Does this help my credit since he is very responsible and has high limits?
2007-05-13 15:43:05 · 9 answers · asked by GrammarPolice 3 in Business & Finance ➔ Credit
No, you need a credit card or loan in your name and social security number.
2007-05-13 15:47:41 · answer #1 · answered by cwald888 3 · 0⤊ 2⤋
It all depends on "how" you want to help your credit. Is your credit bad? If you are an authorized user it means two things: You can either build your credit and make it better or you can totally screw your fiance's credit by making late payments.
High limits don't mean a thing. It's keeping the balances low that count. For example: if you have 10,000 credit limit and owe 9, 300 and pay the minimums you're credit score will go down. You've got to keep your debt to income ratio low.
Good credit is common sense.
Don't have a bunch of cards for cards sake. Pay your bills on time no matter what. And keep your balances low.
M.
2007-05-13 15:53:28 · answer #2 · answered by Get Togetha 3 · 1⤊ 0⤋
As a authorizes user on my Mom's Discover account for over 20-years, I can assure you that it doe's indeed help your credit.
Your fiance's pay history shows on your credit report and if he has been responsible and made his payments on time? That good pay history will raise your score.
Pay no attention to the people that say otherwise. They simply do not know what they are talking about.
2007-05-14 02:00:16 · answer #3 · answered by ? 7 · 0⤊ 0⤋
This is also known as piggybacking.
Yes it will help your credit score out. A lot of parents that are good with money will put their kids on their account so that their kids will have a good credit score when they are older.
When used in other ways, such as paying a site a few grand to piggyback some will claim its illegal as it puts a facade on the persons past.
However, there are no specific laws about this yet. Also, I think your case to where you are engaged there should be no problems ever .
2007-05-13 19:33:49 · answer #4 · answered by npwinder 3 · 0⤊ 0⤋
This will definitely help your credit, as long as he pays on time. This will show on your credit, but you will not have to include in your debt since you are no liable for the payment.
2007-05-17 15:04:17 · answer #5 · answered by momma_duke 2 · 0⤊ 0⤋
If you are listed as a user on his card it will reflect on your credit report so I would assume it would have a positive affect on your credit score. I know if he failed to pay as agreed it would reflect negatively on you.
2007-05-13 15:53:29 · answer #6 · answered by Anonymous · 4⤊ 0⤋
I don't know what these people are talking about, but YES it helps you. It should show on your credit report. As long as he keeps paying on time you'll be fine.
2007-05-13 16:17:57 · answer #7 · answered by Mrs.H 2 · 2⤊ 0⤋
No, this doesn't affect your credit. If you were registered as responsible for payments it would.
2007-05-13 15:51:05 · answer #8 · answered by gcbtrading 7 · 0⤊ 2⤋
Nope, just shows your fiance is a very trusting person. Don't abuse the trust.
Doc
2007-05-13 15:53:13 · answer #9 · answered by Doc Hudson 7 · 0⤊ 2⤋