Subject: Information on credit reporting for authorized user
Sun Oct 18, 2009 7:10 am
My fiance has bad credit due to his ex-wife whom racked up credit card debt when they were together without his knowing. They ended up filing for bankruptcy during the divorce. I would like to help him rebuild his credit. My credit scores are around 800. If I have his name added to my credit cards (most with low or no balances). Will this improve his credit score faster? And as long as the payments are made on time every month, will this drop my credit score significantly by simply having his name added? How will this affect each of our scores? Thanks.
Just read up on the authorized user deal, you would really have to check with your individual card holder agreement and see what the reprecussions if any will be. You can get a copy of your contract if you don't have it by contacting the company. Adding someone may adjust your intrest rate on your card, there is alot to consider when doing this. I suggest that you read through your contract thoroughly so you get no surprises from the issuing company. For example, will they add him and then check his credit and then raise your score?
You did not mention this, that is why I brought it up.
As far as your credit score, I am not real sure so I won't touch that one, I am sure that someone who knows will be along shortly.
Your personal details (name, email address and phone number) will be delivered to the company advertised on the Creditmagic after ve agreed to go for the counseling session by filling out the no-obligation form. However, it is your discretion to accept or reject their services.
Not all the creditors/debt collectors agree to trim down the outstanding balances, interests, and fees payable by the consumer.
Consumers working with the debt relief companies can still be sued by the creditors/collection agencies.
Debt relief services may have a diminishing effect on the creditworthiness of the consumer. The total outstanding balance may increase as the additional fees get accrued.
The overall amount saved by the consumer through the debt relief services is considered as taxable income by the IRS.