at all difficult. All she need to do is to do is to contact a credit card company and deposit a certain prescribed amount and she will get a credit card with credit limit equal to the amount deposited. Now she should spend with the card and repay back the debt within the due date.
I agree with Anthony. You can easily get a secured credit card because these cards are backed by your own money and you get a credit limit equal to the amount you deposit with the company. Try and make payments regularly with the card and pay back the debt within the due date. Doing this you can build up a good credit history. Now since credit history contributes about 35% in your credit score, you can build up an impressive score if you do not default on your payments or do not make any late payments on the card.
Currently my wife is not employed and has no income to claim on the secured credit application. I was told by our banker, even though the credit card will be secured by our money, she still must qualify for the card. My credit is not so great due to previous marriage and debt 6 years ago, so I do not want to co sign and risk her credit being damaged. Thanks for any suggestions!