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    #1

    Co-signing with g/f...

    Had a question about co-signing for a credit card. My g/f has great credit and is willing to help me out to rebuild credit. She trusts me and I'm not going to screw her over. I just want to rebuild my credit.

    If she co-signs for me for a credit card will that help improve my credit score overtime? Or did credit cards companies stop it from helping the credit score out for the one that is co-signing? Sorry don't know to much about co-signing..

    Is there anyway she can help me rebuild my credit?

    Thanks in advance..
    Discharged: 12/23/2008
    Tags: None
    #2
    It would, but I would never co-mingle like that. Try just having her add you as an authorized user. (The only exception to this may be American Express charge cards, but that's another story.) Many credit card companies report authorized users to the credit bureaus as "joint" accounts.
    Chapter 7 (No Asset/Non-Consumer) Filed (Pro Se) 7/08 (converted from Chapter 13 - 2/10)
    Status: (Auto) Discharged and Closed! 5/10
    Visit My BKForum Blog: justbroke's Blog

    Any advice provided is not legal advice, but simply the musings of a fellow bankrupt.

    Comment

      #3
      Originally posted by justbroke View Post
      It would, but I would never co-mingle like that. Try just having her add you as an authorized user. (The only exception to this may be American Express charge cards, but that's another story.) Many credit card companies report authorized users to the credit bureaus as "joint" accounts.
      Just curious what's the pros and cons of co-mingling it like that? And why wouldn't you do that? If she adds me as an authorized user and the credit bureaus adds me as an "Joint account" it wouldn't help my credit score correct? Thanks justbroke for you info..
      Discharged: 12/23/2008

      Comment

        #4
        "Joint Accounts" do help your credit score. However, and just read a lot on this board, you don't want to be tied to someone's finances, in case of bankruptcy. ;)
        Chapter 7 (No Asset/Non-Consumer) Filed (Pro Se) 7/08 (converted from Chapter 13 - 2/10)
        Status: (Auto) Discharged and Closed! 5/10
        Visit My BKForum Blog: justbroke's Blog

        Any advice provided is not legal advice, but simply the musings of a fellow bankrupt.

        Comment

          #5
          Originally posted by justbroke View Post
          "Joint Accounts" do help your credit score. However, and just read a lot on this board, you don't want to be tied to someone's finances, in case of bankruptcy. ;)
          ABSOLUTELY. I cosigned for a so called friend who was upside down on his car. He stopped paying. 23K onto my bk discharge in his name. It is not good for ANYONE to cosign for ANYONE. PERIOD! Marriage is the only difference as it is also a legal contract. Not to say your g/f would damage you or vice/verse, but my own grandfather refused to sign for me and gave me that lesson early in life. Did I learn? No, ergo, the 23K in addition to my own debt.

          To increase your credit standing, get a prepaid card, work it up to a credit advanced small balance card, use it little if at all. Once a month for something small and PAY IT OFF every month. That will help your credit.

          As far as for myself? Credit? I need no schtinking credit. Cash. 'Hub
          If I knew it all, would I be here?? Hang in there = Retained attorney 8-06, Filed 12-28-07, Discharge 8-13-08, Finally CLOSED 11-3-09, 3-31-10 AP Dismissed, Informed by incompetent lawyer of CLOSED status, October 14, 2010.

          Comment

            #6
            My fiancee has her own CC to rebuild her credit. I thought about having her try to get another one or a store card (HD,Kohls) but maybe I should add her to mine if they will report on her credit as well?

            Comment

              #7
              And, when you can't pay your card for whatever reason, if you co-sign under her as an authorized user...She's left paying the bill.

              Get your own card, keep it simple.
              Filed Oct 2005discharged February 2007,Shapeless in the fire's glow, tell me if you think you know,
              Who it was we were below, where we've been and where we go

              Comment

                #8
                Originally posted by AMISLANDER View Post
                And, when you can't pay your card for whatever reason, if you co-sign under her as an authorized user...She's left paying the bill.

