 Which credit accounts to close? |
My husband has 6 open.
I am thinking of closing the sub-prime ones he has because they charge monthly fees, and fees to use online bill-pay. He has had one called "Credit One Bank&... |
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 I ordered something off a website. my mom got mad and charged back credit card after it shipped. what happens? |
| on herbalhighs.com i ordered around $200 worth of things. they all shipped and right after they shipped the fraud department called my mom because of all the charges. My mom got very mad about all of ... |
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 Does it hurt your credit score when canceling credit cards? |
| I have no debt on any of the 3 credit cards and I have no use for them so I wanted to cancel them and open just one card, basically centralizing my credit cards. But when asking if it would hurt my ... |
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 What do you do with unwanted mail solitications? |
| Sometime I just send back their return envelope empty. Let these credit card and insurance companies pay for the return postage.... |
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 Bad credit, home loan? |
| i have a judgement for $4,500(from a lawyers office that handled my old credit card debt) and i want to get a home loan. is it possible to get a home loan for about $130,000?... |
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 What happens to a car when the owner dies? |
Additional Details
my stepdad passed away and was the only one on the loan can they make my mom pay the rest of the ... |
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 What is Paypal and how do I use it? |
Okay what is Paypal and how do I use it??
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Thankies to all of you how helped me :D... |
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 I need a $10,000 loan, but I have no credit!? |
| I'm 21 years old, and my parents have offered to buy a house for me, and I would be making the payments back to them until the house is paid off. However, I need to come up with the downpayment. ... |
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 How Do I get good credit...? |
| I have bad credit.... mostly from overdue bills or past due bills. How do I straighten that all out without using one of those credit counseling places? Any help would be great.... |
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 Payday Loans?? |
| Okay, I really need about $100 because I had my grocery money, but lost it, and I have a child to feed..so it seems the only choice I have is a payday loan..so are there any out there that are legit? ... |
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 Can minors be responsible for bad credit when it is their parent's fault? |
| I am a minor...15 years old to be exact , and I am wondering can i be responsible for all the things my mom has done with my credit like putting utilities under my name...borrowing books and ... |
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 First time home buyer? |
| I would like to buy a condo, but my credit is bad. My score is, 567. I have no debt now, but i was stupid and had late payments, defaulted on a student loan, never had a credit card. Aside from my ... |
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 Does co-signing on a loan hurt your credit score? |
| My husband was going to co-sign for a student loan but he's worried it will hurt his credit. Can someone justify his worries?... |
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 What are the best credit cards for college students? |
| I'am starting my second year of college and after I pay all my fees I really dont have much money left for books and such whats a good credit card with at least a 500 dollar ... |
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| My mother has a lot of credit card debt and asked me to research debt consolidation.? |
| She has over $25,000 of debt and has trouble making the minimum payments. We do not own a home and pay rent and auto loan monthly as well as the usual expenses. I looked at debt consolidation loans, ... |
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 What credit card should I pay off first? |
| Hi I am serious about paying off my debt. I have heard it's better to pay off the cards with the highest interest rate, but the cards with the highest interest rates also has the lowest balance.... |
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 Will starting a debt management program ruin your credit score? |
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I have a decent credit score and have never missed a payment. However I find that I have to borrow from my credit cards to pay monthly bills. I am starting a dmp as ... |
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Racin Girl | Does adding an authorized user to my credit card account help their credit and/or mine or no ones? |
Additional Details
I know I have to pay and I am responsible, but I was considering this for my bf (he lives in another state) but I was going to let him have access to it when he is with me and when he goes back home, Id keep it again.
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Well, I posted a couple of links to articles on authorized users. I admit, I've done that in the past, without any problems, but I'd like to give you another alternative to help him build credit: Have him apply for a secured credit card. What you can do is offer to spring for ½ of the security deposit and he takes care of the other ½. You two will have to work together on how to manage it. You may need to school him on keeping a low balance by not maxing it out and staying on him to make more than the minimum payment on time, every month. Usually after a year of excellent standing, the deposit is refunded and the card either converts to a regular card or he'll get a better offer for a card. This option may be better for you in the long run being that your credit would never be in jeopardy, only your ½ of the security deposit, and I'm sure that he woldn't purposely tank his credit knowing that he had to use his hard-earned money to get at least ½ that deposit and you did the other ½.
