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April 18, 2006
I've Never Had a Credit Card in My Own Name. What Do I Do?
Some people have difficulty establishing that they even exist when it comes to getting credit. If you are a married woman and all the cards are in your husband's name, even if you make the payments on the card, you're contributing to his credit rating, not your own. The card company doesn't care who signed the cheques. They base their reporting to the credit bureau on whose name the card is held in.
Women who are recently divorced or widowed often face the shock that they don't exist simply because all the credit reporting was done in their husbands' names. If you are a married woman, make sure you have at least one credit card in your own name. You'll have to apply for it and qualify for it on your own. Initially, you may have to use a secured credit card (see page 16). However you get your card, make sure you use it wisely so that the reputation you develop is a good one.
The other way to become known is to open up a chequing account with your local financial institution and get to know the branch manager. You'd be surprised at how far a personal relationship with a banker can take you. After all, the more familiar she is with you, the more likely you are to get the service you want, when you want it — including getting credit.
If you're new to the workforce or a recent immigrant, the same advice applies. Establish a relationship with a financial institution, borrow some money (using a guarantor, if necessary) and start building your credit reputation.
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