If I put my daughter on my credit card to help her raise her credit can it hurt mine if she gets behind ??

Answer 1

Yes

Answer 2

You can put your daughter on your credit card as an "authorized user" however it will not help her establish credit. The purchases she make will show on your statement under your name. It will not affect her at all. She will need to obtain a credit card on her own. If she's in school there are special credit cards, especially for college students.

Answer 3

Well, you already got the answer about 20 times. It's yes. I would either try to get her a credit card on her own, teach her to save and pay cash or add her to your account and see if they can put some sort of reasonable limit that YOU can afford if she doesn't pay the bill.

Answer 4

I am assuming that you mean as an authorized user and not a joint signer. The answer is yes. The credit card company will report on both you and your daughter, the good news is if your daughter pays as agreed, it will reflect good on both of you, conversely if she pays late, it will reflect badly on you both. As an authorized signer she can use the card but will not be responsible for the debt if she does not pay. You will.

Answer 5

Yes, it is still your account......if you do put her on to help her establish credit...you need to tell the credit card company and they take that into account and start establishing her credit...but if you don't tell them and just add her they will not take that step...jsut did it with my daughter....we have an "understanding" and if she messes it up then I will hunt her down and get the $$$$ !!! good luck mom.....

Answer 6

Yes, of course.

I don't see how letting her use your credit card is going to establish HER credit, though. Wouldn't it be easier for her to get one of her own? She might have to start out with one that has a high interest rate, but if she keeps that clean for a year, she'll be able to get a card with a better rate.

Answer 7

Dave Ramsey says never try to use a credit card to build credit. He also says that giving a teen a credit card is "introducing a financially harmful substance and endorsing its use." I beleive he is right.

Answer 8

My mom did this for me on her loan & her credit card, to help me get my credit back on track. The problem was by me paying on time and in good faith, only helped her credit score go up. I had to get my own card and pay on time to re-establish my credit. I was just a rider and whether your rider pays good or bad, it affects the main person on the loan or credit card which is you. So in a nutshell, your not helping her unless you get her something of her own to re-establish her good faith. You be the rider or co-applicant but make sure it is in her name first.

Answer 9

Yes, yes, yes!!! I have a friend who did this for a room mate who had been a friend of hers for years. The girl racked up all kinds of debt and then decided she didn't want to pay it...by the time all was said and done, my friend was forced to declare bankruptcy, had to sell almost all of her furniture and had to move from her house into a tiny 2 bedroom apartment.

Not a good idea...no matter how good your intentions are or how faithful your daughter claims she will be with payments...things happen and it will be your responsibility to ensure the debt is paid.

Answer 10

well i did this for my daughter. i made her an authorized user, but did NOT give her a card. therefore, everything i used it for was reported on her credit score as well but i was the only one with control over pruchases. therefore my credit stayed in tact while she got the benefit of it building her credit good

Answer 11

you better believe it will, she's not gonna revolutionize her spending habits just by switching to your credit card. teach her efficient financial habits and help raise her credit score the real way, make her pay each credit card bill on time in full. no exceptions.