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What is the affect of adding your fiance with no credit as an authorized user on credit cards have on my credit score?
Wiki User
∙ 15y ago
Having him as an authorized user on your credit card won't impact your score, however if he uses the card and doesn't pay the bill then your score will be impacted. Being an authorized user is one way to help jump start his credit, but it will impact you if he is responsible for paying the bill and doesn't pay it on time (obviously). Keep in mind that while this will boost his score in the short-run, an actual "credit history" of his own is what lenders are looking for, so eventually he will need to get his own credit. Also, if you co-sign for him on a car in the future this WILL impact your score, as it will show as 100% on your credit and 100% on his credit. And it will also mean that if you want a car loan of your own he may have to sign with you (or someone else), because car lenders will loan 1 car for 1 income and if you already are on a car loan you will need someone else's income to justify 2 car loans.
Wiki User
∙ 15y ago
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If you and your fiance want to get a joint bank account but he has filed bankruptcy in the past will this affect your credit?
It shouldn't impact your credit rating all. However, his bankruptcy will remain on his credit for up to 10 years. If you get married and try to buy a home for example, then his credit rating will affect both of you.
If you want to build your credit more quickly by getting someone with good credit to add your name as an authorized user to their credit card how will this affect their credit?
As long as you pay your bills on time, there should be no affect on their credit at all. I've been monitoring/managing my credit for several years now (got a nasty taste of ID theft) and I can tell you that the simple truth is that there is only one way to build your credit postively, and that's to establish and pay off your credit accounts on time. Just because you have a co-signed loan or a shared credit card, your history (and the history of your co-signee) will still just be your individual history. Sharing a credit account with someone who has good credit will probably get you access to better terms and rates, but there isn't a halo effect on either your credit or theirs - unless you fail to make payments on time. If you're looking for more info on this, here's a good overview: http://learn.equifax.com/cs/Satellite?c=DS_General_Cont_C&childpagename=DecisionSimple%2FDS_General_Cont_C%2FDSGeneralContentTemplate&cid=1164040850481&pagename=DecisionSimple%2FPage%2FDSLayoutTemplate&ParentLinkID=1162919656130 CORRECTION: I have been told by Equifax, and by my two credit card companies that adding my fiance as an authorized user will likely improve his score, because my credit cards companies do report on the authorized users credit as well, giving them your entire account history, which if you have always paid on time, should improve the authorized users score. But not every credit card company does this, you just need to ask them. (I use Citibank and Capital One). UPDATE: Adding someone as an authorized user no longer helps them improve their credit. This practice, known as piggybacking, was ended in 2007 as a result of substantial abuse by third party brokers that would help people lease out their good credit to those who needed a credit boost. There is no longer a credit benefit resulting from authorized user status.
If you file a chapter 7 bankruptcy will it affect your ability to rent an a apartment or own a home and will it affect your fiance?
Your debt is completely your own, and will not affect your fiance's credit rating. It would play a part in purchasing a house in your name only. As far as renting, landlords will usually consider you a "good risk". After BK discharge the person is for the most part (or should be) debt free.
If you have bad credit but your fiance has good credit how will you be affected when applying for a mortgage loan?
Yes, if both people apply for a joint loan, both credit reports will be used to determine the elgibility of the borrowers.
What personal finance is not considered to be a need?
No personal fiance is a need it's all a want. If you are living on credit of any type then you made a decision that you wanted that item before you had saved the money to buy that item.
How will your past bankruptcy effect your fiance?
It won't affect your fiance' directly unless you share a loan that you're filing on. Otherwise, s(he) should know that you filed bankruptcy because your credit is going to be negative for quite some time. This could affect your fiance' in time when you have a place together and want or need to finance.
If you and your fiance want to get a joint bank account but he has filed bankruptcy in the past will this affect your credit?
It shouldn't impact your credit rating all. However, his bankruptcy will remain on his credit for up to 10 years. If you get married and try to buy a home for example, then his credit rating will affect both of you.
If you want to build your credit more quickly by getting someone with good credit to add your name as an authorized user to their credit card how will this affect their credit?
As long as you pay your bills on time, there should be no affect on their credit at all. I've been monitoring/managing my credit for several years now (got a nasty taste of ID theft) and I can tell you that the simple truth is that there is only one way to build your credit postively, and that's to establish and pay off your credit accounts on time. Just because you have a co-signed loan or a shared credit card, your history (and the history of your co-signee) will still just be your individual history. Sharing a credit account with someone who has good credit will probably get you access to better terms and rates, but there isn't a halo effect on either your credit or theirs - unless you fail to make payments on time. If you're looking for more info on this, here's a good overview: http://learn.equifax.com/cs/Satellite?c=DS_General_Cont_C&childpagename=DecisionSimple%2FDS_General_Cont_C%2FDSGeneralContentTemplate&cid=1164040850481&pagename=DecisionSimple%2FPage%2FDSLayoutTemplate&ParentLinkID=1162919656130 CORRECTION: I have been told by Equifax, and by my two credit card companies that adding my fiance as an authorized user will likely improve his score, because my credit cards companies do report on the authorized users credit as well, giving them your entire account history, which if you have always paid on time, should improve the authorized users score. But not every credit card company does this, you just need to ask them. (I use Citibank and Capital One). UPDATE: Adding someone as an authorized user no longer helps them improve their credit. This practice, known as piggybacking, was ended in 2007 as a result of substantial abuse by third party brokers that would help people lease out their good credit to those who needed a credit boost. There is no longer a credit benefit resulting from authorized user status.
You bought a car for your fiance and now the wedding is off you need to get rid of the car Can you return the car to the dealer And how will this affect your credit?
In general, you cannot return a car to a dealer. You can sell it back to them, though. Selling it won't affect your credit.
What did the federal road act authorized?
The federal Government would only fiance state highways.
If you file a chapter 7 bankruptcy will it affect your ability to rent an a apartment or own a home and will it affect your fiance?
Your debt is completely your own, and will not affect your fiance's credit rating. It would play a part in purchasing a house in your name only. As far as renting, landlords will usually consider you a "good risk". After BK discharge the person is for the most part (or should be) debt free.
Will my fiance's bankruptcy effect me after we are married We have no joint loans?
IT should only affect you if you attempt to secure a loan or interest together. Often times, when a credit report is required for an account, the APR or other factors are determined by the lowest score from all applicants. In other words, if you go to buy a house and try to secure the loan in both your and your fiance's names, the bank providing the loan will likely use the lower credit score to determine the loan. If you never combine any loans, credit cards, or other accounts; there should be no direct impact on your credit-worthiness.
If you have bad credit but your fiance has good credit how will you be affected when applying for a mortgage loan?
Yes, if both people apply for a joint loan, both credit reports will be used to determine the elgibility of the borrowers.
Your fiance and you qualified for Medicaid for your pregnancy If you were to go ahead and get married would it affect the Medicaid?
In this situation, your marriage should not affect your Medicaid eligibility.
What is the feminine word for a fiance?
that means the girl of fiance
How does a none immigrant fiance apply for a none immgrant fiance?
How does a none immigrant fiance apply for a none immgrant fiance?
Is the man or women the fiance when getting engaged?
Technically you are both the fiance/fiancee but by definition the fiance (with one e) is the man that is engaged to the woman and fiancee (with two e's) is the woman that is engaged to the man.
