If my sister puts my name and ss# under additional cards for, will that help me build credit if i use it to purchase things?
2007-01-03 06:57:08 · 8 answers · asked by Dan L 1 in Business & Finance ➔ Credit
No. If she uses you as a co-applicant for the card, it would, but your credit history would also go into the decision of whether or not to give your sister/you a card.
Your best bet is to start with your own card with a low balance that you can afford to pay on. A lot of department stores will approve people with little/no credit for low balance cards. They will especially do this for college students to help them build credit.
2007-01-03 07:07:13 · answer #1 · answered by Anonymous · 0⤊ 1⤋
You don't even have to use it. As an authorized user the credit rating on the card will follow you, good or bad. Just remember though, if she doesn't pay or gets in arrears that will reflect on your credit rating too. Make sure she won't wreck your rating instead of helping it.
2007-01-03 07:05:39 · answer #2 · answered by parsonsel 6 · 0⤊ 0⤋
besides to the month-to-month interest, there is frequently additionally a stability pass value of three% of the quantity transferred. some credit enjoying cards cap the value, frequently at $75, yet many have not have been given any cap. additionally, in case you intend on utilising your total credit decrease for the pass, you're able to desire to go away sufficient left on your card to hide the value, or you will bypass over your credit decrease and be charged an over decrease value. in case you get a nil% or low-cost promotional stability pass, confirm you understand while the grant ends - call the financial enterprise if necessary. they do no longer inform you the expiration date on the month-to-month statements. additionally, shop any documentation as to while the grant ends, because of the fact the financial enterprise would attempt to cheat you and end the grant early.
2016-10-06 09:29:55 · answer #3 · answered by ? 4 · 0⤊ 0⤋
No. But it will affect whether or not she gets the card. It sort of sucks huh? Your best bet is to find a card you can afford, (APR, Interest, Annual fee) and build credit that way.
2007-01-03 07:00:00 · answer #4 · answered by devisissy 3 · 0⤊ 0⤋
Best way to build your credit is take a loan for $1000.00 from the bank and pay it pack on time. Put the $1000 in a savings account and you'll have it there to use for the payments. This is what I was told by my mortage officer to improve my credit rating.
2007-01-03 07:14:29 · answer #5 · answered by nokhada5 4 · 0⤊ 1⤋
It will show you are a secondary cardholder. However, if your sister ever failed a pymt or made a late pymt it would affect your credit.
2007-01-03 07:05:15 · answer #6 · answered by bee_neal 4 · 0⤊ 1⤋
No, because she is responsible for the payment.
2007-01-03 06:58:49 · answer #7 · answered by MazdaMatt 5 · 0⤊ 1⤋
Just get your own.
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2007-01-03 11:43:32 · answer #8 · answered by bijan816 2 · 0⤊ 0⤋