does this help my husband build up his credit score?

Question

He only has one credit card. The vehicle we purchased is under my name and he cosigned. He also co-signed on our cell phones. If not, what can he do? he has never made any late payments on anthing (ulitities, rent..also under his name)

Answer 1

cell phones, utilities, rent, etc will not help or hurt your husbands credit unless it's reported for non-payment. It will really help his score if you could re-finance your car and make him a joint borrower. Two major credit cards is the optimum number of cards to have. I would suggest applying for another and make sure to get the limits increased. You credit score is partly calculated by the available credit you have. If you have balances greater than 50%, it negatively affects your score.

Answer 2

Only items that establish a credit account affect the TRW's, even if he is a co-signer. So, he would get credit for your credit card and the vehicle loan, but cell phones are not reported to TRW's unless you don't pay. This means that if you don't pay on time, he gets dinged just like you do.

Hope this helps.

Answer 3

making your payments on time is great. the key to building your credit score is to use your credit card. The more you use it and pay it off the better your score. So even though you make your payments on time, if you hardly ever use your card, your score won't be very high.

Answer 4

Secured credit cards are a great way to rebuild your credit. Most secured credit card companies require a deposit equal to the credit line your are seeking. Make sure they report your payment monthly to the major credit bureaus. Making your payments on time monthly will increase your credit rating. You will also get you deposit returned to you after one year, turning your secured credit card into a unsecured credit card.

Answer 5

yes, the accounts he co-signed will build both you and your husband credit score when paid on time. ^_^

Answer 6

Credit score / FICO info

http://www.myfico.com/

>