Creating Good Credit

We have been helping others with credit for a few years by adding the client to a credit card as a joint appllicant. I was recently told you could give someone your credit card history just by putting them on the card as a co-signer and not a joint applicant. Can anyone give me a positive answer?
It would just be alot easier to place someone on a card as a co-signer. joint applicant has some signatures to take care of?
Thanks
Sire

Comments(3)

  • SantaClarita12th June, 2005

    I am not sure about the differences, I learned that by just placing the bad credit person as an authorized user takes no additional paperwork or signatures. This can be done on-line.

    The person with the long history that is helping out does not even need to give the bad credit person a card.

    Best case scenario, find a person to add you as an authorized user (a parent or grandparent for example) that has a very long history and does not use the specific card, keeping the utilization low). You should be able to convince someone to do this because you will not even possess a card, you will be authorized yet you will not use it.

    The credit reporting companies will begin to show this account on your report.

    Take care,
    [addsig]

  • sire12th June, 2005

    We actually do this with the tenents that enter our "rent to Own homes". I have been doing the "Joint Applicant" idea but if the co-signer works that is much easier. Thanks
    Sire

  • daythinkr1st July, 2005

    What are the negatives to this? Does the good credit person stand to hurt a bit? Also what kind of increase in credit is usually expected?

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