if i have a secured credit card and add a card holder will htis build their credit too?

Answer 1

No. The credit card account is issued to you. If you add another person, that person is being carried by you -- he or she is not vetted by the credit card company and he or she is not responsible for the debt: YOU are.

Be very careful getting a card for someone else on your account -- if that person is irresponsible, YOU will have to cover their debt.

I look at it this way: even though the credit card you have is secured, YOU had to apply for it and meet all of the criteria for getting credit. As a result, you are responsible for the debt AND you are building your credit history. If your friend wants to get credit, he or she should do what you have done: save enough money to establish an account, apply for a card, and take responsibility for the debt.

While it is nice of you to consider helping a friend, your credit is too important to risk.

Answer 2

Sept , new rules went into effect to eliminate this trick people used to up bad FICOs for others .
Only the real card holders FICO is affected now .

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