Helping BF rebuild credit
11-06-2012 09:06 AM
Posted this over on the relationship and money board but didn't get many responses.....thought maybe some people on the rebuilders thread could offer some input.
My bf and I moved in together this year, and we plan on getting married one day. Our finances are completely separate and will remain so until we get married. We are both in our late twenties and I guess you could say we are at two different places financially. I've got a good job that I've been at for a few years and since then I've taken steps to reduce my own debt and develop a healthy credit history. My bf on the other hand isn't really happy with his job and is planning on going back to school. Like myself he's made some credit mistakes when he was younger but with the pay at his current job, unlike me, he hasn't had the money to be able to try and pay/settle some of those blemishes that remain on his credit report. He has student loans reporting and a car loan, but no open credit card on his account. So I've decided to add him on to two of my accounts as an authorized user so that he has some open credit card accounts with good history on his report. I know this will help his score, but is it sufficient enough that at some point he will be able to open an account in his own name? Do creditors look at authorized user accounts on your report differently than if the account was solely yours? Or should he also get a secured credit card account in his name?
Obviously I know getting the negative stuff off will help quite a bit, which I've been helping him try to work on....but want to try to maximize the amount of positive stuff he can do now as well to try to get the best results.