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The credit will only be effected based on the payment history, or the balance to limit ratio can have an affect. (i.e. if the credit card has a limit of $1000 and the balance is $999) or really over 50 percent of the limit it can affect your credit even you make the payments on time. It isn't the same way if you have a non-credit card type account. (i.e. a car loan or fixed type of loan). The biggest change that adding someone with bad credit to a loan or credit account can be is regarding the interest rate. If your doing it simply to improve credit, then make sure the loan amount is very small so you don't over pay interest.
What else can I help you with?
What are the benefits of adding an authorized user to your credit card account?
Adding an authorized user to your credit card account can help them build credit, improve their credit score, and provide them with access to your credit limit. It can also make it easier to track their spending and earn rewards on their purchases.
Can your friend transfer balance from her account to pay off your credit card account?
yes anyone can make a payment on someones account if they know the account #
Can you place a outstanding bill on someones credit report?
Yes, if you are the original creditor and you have an account with any of the three credit bureaus.
What does it mean to credit an account and how does it impact the financial status of the account holder?
Crediting an account means adding money or funds to it. This action increases the account holder's financial balance and can improve their financial status by increasing their available funds or assets.
What are the benefits and risks of adding an authorized user to my credit card account?
Adding an authorized user to your credit card account can help them build credit and access funds in emergencies. However, you are responsible for their charges, which could impact your credit if they don't pay.
What are the benefits of adding an authorized user to your credit card account?
Adding an authorized user to your credit card account can help them build credit, improve their credit score, and provide them with access to your credit limit. It can also make it easier to track their spending and earn rewards on their purchases.
Can adding someone's name to a loan account in order to improve their credit be done without effecting the credit of the person who took out the loan?
Yes. It's known as piggy back riding.
Can your friend transfer balance from her account to pay off your credit card account?
yes anyone can make a payment on someones account if they know the account #
Can you place a outstanding bill on someones credit report?
Yes, if you are the original creditor and you have an account with any of the three credit bureaus.
What does it mean to credit an account and how does it impact the financial status of the account holder?
Crediting an account means adding money or funds to it. This action increases the account holder's financial balance and can improve their financial status by increasing their available funds or assets.
What are the benefits and risks of adding an authorized user to my credit card account?
Adding an authorized user to your credit card account can help them build credit and access funds in emergencies. However, you are responsible for their charges, which could impact your credit if they don't pay.
What are the benefits of adding both John and Sarah as authorized users on my credit card account?
Adding both John and Sarah as authorized users on your credit card account can help them build their credit history and improve their credit score. It can also make it easier for them to access credit when needed and can potentially earn you rewards or benefits if they use the card responsibly. However, it's important to monitor their spending and ensure they are responsible with the card to avoid any negative impact on your credit.
What are the benefits and potential risks of adding an authorized user to my credit card account?
Adding an authorized user to your credit card account can help them build credit and earn rewards. However, you are responsible for their charges, which could lead to debt if they overspend.
Does having a checking account improve your credit score?
No, a checking account is not correlated to your credit score. The only reason why you have to give your social security # is to prove that you have no outstanding debt with any other banks. ______________________________________ Actually, there is a correlation. Having a checking account doesn't improve your credit score, but you can be accepted or denied an account based on it. If you have bad credit, or no credit, you may be denied from a variety of bank checking accounts. I was told by my lawyer it does improve your credit if you keep your checking account in good standings he said the bank report it monthly to the crdit bureaus thats just what i was told
How does adding an authorized user work on a credit card account?
Adding an authorized user to a credit card account allows another person to use the card and make purchases on the account. The primary cardholder is responsible for all charges made by the authorized user, and the authorized user's activity can impact the primary cardholder's credit score.
What are the benefits of being an authorized user on a credit card account?
Being an authorized user on a credit card account can help you build credit history, improve your credit score, and access credit without being responsible for the payments.
Can a credit card company keep adding interest on a closed account?
Yes, until the account balance is paid in full.
