Women can build credit the same way men build credit. The most important thing to keep in mind is that a married woman should have some accounts in her own name, as well as joint accounts with her husband. As with any young person just starting out, there are some things you can do to build up credit, and there are things you can do to improve credit if you've been through experiences that have damaged your credit.
Use Your Own Name
If you are a married woman, you should have some bills and credit cards in your own name, rather than having them all under your husband's name. If each spouse has a car, put the wife's car loan in the wife's name. This is a way to establish the wife's credit separately from that of her husband.
Small and Gradual
There may be times when it may be tempting to open a lot of new accounts all at once, such as when you get your first job after graduating for college, when getting a significant promotion or a new job that puts you at a higher income level than previously, or if you move across country. The problem is, if you apply for or open several accounts in a short period of time, it can look like you're desperate for money and can hurt your credit. It's best to start with smaller amounts and as few accounts as possible.
Build up Savings
Work to build up a savings account so you have money for an emergency such as a car repair or a new appliance, without having to borrow to meet that expense. Unexpected expenses are often the expenses that start a problem that escalates and becomes a true financial crisis that really damages a woman's credit.
Maintain Good Habits
Pay your bills on time, whether they are credit card bills or utilities or the mortgage payment. Keep only two or three credit cards, and keep the balances well below the credit limits. Don't apply for every store credit card just because they give you a free gift or a special discount on your first purchase, because having too many credit cards can hurt your credit score.
Pay Attention to Credit Limits
Know the credit limit of each account you have. Keep the balance well below the limit, and ask the credit card company to raise the limit if you anticipate needing it. If you've made regular payments and have good credit they will probably be willing to raise the limit. Make sure your credit report shows your card limits accurately; sometimes an increased limit won't get reported so it won't be on your report.
Change of Address
Always give each creditor your new address when you move. Make sure to pay the last bill for utilities, trash collection, and other local bills when you move and make sure credit card companies have your new address so you don't miss payments. Moving is one of the times when it's easy to make a mistake and miss a payment, which will affect your credit score.
Review Your Credit Report
Strive to keep your score over 720. Watch out for errors and correct them, such as a canceled credit card that's still listed as an open account, or a new, higher credit limit on one of your cards that is not listed on the report. You can request a free credit report from AnnualCreditReport.com (see Resources).
Choose Best Timing for Loan Applications
The best time to apply for a loan is at a time when you have not recently opened or changed credit accounts. It's also not a great time to apply for a loan right after you have had some late payments on credit cards or other bills. Try to keep your credit history as clean as possible for a year before applying for a loan, for best results. Not only will you be disappointed if you don't get the loan, but being turned down for a loan can hurt your credit score.
Older Accounts are Better
If you need another credit card, check to see if you have one you're not using instead of opening a new account. The length of time you've had a credit line is important, and using an older account will look better than opening a new one. This also means it's not a good idea to switch credit card companies frequently, even if it seems like the new one offers a better rate or better perks.
Communicate with Creditors
You may be able to ask a credit card company to delete the reference to a late payment you made if time has passed and you've paid on time otherwise. And if you are having trouble paying all of your bills on time, it's always better to discuss the situation with your creditors; they may be able to help you keep the situation from affecting your credit score.
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