I got a credit card in his name. He is over 30 and never establised credit. He is in Prison now, lay low on the extra comments, and I asked him and he said ok if it will help me get out of financial bind. I'd ofcourse not screw it up like I did mine so many years ago but I'm trying to fix it and I need help. I'd keep up with the payments and wouldn't be easier for us to buy a house if he has established credit and I keep it GOOD and in good standing? Is this a bad idea?
2006-08-31 05:05:23 · 23 answers · asked by sistah2sista 1 in Family & Relationships ➔ Marriage & Divorce
That is illegal! You can not establish credit cards or loans in another person's name and inmates are not allowed to apply for credit in the first place.
If you do this you will be committing fraud and if he agreed to it, you'll be making him complicit in a felony.
And, when you apply for a mortgage, the paperwork will require that each of you account for your address and employment for the past 5 to 10 years, depending on the brokerage, and don't think they won't notice an account established in his name while he was in prison.
2006-09-02 03:02:03 · answer #1 · answered by Anonymous · 1⤊ 0⤋
very bad idea. credit cards are KILLING America. They are only good for the credit card company's. They are the ones telling you to get a credit card to improve your credit. The only card you should get is a GREEN American express. you can use it every place but the balance is due at the end of the month so if you don't have the money to pay for what you want then don't buy it. don't be fooled by the credit card company's who offer .9% and crazy low interest rates. you MUST read the fine print. some times that rate is only good for a month or two. Most times if you miss a payment the rate goes to over 19% and there is nothing you can do about it. STAY AWAY FROM CREDIT CARDS. Get a CHARGE CARD like the American express.
2006-08-31 12:15:15 · answer #2 · answered by mariacdintraining 2 · 0⤊ 0⤋
getting credit cards to pay off debt you already have is a very bad idea, chances are the interest would kick you in the butt. PLUS if he's 30 with zero credit now, and not having a job it will be hard to find a bank to even give you a very low credit limit (like a couple hundred bucks). It takes years to establish good credit. I'd cut back on other things before I'd even consider what you're talking about.
2006-08-31 13:57:29 · answer #3 · answered by honeybaby729 3 · 0⤊ 0⤋
Establish credit, keep the payments current and share in the benefits that will help both of you. The main thing is never to forget that credit is a privilege, a responsibility and the key to a better life. It takes no prisoners and screwing it up it a lifetime mistake.
2006-08-31 12:16:54 · answer #4 · answered by jodie 6 · 0⤊ 0⤋
Well, since it seems like he already said it was ok...then go ahead and go through with it! In order to buy a home, however, they do check both of your credit records. So, you will need to get yours under control, before doing so. Also, since he's never established credit, make sure you find a credit card for those who do not have credit, etc. Make sure you really do your research, first! Ask your husband to help you look for one (if he has internet access). Maybe that way he will feel more involved and more likely to support you in doing so. Good luck to you and your husband!
2006-08-31 12:31:36 · answer #5 · answered by Anonymous · 0⤊ 0⤋
The thing is you HAVE TO keep it GOOD and in good standing. You don't have room to screw up if you have screwed up in the past with your credit. Did you get your credit straightened out from the past? If you haven't, you need to do that first before you do anything, because whoever you buy the house from will pull your credit and the mess-ups from the past will unfortunately be on there (if you haven't gotten them fixed). If he told you that it was ok, then you have his permission, but you just have to realize that he doesn't have credit and if this is his first line of credit it won't be on your credit if you mess it up, it will be on his; and that could put a damper on whatever he wants to try to do in the future (when or if he gets out).
Think before you act.
God Bless
2006-08-31 12:16:10 · answer #6 · answered by jcdunbar0312 1 · 0⤊ 0⤋
It's a bad idea!! Obviously you've given this about as much careful thought as you did when you married the loser!
If he's over 30 and never esablished credit - he probably never will...give up the dream of a house, etc. - this credit card idea will only get you in further financial trouble....
2006-08-31 12:40:36 · answer #7 · answered by brenny_boo 3 · 0⤊ 0⤋
Who know is it really a good idea to get a credit card with the name of someone that is in prison?
2006-08-31 12:14:33 · answer #8 · answered by Me 6 · 0⤊ 0⤋
if you make more than the minimum payment, then its a good idea. The minimum payment due is mostly (90%) toward interest. so if you make more than the minimum payment due you will pay it off quicker and the credit bureaus will see that and you are most likely to get a house quicker. I am speaking from personal experience. JizzMoopper L is an *** he doesn't know what he is talkin about. mistakes happen and you should learn from them.
2006-08-31 12:11:16 · answer #9 · answered by hotmama 2 · 0⤊ 0⤋
If you asked him and he said yes, I dont see the problem, just dont get carried away and remember credit is something that can be easily messed up. only way it will help you tho is to get one for you also. Just pay it on time. Thats all. I am sure you now how important credit is now and you have learned by your mistakes ,just be wise and if it helps dont purchase unless you know you have altleast half of the money.
2006-08-31 12:26:37 · answer #10 · answered by Robyn D 2 · 0⤊ 0⤋