My husband tried to apply for credit at the denatl office and could'nt get any. When i tried it went through. so i put it under his name and me as the co to help his credit. will it help his credit? will it hurt mine?
2006-09-15 06:52:48 · 7 answers · asked by Anonymous in Business & Finance ➔ Credit
i have 2 other q on baord
2006-09-15 07:01:10 · update #1
As long as its paid in a timely manner then it will help both. Especially if you live in a community property state then all credit is reported on both spouses even if its NOT a joint account.
2006-09-15 06:55:13 · answer #1 · answered by Sandi A 4 · 0⤊ 0⤋
As long as you make the payments on time and keep the utilization low, it will help both of you on your reports.
A side note:
If it was CareCredit that you opened an account with, and you got the "no interest" for 6 months, 12 months etc. and your payment is, for example $30 a month, be sure to send that $30 payment. They may bill you and say all you owe for the monthly payment is
2006-09-15 14:11:14 · answer #2 · answered by echo 7 · 0⤊ 0⤋
Basically you allowed him to get credit by putting your good, or least better credit history on the line. The only risk to your score going down is if you don't pay the bill on time. So long as you pay on time, your credit scores will be fine.
Your score may drop a bit in the beginning as it a new credit account and inquiry, but in the long run it should improve your credit AND his as long as you keep the account in good standing.
Find out more at http://www.thetruthaboutmortgage.com
2006-09-15 14:11:22 · answer #3 · answered by Anonymous · 0⤊ 0⤋
It could go either way It really depends on why he was denied. If he was denied because he has too many open accounts with high balances in his name, this does nothing but increase his debt load so it hurts. It would be worthwhile for both of you to order copies of your credit reports and see what is on them and determine what items need to be worked on. Having too many accounts is bad. Having too few accounts is bad.
2006-09-15 13:57:07 · answer #4 · answered by troythom 4 · 0⤊ 0⤋
It will come up on his credit report as activity and if the account is in good standing both of you will benefit. Your credit will only be hurt if there are deliquencies in payment.
2006-09-15 14:56:11 · answer #5 · answered by Anonymous · 0⤊ 0⤋
It could help his or it could hurt yours. Depends on ,if the bill is paid and on time.
2006-09-15 13:59:37 · answer #6 · answered by Anonymous · 0⤊ 0⤋
u're just a co-signer no it would hurt your credit... unless he screws u over by not paying..then you must pay.. if you dont then both of you are screwed
2006-09-15 13:55:53 · answer #7 · answered by im_a_goofy_chick 2 · 0⤊ 0⤋