@Anonymous wrote:
Hey there guys, I hope you guys are having a great day.
I have a question about some recent changes to my Discover account. I recently added my friend to my credit card account to help him get his credit started. My friend has no history at ALL. To many others adding my friend might seem crazy and risky, however as a good friend I think this is a good thing im doing. This person will make purchases and pay it off. The way I explained is to look at his new card as a debit card. Use it and pay it! No balances.
My main question is wether my friend will start his credit hisstroy by having him in my account. I went to the section were it said "Add user". It only asked for first name and last name. No social or anything else. Can anyone cofirm if this move will help him?
As to whether it will report, the answer is "maybe." Typically they look for something in common --same last name, shared address, etc. --to show that this isn't just some stranger that you sold good history to.
Frankly, if I were you, I wouldn't give him access to the card. I'd just use it myself. Any usage that you put on it will show on the reports, and it will help him (assuming that it does show up on his reports) just as if you had used it.
You're taking on some needless risk here IMO. Even if he is honorable, one of his acquaintances could access the card and have some fun.
When I went AU on my then-husband's Discover card, I stuck it in a drawer and maybe used it twice on something that we'd agreed on (car repairs, I think.) I felt that I borrowed the long history, not the actual credit.
In the meantime, if you do allow him to use it, I'd check the balances daily.
* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007
