MercyMe wrote:So, Tuscani, Noah_bodie, LadyFico, anybody ... what harm/risk would there be in adding say, a homeless person (such as the struggling head of a family) to your lowest/best credit account, without actually giving him/her the ability or opportunity to use it? Would this not establish credit for them, making it easier to rent places to live and purchase used vehicles? And say one were to do this, how long would it take that person to go from say, 300 to 600?Thanks in advance!me
I was wondering the same thing, but a different way.
Suppose I want to help one of my daughters start her credit life
She's 18, just graduated High School and getting ready to start 10 years of College.
I very much doubt she will have time to work for at least the next 4 years, so I will be paying her bills.
If I add her to a couple of my Credit Cards as a user, won't that help her establish real credit?
I don't necessarily have to give an actual card; just add her as a valid user.
(Edit: Corrected spelling/grammer mistake)
MidnightVoice wrote:Daughters are money pits.BTW - that ten years of college will probably cost more than double the amount you have so carefully calculated
A lot of the standard student loans are for a very low rate for a very long time, and pretty independant of the child's credit rating, as they have no credit rating. Then at the end they can be consolidated at a good rate etc. Much of it is fixed - especially the loans one can get via the standard Federal Aid program.
I'm just thinking how I can help her get good loan values when it's time for her to start borrowing to pay for this education.
MidnightVoice wrote:A lot of the standard student loans are for a very low rate for a very long time, and pretty independant of the child's credit rating, as they have no credit rating. Then at the end they can be consolidated at a good rate etc. Much of it is fixed - especially the loans one can get via the standard Federal Aid program.
I only wish FAFSA would be a bit more realistic about the costs of living when they factor who qualifies for Student Aid. I don't think they compensate for what it costs to live in NorCal verses most (not all) other places. Housing here is more than 5x what it is in East Texas, but salaries are only about 20% higher.
Getting back OT, is there any effect on the credit score of someone added to an existing credit-card account?