2007-12-06 15:14:53 · 6 answers · asked by Monique M 2 in Business & Finance ➔ Credit
Unless this person is your spouse, I highly suggest that you don't do it.
If your spouse has bad or weak credit and you have good credit and you add him or her as an authorized user on your credit accounts, then the accounts that you add will show up on his or her credit report which will help his/her credit so long as you keep paying the bills on-time.
But no, your credit will not help their credit immediately. It's something that has to build up over time as the accounts in good standing are reported to the credit bureau each month.
2007-12-06 16:05:04 · answer #1 · answered by Tracker 6 · 0⤊ 0⤋
No. Adding someone to your credit account that has bad credit will not help their account. If you are not careful, that person will end up ruining your credit as well. Unless they have just never had a credit card or a required payment (rent, utilities, phone, etc..) this is what is known as a bad idea.
2007-12-06 23:41:53 · answer #2 · answered by Mr Know It All 2 · 0⤊ 0⤋
Add them to what? A credit account? Just being an additional user on your account will not help their score. They have to be co-holder on the account. And if you're the one with the good credit, don't do it!
2007-12-06 23:25:31 · answer #3 · answered by npk 7 · 0⤊ 0⤋
I believe only if together you then maintain good credit and that person earns it back to good (which they could do on their own as well). Basically a company/lender will look at the good credit person as a fallback/guarantee in case the bad credit person faults on payment. Its best to avoid tying you good credit to someone with bad credit if you can help it...especially if there is a chance they stay in their bad-credit ways.
2007-12-06 23:25:31 · answer #4 · answered by disen87 5 · 0⤊ 0⤋
Yes, it does if you set it up properly. However, the credit reporting agencies are working to stop this from happening. They are puting systems into place that will prevent one from adding a person to their credit by taking a "snapshot" of credit reports. If one's credit report is significantly different from one month to the next, they will (according to the article I read about this) report both parties as practicing credit fraud. It is just one more example of credit reporting agencies abusing their power and taking one more step towards having absolute control over our lives.
So be careful if you are considering this.
If you have any questions regarding your credit issues, you may feel free to contact me at nebula7693@yahoo.com
2007-12-07 14:09:24 · answer #5 · answered by nebula7693 4 · 0⤊ 0⤋
Yes it will, they will have to be a authorized user not just a piggy back situation. Your credit card company will walk you though this
What the guy below me is talking about is piggy backing tell your credit card company what you are doing and they will help you set it up properly.
2007-12-07 03:27:23 · answer #6 · answered by Anonymous · 0⤊ 0⤋