Can my daughter damage my credit buy signing over me?

Submitted by xena12gongi on Sat, 03/14/2009 - 10:56

I have very good credit and my daughter have a bankruptcy. I purchase a furniture for her. She give me the money every month and paid the account thru my checking account but my daughter wants to change the checking account with hers and pay the account herself. Can this change damage my credit?.Thank you

If the furniture bill or credit is not in your name then she will not get the credit for paying the bill regardless if her name is on the checking account or not. You would have to go add her name to the furniture stores account or whatever place finances the furniture. If your daughter has other creditors she fell in default with then I would be hesitant in adding her to my bank/checking account. If those creditors were to sue and get a judgement then they could attach the checking account. Not only that if she would bounce a check or anything you would both be responsible in paying the fees. Hope this helps.

Sat, 03/14/2009 - 12:44 Permalink

I know you want to help your daughter, but, this may be a 'lesson learned'. I wouldn't put her on your bank account OR the account you have concerning the furniture. Have your daughter pay the furniture off THEN you can (possibly?) talk about other things you may want to help her with.

Mon, 03/16/2009 - 01:39 Permalink

Hi Xena
Can you tell me whether the furniture has been bought in her name or in your name? If it has been bought in your name and the payment is made through your checking account, then as soon as you stop paying the bills, your credit report may reflect the delinquency and may affect your credit score. Moreover, if the furniture is not in the name of your daughter, they cannot link your daughter's account with the name of the purchaser and there may be some conflict in reporting. In order to avoid this, I think that you should continue making payments through your checking account if the furniture has been bought in your name.

Mon, 03/16/2009 - 05:42 Permalink

One may have good credit and when the ill time arrive, push your lost credit on another account in relation, this is whatt the CC bank doesn't want. This is because, perhaps your daughter would not have got the furniture credit because of bad score. The bank wants your account to be responsible for your repayments and not a less score account.

Mon, 03/16/2009 - 06:12 Permalink

Ya know, OP..I din't ask ( just curious) how old is your daughter? Yes...with a BK, she wouldn't beable to get much, if anything, in her name. So..just becareful on much 'credit' you give her to try and help her out. Don't go so far that YOU would ruin your credit, as well.

Mon, 03/16/2009 - 11:28 Permalink