I added my boyfriend as a co-owner to my credit card to help his "not so great" credit. I make all the payments on time and there is never a balance left on the card. Is this really helping his score? If so can anyone give me a clue as to how much it helps him...Thank you.
2007-10-02 23:25:08 · 6 answers · asked by waterbug3689 2 in Business & Finance ➔ Credit
I added my boyfriend as a co-owner (shared responsibility) to my credit card to help his "not so great" credit. Is this really helping his score? If so can anyone give me a clue as to how much it helps him...Thank you. (Just FYI, He doesn't have a card or access to spend anything. He is doing fine at keeping things ontime now.)
2007-10-03 05:27:59 · update #1
That used to be the case, but not any more. The credit bureaus no longer give credit to co-owers in that manner. Now, his poor credit is much more likely to drag yours down than your good credit boost his up.
2007-10-02 23:30:55 · answer #1 · answered by Bostonian In MO 7 · 1⤊ 1⤋
In a word...no. You are the account holder therefore he has nothing to do with it. All that it means is that he can buy whatever he wants and does not have the responsibility of paying it back. He needs to get a card in his own name, maintain the payments and this will help his credit rating. If I were you I would take his name off your card. If he has a bad rating what makes you think he won't get you into bad debt.
2007-10-02 23:29:45 · answer #2 · answered by k d 2 · 0⤊ 0⤋
It USED to, but just recently, the credit score gods made sure this does not work anymore . So your answer is NO.
2007-10-02 23:32:33 · answer #3 · answered by Anonymous · 1⤊ 0⤋
no it will not help his,if he decides to max your credit card out you will still be responsible for the bill and you got more nerve than I got to put him on your credit card,being his credit is not so good anyway,Id be affraid he screw mine up to.But maybe you know what your doing.
2007-10-02 23:34:19 · answer #4 · answered by cheryl v 4 · 0⤊ 0⤋
No it doesn't help him and it won't help you when he runs up your card and trashes your credit score....Don't ever let someone else on your card.....
2007-10-02 23:34:57 · answer #5 · answered by theanswerman 4 · 0⤊ 0⤋
I think it will help a little. It isn't going to help much if he continues to let his other debt mount up though.
2007-10-02 23:30:24 · answer #6 · answered by Freethinker 6 · 0⤊ 0⤋