2007-01-29 08:13:52 · 11 answers · asked by tren 1 in Business & Finance ➔ Personal Finance
As much as I might not encourage you to do this, the fact is that by adding your boyfriend as an authorized user to your account(s), your credit will raise his score, even while his credit won't hurt yours. Over time, he'll benefit from the timely payments you make that show up on his report via accounts in good standing. The danger is that by adding him to your account, you give him license to request a card or even use the card without your personal authorization for each transaction. While this is a useful ploy to help someone raise their score, I don't recommend that you do it, except with those of whom you can be 100% sure. In my opinion, boyfriends (nor girlfriends) do not meet that standard.
2007-01-29 09:25:46 · answer #1 · answered by John K 2 · 0⤊ 0⤋
In short, answer is NO, i.e. there is no any immediate harm from adding anyone to your account (either as authorized user or as joint account). But, if he will max your account after you added him in and will refuse to pay - you will have to pay the full amount, or your credit history will be waisted. Below is a detailed answer.
The way how credit history works is that it is really independent from person to person. Improtant is that you are fully responsible for every account on your name, even if your joint party or authorized user screwed it up.
If you are not going to take on his accounts than there will be no bad marks on your credit history from his past mistakes.
Adding your boyfriend to your accounts as an authorized user may really help your friend without any hurt to you. Lets say that he has a bad credit score because the time of his established credit is too short. Or his balance on revolving credit accounts is too high for his overall credit limit. Adding him to your accounts could solve these above problems if your credit account is long standing and has high credit limits.
But ultimately this decision is all about trust - if you trust your boyfriend - go ahead and add him to your credit card as an authorized user. If you think that he may max your card and run away, do not add him.
There are plenty of useful advice on the net around improving your credit history. Make sure that your checked all of them, particularly that you have checked his credit report (if he constantly messing up with his accounts, it is very likely that he will mess up with yours). You can do it free of charge on
http://www.annualcreditreport.com
the only truly free credit report site provided by credit agencies to comply with the law, with his permission.
2007-01-29 17:20:21 · answer #2 · answered by thelasthero 2 · 0⤊ 0⤋
Directly this will in no way affect your credit. However, if he charges the account and you get in over your head this will affect your credit negatively. For the sake of your relationship, I wouldn't suggest this at all. It's never a good idea to bring in money (i.e. added stress) into a relationship if at all possible.
2007-01-29 19:52:56 · answer #3 · answered by zchamilton 1 · 0⤊ 0⤋
If they re evaluate your account for any reason it will hurt yes. Havent you seen all those court shows where women put their boyfriends, fiancee's, etc on their credit cards and they never pay?
2007-01-29 16:17:51 · answer #4 · answered by travelguruette 6 · 0⤊ 0⤋
YES!!!!!!
Don't be rediculous and put him on there. Do you want to have trouble when you try to buy a car or a house some day?
I have a friend who did this and was left with $25,000 in credit card debt. The guy went out and opened cards in her name...guess who is STUCK paying them all off.... SHE IS.
Don't do it. Please. It's just stupid. No matter how much you trust or believe he won't abuse it. You're just sticking your neck out there...
There IS a reason he has bad credit... you know!
2007-01-29 16:24:21 · answer #5 · answered by Anonymous · 0⤊ 0⤋
Don't do it. This is going to lead to trouble. If you put him on, he gets a card. Say he uses said card and doesn't pay the bill?
Have him ask a family member to do this.
Never, EVER have joint accounts unless you are married or have a contract, such as a mortgage...legal reasons.
2007-01-29 16:31:42 · answer #6 · answered by KL 5 · 0⤊ 0⤋
Yes, it will hurt your credit rating. Until you get married, you should keep your finances separate from your boyfriend.
2007-01-29 17:31:50 · answer #7 · answered by Jen G 5 · 0⤊ 0⤋
Tren you get bent over a barrel Don't do it.
BAD Deal for you for years to come.
boyfriends come and go get one with the knowledge of how to handle money and credit .
you don't need the pain that will come from this.
2007-01-29 17:16:29 · answer #8 · answered by Anonymous · 0⤊ 0⤋
Yes, especially if he charges a large amount and then breakups with you and disappears. Then you'll be stuck with the bill and will be liable for paying it back.
2007-01-29 16:24:41 · answer #9 · answered by bosse 2 · 0⤊ 0⤋
Yup. His credit will become yours and vice versa.
Don't even THINK of doing this!
(And think REAL hard about doing it even if you get married.)
2007-01-29 16:28:45 · answer #10 · answered by Bostonian In MO 7 · 0⤊ 0⤋