Re: Boyfriend wants to sign up for utility - gets hit with security fees
06-18-2012 04:33 PM
An internet provider in my personal estimation, is a pretty low risk. I mean, if he defaults for like 2 months, it be cancelled and you would have at the most, what a 300 dollar bill that isn't even reported unless it goes to collections.. and GW gesture can mean the world to someone who is struggling, take it from someone who has slept in his car for weeks at a time. I NEEDED someone like her, at the time she came around. Could I have done it without? I am unsure to be honest, but being with her added to the motivation, and not letting her down added to the motivation to get everything straightened up.
I think sometimes having an intricate knowledge of how FICO works can be an albatross.. I'll find myself making decisions for a three digit third party private score, than making the right life decisions, even if it means jeopordizing my current financial makeup or my FICO score. I think quite a few too many people obsess over their credit, me included now.
I disagree with this based on personal experience. If her BF "forgets" to let her know he hasn't paid the bill, she will have no idea for potentially months or years- when the bill finally makes its way to collections. That $300 bill will multiply significantly when late fees and finance charges are added on and can become significantly more depending on when it finally makes it to a collection company. She will also then have multiple lates and a collection record to try to GW.
In these times, it has become increasingly difficult to co-sign an account for someone we "love" and/or "trust". Personally I would see if the BF can find a cheaper alternative or have him charge the $450 on the OP's credit card and pay it back over time. The OP will have better control of that than an utility bill!!!
FICO Scores: TU 735 EQ 695 EX 740 (Feb 2013, all pulled by lender)