Financial Information
will it help my boyfriends credit if I get an additional card hooked to my account for him?
Question : will it help my boyfriends credit if I get an additional card hooked to my account for him?
I have a Citi credit card, my boyfriend has no credit cards and cannot get one through his bank. Would it help his credit if I was to add him as an authorized user on my card? Or would it just effect my credit?
credit help
Best answer:
Answer by Fcuk Hyu
This sounds like a BIG mistake. He needs to get a secured credit card. He needs to go to bankrate dotc om or some consumer site like clarkhoward do tcom and find out which are best. The biggest things to be concerned with: a small application fee and no annual fee. He can then deposit a small amount, usually as little as $ 300, in a savings account with that bank. that is then the amount of credit he gets. he can build credit that way with no risk to you.
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#3 written by Alex 1 year ago
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#4 written by E&L 1 year ago
It will not change his credit since as an authorized user, you are not held responsible for the payments, just the card holder themselves. If his own bank will not issue him a credit card, there may be a reason behind it. Tell him to establish a relationship with a local bank, and within a short period of time, and good money management, he will qualify for his own credit card.
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#6 written by Rattles 1 year ago
Nope
There is a reason the ban will not give him credit !
He can start building his credit by rent to own !
Start with something small and never miss a payment !
He will pay more for the item in the long run rather than
buying it out right, but it cost to build credit ! When it is
payed off, get something else ! After a few purchaser’s
that way he can apply for credit elsewhere !Do not get your name on any paperwork with him until
you are married,or you might get your credit destroyed ! - Comment Feed for this Post
This sounds like a bad idea. Don’t share your money or credit until you share a last name (so to speak). BAD BAD BAD Idea. You have been warned.
Also, he can put his savings in a bank and borrow against it as a “secured” loan. He’ll basically pay interest on his own savings, but it will build his credit.
Furthermore,no one needs to be buying stuff that they don’t have the money for. But most importantly, you don’t need your boyfriend buying stuff he can’t pay for and using your name.