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Regular Contributor
honeybunnygal
Posts: 162
Registered: ‎03-30-2008
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Re: Boyfriend wants to sign up for utility - gets hit with security fees

FrugalRican - I agree, I'd rather loan it. I would suggest letting him charge it as a loan & then pay it back. However, I'm also wondering if he'll have issues with getting other, more pressing utilities turned on (light, gas, etc.)

 

Ugh....sometimes I wish I didn't always have to be the more financially responsible one. Then I remember everything I had to go through to get back on track...and then I get over it.

Hard work & patience can go a long way!
8/2009 (myFICO): TU - 599, EQ - 656
7/23/2010 (LO pull): TU - 738, EQ - 801, EX - 785
4/12/2012 (myFICO): TU -778, EQ - 791
Senior Contributor
drkaje
Posts: 3,488
Registered: ‎07-25-2008
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Re: Boyfriend wants to sign up for utility - gets hit with security fees


honeybunnygal wrote:

I added DBF as an AU within the past month, so I'm not sure if they've posted yet to his report. I'm also almost OCD-like when it comes to checking my CC status/balance, so if a charge posted, I would know fairly quickly & would pay something towards it for the sake of my own credit. Of course, DBF knows 1.) To discuss any non-emergency charges beforehand and 2.) He is on the hook regarding any charges he makes as far as I am concerned.


You're on the hook regarding any charges he makes as far as your creditor is concerned. :smileyhappy:

 

Simply saying to be honest with yourself about the actual risk and responsibility of making someone an AU.


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Regular Contributor
honeybunnygal
Posts: 162
Registered: ‎03-30-2008
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Re: Boyfriend wants to sign up for utility - gets hit with security fees

I get that I'm on the hook with the card, which is why I only gave him the $500 limit card. It correlates to the level of risk I'm willing to take. I had his AMEX limit capped @ $200, just in case (keep in mind he doesn't even have the card.) I'll check with Citibank to see if they provide similar limits on AU cards.

 

I just keep thinking of the situation a friend of mine found herself in. She co-signed for student loans for her DF. I believe she was either wrapping up her Bachelor's, or working on her Master's at the time. Yep...you guessed it...they split up. Even worse, he decides to take a break from school. Payments weren't being made, so of course my friend is then getting called for payment. Given that she had other debts as well, she eventually had to file BK. Keep in mind that SL debt is generally not charged off in BK...sad.

 

 

 

Hard work & patience can go a long way!
8/2009 (myFICO): TU - 599, EQ - 656
7/23/2010 (LO pull): TU - 738, EQ - 801, EX - 785
4/12/2012 (myFICO): TU -778, EQ - 791
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FrugalRican
Posts: 2,876
Registered: ‎02-02-2012
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Re: Boyfriend wants to sign up for utility - gets hit with security fees

Just read the rest of the Relationships and Money thread... it's full of cautionary tales and horror stories.

 

Is this something he's working on or that you're just spearheading for him?

Follow my financial journey: http://www.frugalrican.com


EQ FICO (01/16/2012): 656 - EQ FICO (02/16/2012): 743 - EQ (02/24/2012): 760 - EX (04/28/2012): 739 - GOAL 2013: 800+

AMEX BCE (0/10K) --- BOA 1-2-3 (0/15.9K) --- Discover More (0/6K) --- Chase Freedom Visa (0/1.4K) -- Hyatt Visa Sign. (0/5.8K) -- Barclay's NFL Card (0/7.5K) -- Chase Sapphire Preferred (0/5K)

Senior Contributor
drkaje
Posts: 3,488
Registered: ‎07-25-2008
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Re: Boyfriend wants to sign up for utility - gets hit with security fees

There are likely many people in the same position as your friend. Cosigning for student loans, cars, credit cards, or trying to stop the bleeding excessive spending or credit can cause. Mortgages can be just as big a problem as well.


Starting Score: 675
Current Score: EX 754 FICO, EQ 737FICO
Goal Score: 776 FICO


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Regular Contributor
honeybunnygal
Posts: 162
Registered: ‎03-30-2008
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Re: Boyfriend wants to sign up for utility - gets hit with security fees

I've mentioned in the past working on his credit. At the time his job wasn't as stable since he was still contracting, so there was a concern about waking the beast. He's been moreso focused on saving money to get an apartment & setting his budget.

 

I just sent him an email letting him know that I stand by my decision, but would be willing to sit down with him & go through all his reports. I also pointed him to the MyFico forums as well. Hopefully, he will be willing to do that.

Hard work & patience can go a long way!
8/2009 (myFICO): TU - 599, EQ - 656
7/23/2010 (LO pull): TU - 738, EQ - 801, EX - 785
4/12/2012 (myFICO): TU -778, EQ - 791
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FrugalRican
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Registered: ‎02-02-2012
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Re: Boyfriend wants to sign up for utility - gets hit with security fees

He gonna be okay with seeing a thread about him? lol

Follow my financial journey: http://www.frugalrican.com


EQ FICO (01/16/2012): 656 - EQ FICO (02/16/2012): 743 - EQ (02/24/2012): 760 - EX (04/28/2012): 739 - GOAL 2013: 800+

AMEX BCE (0/10K) --- BOA 1-2-3 (0/15.9K) --- Discover More (0/6K) --- Chase Freedom Visa (0/1.4K) -- Hyatt Visa Sign. (0/5.8K) -- Barclay's NFL Card (0/7.5K) -- Chase Sapphire Preferred (0/5K)

Senior Contributor
drkaje
Posts: 3,488
Registered: ‎07-25-2008
0

Re: Boyfriend wants to sign up for utility - gets hit with security fees

LOL @ FR!!

 

You're not getting me going today. Been working on impulse control, LOL!

 

HBG,

 

FWIW, DGF is on a card of mine to improve utilization and I'm on her Amex Delta. I cut the Amex up over a year ago.


Starting Score: 675
Current Score: EX 754 FICO, EQ 737FICO
Goal Score: 776 FICO


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Regular Contributor
honeybunnygal
Posts: 162
Registered: ‎03-30-2008
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Re: Boyfriend wants to sign up for utility - gets hit with security fees


FrugalRican wrote:

He gonna be okay with seeing a thread about him? lol



Oh boy....well...I'll be sure to point him to the rebuilding board first. Yeah, that's what I'll do....*gulp*

Hard work & patience can go a long way!
8/2009 (myFICO): TU - 599, EQ - 656
7/23/2010 (LO pull): TU - 738, EQ - 801, EX - 785
4/12/2012 (myFICO): TU -778, EQ - 791
Senior Contributor
drkaje
Posts: 3,488
Registered: ‎07-25-2008
0

Re: Boyfriend wants to sign up for utility - gets hit with security fees


honeybunnygal wrote:

FrugalRican wrote:

He gonna be okay with seeing a thread about him? lol



Oh boy....well...I'll be sure to point him to the rebuilding board first. Yeah, that's what I'll do....*gulp*


You can request the thread be deleted.

 

We won't tell, for a small fee payable in beer. :smileyhappy:


Starting Score: 675
Current Score: EX 754 FICO, EQ 737FICO
Goal Score: 776 FICO


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