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confidence to make decisions about money matters.  The WFIP 
is offered though local groups like YMCAs and community 
colleges.  For more information, write AARP at 601 E St., 
N.W., Washington, DC 20049, or call the association at (202) 
434-2277.  A banker, the family's financial advisor and/or a 
CPA also may be able to advise women about sources of basic 
information about credit and money management. 
A Women's Own Credit History #1
There is no simple, surefire way to develop a credit history 
for yourself.  However, the approach outlined in this 
section is an excellent way to begin.  It starts with the 
easiest-to-get forms of credit and builds to types of credit 
that are more difficult to obtain. 
Before you begin the credit-building process, make sure that 
any assets owned by you and your husband are listed in both 
of your names.  Such assets might include: property, cars, 
boats, stock, bank accounts, etc.  These assets should be 
listed every time you apply for credit. 
You also should request a copy of both your credit files and 
your husband's credit files from each of the big three 
credit bureaus before you begin to apply for credit.  This 
way you will know which-if any credit reporting agencies are 
maintaining a credit file on you and what is in those files. 
 When you receive the credit reports, review them carefully 
for accuracy.  If you find any errors, correct them 
following the steps outlined in Chapter 4. 
If you have a credit file in your own name and you need to 
use joint accounts to help build your history, make sure 
those accounts are a part of your credit record, assuming 
that they have a good payment history.  Also, make sure that 
any credit you had in your maiden name or in another town is 
a part of your credit record.  If you find that certain 
accounts are missing write to the credit bureau and ask that 
they add the information.  Most will do so, although they 
may charge a small fee. 
Once you have reviewed your credit records and those of your 
husband and dealt with any problems that they may contain, 
it is time to initiate the credit-building process.  If you 
have little or no credit, the best approach is to obtain a 
small cash-secured loan from your bank.  This is an 
important first step.  If your marital situation changes and 
you need to borrow money, you will already have a positive 
relationship established with a lender. 
Schedule an appointment with a loan officer, and explain 
what you want to accomplish.  If the first bank you talk 
with is unwilling to work with you, go to another bank.  
When you find a bank that is willing to work with you, open 
a checking account or a savings account in your own name at 
that bank. 
The bank you are working with will make you either an 
unsecured or a secured loan.  It may ask that you secure the 
loan with an asset, or it may want to make a cash-secured 
loan.  If it makes you a cash-secured loan, the bank will 
probably ask that you put the loan proceeds in a certificate 
of deposit at the bank.  In other words, you will not have 
the use of the loan money.  This is all right, however, 
since the purpose of the loan is to build a strong credit 
history in your own name, not to purchase things.  If you 
default on the loan, the certificate of deposit or the asset 
you have posted as collateral allows the bank to recover its 
losses. 
If the bank tells you that you will need a co-signatory to 
get a loan, do not ask your husband to cosign.  Ask a close 
friend or relative. 
Once you have paid off your loan, request a copy of your 
credit record to make sure that it reflects your loan 
payments.  If it does not, ask your loan officer to report 
the payment history. 
Depending on your situation, you may now be ready to obtain 
a credit card in your own name.  Or you may need to apply to 
your bank for a second, unsecured loan or for a loan without 
a co-signatory. 
If you apply for a credit card, begin by applying for credit 
that is relatively easy to obtain.  This type of credit 
includes retail store charge cards and oil and gas cards.  
Charge a small amount, and make your payments on time. 
After you have demonstrated that you can manage this new 
credit, apply for a national bankcard.  Having one can help 
make other forms of credit more available to you.  If your 
own bank offers a bankcard and if its terms are competitive, 
apply for it. 
If you are unable to obtain a national bankcard, apply for a 
secured bankcard.  These cards are designed for people who 
want a bankcard but cannot qualify for an unsecured 
MasterCard or Visa.  You may be able to use your secured 
bankcard as a stepping stone to an unsecured bankcard if you 
demonstrate that you are able to use your secured credit 
wisely and if you make all account payments on time. 
If you are approved for a secured card, you will be required 
to collateralize your credit purchases by either opening a 
savings account with the issuing bank or purchasing a CD 
from it.  Then if you default on your payments, the card 
issuer can withdraw money from your account-or cash in your 
CD-to pay your account balance. 
When shopping for a secured bankcard, there are several 
factors you should consider.  These factors include the 
amount of deposit you will be required to put up and what 
rate of interest you will be earning on that money; what 
your credit line will be as a percentage of your deposit; 
whether or not you can convert your secured card to an 
unsecured card, assuming a positive payment history; and the 
amount of any application or processing fees. 
For an up-to-date list of banks offering secured and/or 
unsecured bankcards and the terms of those cards, contact 
Bankcard Holders of America at (800) 638-6407. 
If you already have some credit in your name, or if you and 
your husband have some longstanding, well-performing joint 
credit accounts, you may shorten the credit-building 
process.  This is especially true if you have a well-paying, 
relatively secure job. 
If you have a credit file in your own name and you need to 
use joint accounts to help build your history, make sure 
those accounts are a part of your credit record, assuming 
that they have a good payment history.  Also, make sure that 
any credit you had in your maiden name or in another town is