topic Co-Applicants in Understanding FICO® Scoring

Co-Applicants

SirMKnight — Sun, 11 Mar 2007 16:24:50 GMT

I took out a student loan back in 99 at the time when I was just building my credit. Since then due to medical bills and several jobs closures/losses I have watched my credit spiral out of my control. Slowly working on getting things back to where they were before so - making sure to keep my school loan and car payment within the 30 days so they remain positive. However I was wondering as I read other notes in this forum about co-applicant building someone's credit, if my other accounts that have gone negative will affect my co-signer even though I have tried to keep that account paid monthly at the expense of my other accounts? Thanks for any insight.:)

Message Edited by SirMKnight on 03-11-2007 09:24 AM

Sir Kinght You can always ask someone to add you as an...

Brammy — Sun, 11 Mar 2007 19:46:50 GMT

Sir knight

You can always ask someone to add you as an Authorized user to one of their credit accounts. It will keep your credit from reporting on their bureau in case you run into hard times. Make sure when they do, it is with a company that reports authorized users. I have two cards that I have my son listed on as Authorized user simply because he is at the age where hanging out with mom at the mall is considered lame. Just recently opted him out of pre-approved offers after getting several invitations from chase, AMex, discover and the like. Keep in mind, he's only 14 yrs old.

An AU account can help boost your score, however, return the card to the person who gave you the AU status and never use it. If you were to have them co-borrow on a card and you missed payments, it would mess up their history as well. An authorized user account is much easier to get removed. Hopefully your friend would remove you as authorized user the minute they realized they were hitting financial troubles if it came to that.

Message Edited by Brammy on 03-11-2007 03:46 PM

Message Edited by Brammy on 03-11-2007 03:46 PM

Thanks

SirMKnight — Mon, 12 Mar 2007 05:10:51 GMT

Thanks for the feedback. So as long as I keep the School loan paid on time and curent, my other problem accounts will not affect him as my co-signer. That being the case I am relieved.