Can Someone Else Get Me a Credit Card?
Author: grantsi
Posted: Sat Oct 22, 2005 9:35 am
Post subject: friend
I am 25 years old, no debt, Amex card with 10k limit, Discvoer with 15k limit, and Visa with 12k limit - my credit is flawless and I have never missed a credit card, insurance, rent, etc...payment. My girlfriend has plenty of cash, but horrible credit because of some poor decisions she made in her past. Now she can not get a credit card. I am willing to absorb any risk that comes with giving her a credit, however, I want to know what opening a joint credit will do to my credit rating. I understand it will help hers...but will it do anything adverse to my rating? Do you have any advice for letting her piggy back my credit to improve hers without hurting mine?
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Author: maddybeagle
Posted: Sat Oct 22, 2005 10:35 am
Post subject: Helping Someone Else Get Credit
I wouldnt do it. If she has made bad decisions in the past, if she does the same after you cosign with her, it will trash your credit. Besides, if you break up, do you want to be responsible for her debt?
Author: grantsi
Posted: Sat Oct 22, 2005 10:47 am
Post subject: Helping Someone Else Get Credit
i am not worried about her not paying the debt - I am more worried what the act of adding her to my credit card will do to my credit rating. The alteria motif behind asking this question is we are going to be engaged in the next few weeks and looking for a home within a yaer - i am trying to make sure our credit rating as a couple is as strong as possible. Having her rating improve by being tied to mine would be perfect, but if adding her brings mine down, the exercise is redundant.
Author: Polonius
Posted: Sat Oct 22, 2005 10:53 am
Post subject: Helping Someone Else Get Credit
Make her an authorized user of your cards. As long as the payments are made properly, your credit won't be affected, but your good credit will contribute to hers. She gets the advantage of your good credit; you don't have any downside from her bad credit (since YOU are not an authorized user of HER cards).
Author: grantsi
Posted: Sat Oct 22, 2005 11:00 am
Post subject: Helping Someone Else Get Credit
thats great - thank you for your help - i also like the benefit of her earning us points for her purchases instead of using a worthless debit card. I am adding my GF as an authorized user on my AMEX right now - they basically set up a seperate screen so i can monitor all her purchases - basically she can treat it as her own card, but with the benefit of my credit improving her credit - lower mortgage here we come
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Posted: Sat Oct 22, 2005 9:35 am
Post subject: friend
I am 25 years old, no debt, Amex card with 10k limit, Discvoer with 15k limit, and Visa with 12k limit - my credit is flawless and I have never missed a credit card, insurance, rent, etc...payment. My girlfriend has plenty of cash, but horrible credit because of some poor decisions she made in her past. Now she can not get a credit card. I am willing to absorb any risk that comes with giving her a credit, however, I want to know what opening a joint credit will do to my credit rating. I understand it will help hers...but will it do anything adverse to my rating? Do you have any advice for letting her piggy back my credit to improve hers without hurting mine?
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Author: maddybeagle
Posted: Sat Oct 22, 2005 10:35 am
Post subject: Helping Someone Else Get Credit
I wouldnt do it. If she has made bad decisions in the past, if she does the same after you cosign with her, it will trash your credit. Besides, if you break up, do you want to be responsible for her debt?
Author: grantsi
Posted: Sat Oct 22, 2005 10:47 am
Post subject: Helping Someone Else Get Credit
i am not worried about her not paying the debt - I am more worried what the act of adding her to my credit card will do to my credit rating. The alteria motif behind asking this question is we are going to be engaged in the next few weeks and looking for a home within a yaer - i am trying to make sure our credit rating as a couple is as strong as possible. Having her rating improve by being tied to mine would be perfect, but if adding her brings mine down, the exercise is redundant.
Author: Polonius
Posted: Sat Oct 22, 2005 10:53 am
Post subject: Helping Someone Else Get Credit
Make her an authorized user of your cards. As long as the payments are made properly, your credit won't be affected, but your good credit will contribute to hers. She gets the advantage of your good credit; you don't have any downside from her bad credit (since YOU are not an authorized user of HER cards).
Author: grantsi
Posted: Sat Oct 22, 2005 11:00 am
Post subject: Helping Someone Else Get Credit
thats great - thank you for your help - i also like the benefit of her earning us points for her purchases instead of using a worthless debit card. I am adding my GF as an authorized user on my AMEX right now - they basically set up a seperate screen so i can monitor all her purchases - basically she can treat it as her own card, but with the benefit of my credit improving her credit - lower mortgage here we come
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
posted by CardRatings.com at 10:20 PM
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