does parents credit affect their children's credit?

Question

i am turning 18 years old and my parents credit has not been the best..and i was wondering if my credit will be affected? Also does overdrafting a checking account cause bad credit?

Answer 1

Every persons credit just that theirs.

Your parents credit should have no effect on yours.

Answer 2

If you do not share credit with your parents, their credit will not affect yours.

UNLESS you have the same name as a parent. Then you can expect to have companies with which you both have credit to get you mixed up. Joe Smith and Joe Smith Jr will undoubtedly get mixed up. If a grandparent also has that name, you can imagine what can happen.

I never thought of this until I got into the mortgage business and saw it on credit reports. I'm glad I didn't name either of my kids Junior.

Answer 3

No, parent's credit has no bearing on the child's... unless the child is named after one of the parents, in which case they should be VERY VIGILANT about what ends up on their (the child's) credit report. I had this problem because I am named after my mother, who had a habit of bouncing checks.

Also, CHRONIC overdrafting of your checking account will detract from your credit score. MAKE SURE YOU HAVE FUNDS BEFORE YOU SIGN ON THE DOTTED LINE!

Answer 4

Your parents' credit should affect yours only if they cosign a loan with you. And yes, overdrafts can affect your credit rating if not paid off in a timely fashion.

Answer 5

does parents credit affect their children's credit?
No

i was wondering if my credit will be affected?
No

does overdrafting a checking account cause bad credit?
YES!

Answer 6

THe parents credit will not effect the children what soever unless you have or share the same credit card or bank account with Mum or dad .

Answer 7

you have your own social security number, if you think they
used your number then get copies of your credit report,
bouncing checks and overdrafts don't go on your credit
report but go on a seperate systems called Chexsystems
which is worse than being on your credit report.

Answer 8

Your parents' credit will not impact your own credit in either a negative or positive way.

Answer 9

Unless they put you as co-signer of their debt when you were 3 years old you'll be fine. Sometimes if the names the same it causes problems but it's easily fixed once you notify the credit bureau.

You'll be fine you are your own person.