I posted links to some secured credit card websites if you decide to go that route.
Either way, be careful and good luck! |
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Cheryl B
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NEVER, EVER, add a boyfriend/girlfriend to an account. You are completely responsible if you add someone regardless of what they do. Lots of people have gotten messed over doing something like this. I know it can happen even if you are married, but at least they at some point made a legit vow with you. You can end up paying for his mistakes a long time after the relationship is over. By the way, why should you have to pay for him? Is his credit messed up? That would be a BIG clue to not add him to your account. Even so, I know it's the old way of thinking, but I can't think much of a man who allows a woman to pay his way in life. |
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fullthrottlemustang
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The credit for that card only reflects that of the main user. So if you are the main user then both cards reflect bad on you. This can be a dangerous situation if you don't fully trust that person that you added because any late payments or non-payments will reflect bad on YOUR credit, not theirs. Also, they can not build credit based on the additional user card. |
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The Debtonator
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It is a technique called piggybacking and I would only recommend it for family members AND family members that you are extremely close to, NOT a boyfriend. No matter how well you know this person he can run up a bunch of charges and bail leaving you holding the bag.
How it works. Almost every credit card or credit account will allow the primary account holder to add on (at a later date) what's known as an "Authorized User" or "Secondary Account Holder".
In most cases, when this is done, the entire account history (retroactively) gets posted to the authorized users credit report regardless of their current age or credit history!
For example. If it's a credit card with a $10,000 limit which has been paid as agreed for the last 10 years, then that complete history will be posted to the authorized users' credit report. |
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redvelvetflames4ever
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It does nothing for your credit rating adding another party. It will only help the person you are adding to your account. Be advised if the person doesn't pay there share of the bill it will effect your credit rating. It doesn't matter if that person used there own card. They are just an additional card holder and you are the Primary cardholder making you responsible for all charges made by you and the secondary person. |
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silentnonrev
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no, but it will hurt yours if they rack up charges on your account that you can't pay! hope you know him/her VERY well.... |
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Amanda C
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As a mortgage broker I sometimes use this technique to boost scores. If you have the card and he never received a copy or he gave you his after he got it in the mail you should be ok unless he calls the creditor and says he lost his card and they send him a new one which he uses. For maximum effectiveness to boost scores it should be a seasoned account (open 2 years with a R1 rating no lates) and carry a balance of 30% or less of the limit. Here is a link to a site that sells them to customers to give you an idea. http://www.addatradeline.com/index.php |
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Arsenal
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It effects both names on the card. You are risking your own credit for charges that other person is running on your account. |
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calliope320
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If he's 19, he needs to get down to the bank and open a brand new bank account seperate from his mom, and apply for his own credit card. There's no reason whatsoever why he shouldn't have his own account that his mommy dearest can't "hold hostage." |
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lazyisgood
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This can only hurt your credit if the bill fails to get paid, this in no way will help or hurt his credit as you are only giving him a additional card on your account. Remember there are hundreds of companies that give 2nd chance credit cards to people with little or poor credit. " Premier bank" is one of them. |
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Druid
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>The person who has the account is responsible for everything. If the additional user defaults, you pay.< |
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pack1710
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Having a credit card is ton of responsibility and a snake in the grass. Talk to anyone that have ever been late on their card. They would wack you with a bat if they could. What they can do is hassle you and run up charges on your card. It is never ever a good idea to have someone else on your card.
Have you ever had anyone owe you a twenty and not pay you back after you ask? Have you ever owed anyone some cash and not paid them back? When you saw them the next time your relationship was not the same. Going to the mall with someone is not the same if they owe you some cash. Every time you let someone use your credit card they are borrowing money from you. Just watch The People's Court a few time and you can see what credit between friends can do to a friendship. Most of the time it destroys them.
If you want your relationship to grow and prosper don't let your boyfriend borrow money from you. Think about how you will feel every time he is late a day on the payment. How scared you will be that the credit card company will raise your interest rates and slap on that 40 late fee. You will soon resent him and a cold stone will grow in your heart.
Keep your relationship about the two of you not about him oweing you money. Call him because you want to talk. Not because he hasn't sent a check. |
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fred_held
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Reduces thier credit and helps yours.
Dah dude |
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