Are there any benefits to for adding AU?

[Anonymous]

my iPad freezes, so I'll keep it short. I was considering adding my BF as a AU to my CSP so he can rebuild he credit. Also, as a conduit for talking about finances openly and frankly. Good idea? Bad idea?

[MarineVietVet]

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@Anonymous wrote:

my iPad freezes, so I'll keep it short. I was considering adding my BF as a AU to my CSP so he can rebuild he credit. Also, as a conduit for talking about finances openly and frankly. Good idea? Bad idea?

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Yes it can help him IF the account is older than any of his (older than his current AAoA is even better), IF the payment history is long and clean, IF the utilization is very low, and IF it will report to the CRA's. Not all cards will do this. You need to ask the company first. He will inherit the entire history of this account. One caveat however; if this account starts to go south his credit will be affected as well. Keep that in mind.

[Lemmus]

...I would make one suggestion ...adding him will result in all the benefits MV defined above ...it will also result in your receiving a 2nd card with his name, not yours, on it which can be used anywhere yours can be used ...his credit will accrue all the benefits whether he actually uses it or not ...you might want to think long and hard about whether you actually give him the card or just sock drawer it for the time being ...money breaks up more relationships than anything else.

[MarineVietVet]

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@Lemmus wrote:

...I would make one suggestion ...adding him will result in all the benefits MV defined above ...it will also result in your receiving a 2nd card with his name, not yours, on it which can be used anywhere yours can be used ...his credit will accrue all the benefits whether he actually uses it or not ...you might want to think long and hard about whether you actually give him the card or just sock drawer it for the time being ...money breaks up more relationships than anything else.

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An excellent point!

I have both my sons as AU's but they have never seen the card.