Reply
Established Member
SirMKnight
Posts: 14
Registered: ‎03-11-2007
0

Co-Applicants

[ Edited ]
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.:smileyhappy:

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

Starting Score: 455 Eq 8/5/05
Current Score: 666 Ex 5/10/10
Goal Score: 720


Take the FICO Fitness Challenge
Moderator Emeritus
Brammy
Posts: 5,436
Registered: ‎03-10-2007
0

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

[ Edited ]
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
Established Member
SirMKnight
Posts: 14
Registered: ‎03-11-2007
0

Thanks

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.

Starting Score: 455 Eq 8/5/05
Current Score: 666 Ex 5/10/10
Goal Score: 720


Take the FICO Fitness Challenge

myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.

>> About myFICO
FICO Score - The Score that matters
Click to Verify - This site chose VeriSign SSL for secure e-commerce and confidential communications.
Fair Isaac Corporation is a BBB Accredited Financial Service in San Rafael, CA
FOLLOW US Social Media Facebook Twitter Pinterest Google+