daktwink Posted October 14, 2003 Report Share Posted October 14, 2003 Isef Link to comment Share on other sites More sharing options...
kb9tbq Posted October 14, 2003 Report Share Posted October 14, 2003 Definitely keep all accounts seperate - don't have any creditors put in your name what is his or vise verse put in his name what is yours.Joint AccountsCo-signer AccountsNow Authorized User Accounts are different... If you add him as an Authorized User, then all of your credit history will show up on his credit report and will benefit him. Just means that he is authorized to use, but that he is not responsible for paying the debt. Usually I tell people to give back over them AU Cards and just ride the card holders good credit.And if you choose to do this, make sure it is an old established account, with pure payment history (no lates) and has high credit limit verses low balances. This will jump up his scores to put him in reach hopefully of being able to eventually establish is own good credit. Provided what else is working against him already on the report.Also - is knowing when to shake these AU accounts loose, cause say if he tried going for a mortgage down the road on his own... then your account might accidently be included on debt to income ratio against him (and that is not good if he was applying solo without you on the loan) cause if there is a balance, the loan officer may count it against him, when it should not be. So there is a proper time to have you call back in to remove him from the account.I have heard some suggest that his being added might affect your interest rates.. but I just have not seen that yet with as many members as we have using this - happen. So just keep an eye open for that part, but you should be fine. Link to comment Share on other sites More sharing options...
daktwink Posted October 14, 2003 Author Report Share Posted October 14, 2003 Thank you!So if I don't want my credit to ever be affected and we keep all accounts separate, my credit will never suffer?I have heard of so many folks stating that their credit was ruined by their spouse.... is it safe to assume because they had joint accounts???? Link to comment Share on other sites More sharing options...
Cascadesss Posted October 14, 2003 Report Share Posted October 14, 2003 Yes, absolutely keep them separate and you will be fine.Cas Link to comment Share on other sites More sharing options...
mrsmo914 Posted October 14, 2003 Report Share Posted October 14, 2003 Now Authorized User Accounts are different... If you add him as an Authorized User, then all of your credit history will show up on his credit report and will benefit him. Just means that he is authorized to use, but that he is not responsible for paying the debt. Usually I tell people to give back over them AU Cards and just ride the card holders good credit. I was not aware of that! My hubby's credit is almost good because most of his negatives are falling off. The downside is that he has virtually no history. So if I put him as an AU, my history goes onto his history? Would his history then go onto mine? This can't always be a good thing, what if you make someone an AU, then you mess up a different account, would that show up on theirs too? I cant believe I have been reading posts for over a year and have completely missed this. Link to comment Share on other sites More sharing options...
Cascadesss Posted October 15, 2003 Report Share Posted October 15, 2003 Your whole report doesn't go onto his, just the card(s) that you give him authorization. It's your CC account, but he will benefit from the good credit from that individual card.Cas Link to comment Share on other sites More sharing options...
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