Re: credit scores

Posted by Drew (24.59.27.46) on June 30, 2004 at 14:38:13:

In Reply to: credit scores posted by drew on June 30, 2004 at 13:05:00:

Never cosign on a credit card with a girlfriend. If she defaults on her cards for any reason, you will have to pay for the bill and you will be liable and it will go on your credit card. Never ever cosign for anyone unless you are married to them.

Your best bet is to get an secured credit card with a small limit and use only a little bit on that or get a small limit gasonline card. Never put more than $50 a month on it and pay it off immediately. In about a year after doing this for a couple of small items and always paying on time, your credit score will improve.

Other than that, always paying. Cosigning will increase your debt/income ratio because that is legally your debt and it will be considered as an obligation which will bring your score down if the credit limit is high and it will also hurt your credit terribly if she is a late payer.

There are only two categories of people who need cosigners with credit cards. Those who have no credit whatsoever and those whose credit is in the tank.

Bad idea.

Follow Ups:

Post a Followup