05-22-2007 07:56 PM
Getting back OT, is there any effect on the credit score of someone added to an existing credit-card account?
05-22-2007 08:37 PM
05-22-2007 10:43 PM - edited 05-22-2007 11:13 PM
masdeocho wrote:P's credit score does not change, PROVIDED that A and/or P don't run up a big balance. P has to continue to pay all charges on time, whether A pays for them or reimburses P or whatever, otherwise P's score will be adversely affected.A's credit score does change. A inherits P's credit history, for better or for worse, from the past and into the future as long as A is an AU on P's account.
If you lease or take a loan on any cars, make your kids co-signers. Keep in mind should you be 30 days late on a payment, you take them down for 7 years. But once paid off, they keep the installment for 10 years. Now that's a credit power boost.
05-23-2007 07:30 AM
TCarson wrote:masdeocho wrote:P's credit score does not change, PROVIDED that A and/or P don't run up a big balance. P has to continue to pay all charges on time, whether A pays for them or reimburses P or whatever, otherwise P's score will be adversely affected.A's credit score does change. A inherits P's credit history, for better or for worse, from the past and into the future as long as A is an AU on P's account.
If you lease or take a loan on any cars, make your kids co-signers. Keep in mind should you be 30 days late on a payment, you take them down for 7 years. But once paid off, they keep the installment for 10 years. Now that's a credit power boost.This is very constructive information and I thank you all for the input.
I told both of my Daughters early on that Credit is power and needs to be respected.
I also tried my best to instill that so long as they kept their GPA's up, I would reward them with a deserving education. Not a fancy car or a "Free Ride" (My eldest is 18 and has no interest in driving just yet), but a promise of the best education I can provide as long as they hold up their end.
They did their part (3.7+ GPA's) so now its's time for me to make good on my promises. It took me many, many extra years to get my degrees trying to work and go the school at the same time.I wasn't as dedicated as my kids are, so I think they deserve it.
I'm only looking into ways to assist them if / when the deserve it, not spoon-feed them.
Thanks to all.
Message Edited by TCarson on 05-22-2007 11:13 PM
05-24-2007 04:36 AM
05-24-2007 05:07 AM
Gotcha. This is an awful story. I can understand your wanting to help. But establishing credit won't help. I also find it hard to believe there no state programs to help. I think homeless\rehab shelter would be the best option. Any particular reason why she objects?
MercyMe wrote:Good morning, Tuscani! I trust your beautiful family is well! Some of us are down with the flu. Yuck!For your general info, anyway, and thanks to all for the input, the person I was referring to is a 78 year old woman who's been begging outside a home improvement center. Her husband passed away a few years back, and the meager SSI she receives isn't enough to sustain her and their 49 year old son, who has been ill, I don't know with what. She lost the condo she and her husband shared, a little while ago, and so the two of them, she and her son, are living in his car. She has never worked, so has no credit/employment history. Her husband was self employed and he paid all of the bills, and made no provisions for her. She doesn't qualify for several different programs she has applied for, as her son is living with her, and she with him, and he doesn't qualify for SSI, at this time, though he has applied. Follow through without an address and phone number is difficult, at best. She won't separate herself from him, and he is all she has, she says. That's the story, in a nut shell, anyway. She's unwilling to go into a homeless/rehab shelter that I am familiar with, and which has put many a homeless back into the mainstream. She's afraid. I thought that if she could obtain some sort of credit history, without the ability to use that credit, it might help her to establish herself. That's all.Have a great day, Tusc! All!me
05-24-2007 06:22 AM
I have put my daughter as an AU and given her a card, but it is NOT for her to use. It is for emergencies only, and I feel safer when she has that buffer. She has not needed it yet
I don't intend to list my daughter as an AU when she comes of age just to get her credit score up.
A kid's first CC shouldn't have a $5000 limit, and the car they learn to drive in shouldn't be a Maserati, for the same reasons: way too much too soon. .
05-25-2007 07:49 AM
05-26-2007 12:38 AM
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