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Additional Details
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Additional Details
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Jeremy M | If I have a cosigner, whose report does it go on? |
I'm 17, and My dad was going to sign a credit card for me, but now he won't do it because he thinks it'll just go on his credit report and it won't help mine.
Clarification needed!
Thanks in advance,
Jeremy
Additional Details
yea, the primary reason I want to do it is to build my credit score... the concept was to charge $50/mo and pay it right back |
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PenguinsWife
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It will help yours but if you screw it up it will come back on him after you. The cosigner insures that the company will get their money. |
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Amanda H
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It goes on BOTH reports, if you guys are go-applicants on the card.
If he adds you as an authorized user, it MAY be reported on yours, retroactive all the way back to when he originally opend the account.
If he's trying to help your credit, have hiim add you as an authorized user to every credit card he has with a good history. Most cards will report to your file as well, and you get insta-history. He doesn't even have to give you the card in your name, so there's no risk to him. |
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nicolesdad
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First of all, if you are 17, you cannot be a co-signer or a signer. You are considered a minor. Perhaps you are getting confused with being an authorized user. But to answer your question, if the credit card company reports the credit card to any agency, it will show on BOTH credit reports. Your best bet is to have your dad add you as an authorized user on his credit card. When the card arrives in the mail, have him hold on to the card so you cannot use it. This way, you will be building credit as he uses his card. You don't have to do anything. Then, when you tun 18, apply for a Macys or Sears on your own. With the authorized user showing on your credit report, you will have no problem getting approved. As soon as you start getting your own card, have your dad remove you as an authorized user. |
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Vonda D
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I believe that it shows up on both credit reports because you are both signing to be financially responsible for the open credit. If you default, he is liable to pay. Since you are both signing and he has established credit, the interest rate would probably come from his credit score.
I have a real life example. My roommate's mother listed my roommate as someone who was allowed to charge on a credit card account. When my roommate pulled her credit report a month ago, that open line of credit was showing. The open credit showed for both her parents and herself, even though my roommate never signed an agreement. Because my roommate did not sign for the financial responsibility, it would be hard for the credit card company to get payment from her. |
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>>Ascher<<
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only the bad will affect his credit. so if you pay your bills on time like a good boy :) your dad should be OK! |
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j s
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It counts as a debt for him until you pay it off. In other words, if he was eligible for a 40,000 dollar loan before but he cosigns for a 10,000 dollar loan for you he would now be eligible for only a 30,000 dollar loan... just in case you were to default and he had to pay it. A banker explained it to me that way a few years ago, and I took his word for it as an expert.
I don't know if your being a minor has any bearing on the situation, but it certainly may. |
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Fairy*Blue*Eri
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If you keep up payments it will help you but if you screw it up it will go on both of your credit reports. |
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Danielle
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It will help you to build your credit score, however, you will want to take him off as soon as your credit card will allow it (probably 18). It's important he know that he is responsible should you not pay your debt. It is probably best to start with a card that has a very small limit. Make a few small purchases and pay them off right away. That should be a good start to building your credit score. Good luck! |
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joyceeleann
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You are a minor so it will go on his..you will be a card holder and just make the payments. I don't blame your dad for not wanting to do it.. You don't mess with credit. |
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orchids_in_bloom_niriuku
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Since you're underage, it probably will reflect on his instead of yours. Once you hit 18, however, if you have to have a cosigner for something (like renting a place), anything that happens goes on your credit report and the co-signer becomes responsible for the problem; if the cosigner can't do anything or simply doesnt do anything, then the issue goes in his/her report as well. |
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KMB
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It actually affects both. My dad is my cosigner for my car, and much of the stuff comes in his name to my house, but we were told by the car dealership and loan people that it affects both. |
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Omni D
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He's right. If you co-sign on a loan, you are just as liable for the money as the primary borrower.
Sorry, man. |
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