Does adding a person "my son" who has bad credit, to one of my credit card accounts help there credit score?

Answer 1

Yes sir, but it may drop yours as well.

Answer 2

I believe it will have some sort of negative effect. I had a JCPenney card which I closed the account on after paying it off. It didn't effect my credit really because I had it for a while and slowly paid it off. When creditors would ask about it, I just told the truth, I hardly used it. They can pretty much tell from the history on it. If you paid off a "maxed out" card and then close the account, creditors may look at it as you closed it because you didn't trust yourself. Try and keep it open, be diligent, and keep the charges small, pay a little extra towards the monthly fee every month to keep the finance charges low and try and rebound to get your credit score back up. Good luck! :)

Answer 3

that is sort of a yes & no answer

Credit scoring is so very compicated. and it depends on what he will need the higher score for. Some mortgage companies manually deduct AU (authorised user accounts) because the AU isn't the one who is finacially responsible... then they remove it manually and you might has well have not added him

If you add him, most Credit Card companies will only add him as an authorized user. This will do a few things, it will print to his credit report but it will also then increase his debt-to-income ratio (most likely in a negative way, unless he has paid off all of his old debts)...

consider that if he is an AU, then you have given him the legal right to access the information & use the account & you would be responsible for the bill he created on your account.... so it also depends on how much you trust "your son"

If it were me.... if this were anyone other then MY ACTUAL SON.... I WOULD NOT DO IT (I have been the victim of ID Theft)... as there is WAY TO MUCH AT RISK FOR YOU

and, if this were my actual son.. I would only do it to (1) help him establish credit the first time, or (2) help him re-establish after he repaid any bad debt.. if & only if the issues that caused the bad debt were completely resolved


now to address the other comments I have seen.. If in theory this person were to never use the account & not cause you a bill.... the no, it would never affect your credit score for adding an AU to your Credit Card Account and his credit report doesn't become part of or print with yours (that only happens if you are married)

Answer 4

Michael gave a good answer

The rest may have had good points, but they have also had bad points.

Yes, your sons scores would definately benefit if he is added as an AU to accounts that have been, and still are, in good standing.

Many creditors will report AU's, some automatically won't. Some of those that don't automatically report, will report if asked.
Many creditors will report AU's like they are the primary holder (no AU notation on the report), some creditors will place AU notation on the reports.

You can always request, when placing someone on as an AU, that no card be sent to the AU.

Many times the CRA's will report card numbers as scrambled or incomplete numbers, though sometimes they will report the full number.

You can remove him off of the account at any time you chose.

Answer 5

Everyone except Bama is full of it.

Yes if you add your Son as a authorized user to one of your accounts that has a good long payment history it will help his score because your history will show up on his credit.

I know this because I was a authorized user on my Moms account for years.

The only way it will effect your score is if the payments are not made as agreed.

You might want to think about this, being a authorized user myself I can tell you that they have total access to your account and can even go on line and access it. If you do not trust your Son with the future of your credit? Don't do it.

Answer 6

Yes actually, my mother did that to me and it effects my credit score as long as the monthly payment is made when its not made it lowers the credit score. It won't lower your credit score either.

The credit card will show up on his credit report as well if you put him as an authorized user.

Answer 7

That depends on how you add him, and what your card history looks like. (If you've got any late payments on it, you may want to reconsider.) If you add him as an "authorized user," then it won't show up in his credit report at all. You have to add him as a "joint account holder" for him to have partial ownership of the debt, and thus it'll be on his credit report.

For an authorized user, you can just call and they'll send out a card with his name on it. For him to jointly own the account, the credit card company will send out a form he'll have to fill out and sign, and they'll run his credit first.

Your best bet, if you're trying to help him out with his credit, would be to have him added as a joint account holder but not give him a card. That way, he can't make purchases on it and mess up your credit.

Answer 8

what do you mean adding?
like an additional cardmember on your credit card?
if that's the case, yes.

you help build credit score by adding them as
your additional cardmembers, provided that you
have a good credit rating.

(^__^)

Answer 9

I would be more concerned about ruining your credit.

Answer 10

No it just gives him the chance to put you in debt and give you bad credit. Its your account under your name you get the credit. His stays the same.

Answer 11

Not at all. Only the person who is listed as the account holder (you) will get their credit score affected.