                Get your own card, keep it simple.
                The thing is I want to rebuild my credit and won't go overboard with using credit because I want to purchase a home in 3 years... We are planning to get married and shes very responsible with her credit and credit cards...

                She keeps her balances very low and shes willing to help rebuild my credit.. I'm very responsible I just lost my job last year and couldn't pay for my mortgage and now that I have a very stable job even in this type of economy (I know nothing is stable) but im not the type that will put everything in credit. I'm just using it as a stepping stone to show CC companies and lenders that I can be responsible.. and that my past was just something I couldn't control..

                Anyways, I just wanted to be on one of her credit cards and nothing else.. until more offers come in.. I only got one from Orchard with high fees.. But I understand what you guys are saying however for my situation its wont come to the point where I don't pay or she falls under BK.. I know for a fact
                Discharged: 12/23/2008

                Comment

                  #9
                  fyi in case anyone is thinking why not become an authorized user.....as of July 2008 FICO decided they would reverse an earlier decision and include an authorized user's use of another person's credit cards into their scores. However, they added "additional features" to block the impact of joining another person's card as an authorized user. See http://www.credit.com/credit_informa...la-Changes.jsp for the details.

                  So it won't help anyone's credit scores very much (if at all) to become an authorized user on someone else's cc.

                  And SG, if you become a co-signer, as other wise heads have already mentioned no one ever becomes a co-signer thinking things will go wrong. The only problem is that the future is impossible to predict. What if your gf loses her job? What if the two of you break up? There are all kinds of "what if's" here that could land you being responsible for both yours and her debt. Why chance it?
                  I am not a lawyer and this is not legal advice nor a statement of the law - only a lawyer can provide those.

                  06/01/06 - Filed Ch 13
                  06/28/06 - 341 Meeting
                  07/18/06 - Confirmation Hearing - not confirmed, 3 objections
                  10/05/06 - Hearing to resolve 2 trustee objections
                  01/24/07 - Judge dismisses mortgage company objection
                  09/27/07 - Confirmed at last!
                  06/10/11 - Trustee confirms all payments made
                  08/10/11 - DISCHARGED !
                  10/02/11 - CASE CLOSED
                  Countdown: 60 months paid, 0 months to go

                  Comment

                    #10
                    If you want to rebuild your credit, then do it. It takes time and paying your bills on time. My opinion is that you should not tag onto her.

                    I wouldn't co-sign with anybody.
                    All information contained in this post is for informational and amusement purposes only.
                    Bankruptcy is a process, not an event.......

                    Comment

                      #11
                      I thik FICO had no choice. The real problem was that people were actually "selling" their credit. It was a scheme where, say I, with an 800 Score and Black American Express Card, would add you to my Amex and you'd pay me... $3,000 or so. You would never actually "get" a card, but the reporting would bring your score up. This "authorized user" scheme would end at a certain point, but would allow you to build up your credit, or temporarily raise your score, so that you could get better terms, or even just to get credit.

                      (amounts are hypothetical)
                      Chapter 7 (No Asset/Non-Consumer) Filed (Pro Se) 7/08 (converted from Chapter 13 - 2/10)
                      Status: (Auto) Discharged and Closed! 5/10
                      Visit My BKForum Blog: justbroke's Blog

                      Any advice provided is not legal advice, but simply the musings of a fellow bankrupt.

                      Comment

                        #12
                        Originally posted by frogger View Post
                        If you want to rebuild your credit, then do it. It takes time and paying your bills on time. My opinion is that you should not tag onto her.

                        I wouldn't co-sign with anybody.
                        I understand what you guys are saying and I really want to thank everyone for there input however (and I don't want to come off sounding mean ) but I didn't ask for advice about if she should co-sign with me or not. I believe my situation is different from what many people go through in terms of when someone co-signs with someone. If its not then its a problem me and her have to deal with. Again, don't want to come off sounds like a jerk.. thanks for all the input but if there's more info anyone can give me about co-signing etc that would awesome
                        Discharged: 12/23/2008

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