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Joint loans or applications to help s/o

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Contributor

Re: Joint loans or applications to help s/o

Agreed that joint accounts are mostly a huge risk for the better credit person.

Also agree that the more money you have, the easier it is to recover your credit.

However, even millionaires can see their credit tank to the 500s.

Did he just get out of an ugly divorce? Spoiled (ex-?) wife run up his charge cards? Just a failed business venture that he sunk too much into? Multiple kids out of college & they're unable to find good jobs to handle the loans? Has he been 'the working poor' and just recently got a huge promotion to said 200k/year?

There's a lot of factors that we don't know here, so we can't say anything for sure.
It may be uncomfortable, but whatever is causing his credit problems, you two are going to have to talk...and a bit of it is going to be a lecture from you.

Saying no may strain things short term. But saying yes can strain things long term and potentially permanently.
Message 11 of 13
Established Contributor

Re: Joint loans or applications to help s/o

Agree with the posts above. Joint accounts and cosigners should be a last resort for most people. There are products like secured loans and secured cards that are designed for people to rebuild credit on their own if they have the funds to tie up temporarily. Generally, a year or so with those products is enough to get most people back on the road to good credit and having a joint account isn't going to accelerate that process. 

 

If you are determined to help your brother, you could possibly think about putting him on one of your older credit cards as an authorized user, but I would hold on to the card and not let him use it if you decide to go that route. 

Message 12 of 13
New Contributor

Re: Joint loans or applications to help s/o

If you are determined to help your brother, you could possibly think about putting him on one of your older credit cards as an authorized user, but I would hold on to the card and not let him use it if you decide to go that route”

 

^^

do this.  

 

It it should be all the help he needs if he is already trying to fix his own credit issues

send him this site URL.  

 

Get him a budget tracking excel online.  

 

July 31/2019. EX-712. EQ-704. TU-726
Message 13 of 13
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