My boyfriend has bad credit, will his credit go up if I put him on a card with me? (It didnt ask for his SS#)?

His credit score is in the 500's. He called the company's to clear the late payments, will that help? and how long till we see numbers go up. We really want to get a house, my credit is 742, will we be able to get a decent loan with just me, in good credit?My boyfriend has bad credit, will his credit go up if I put him on a card with me? (It didnt ask for his SS#)?
You have an excellent credit score, and you are advised to KEEP it that way by not involving your boyfriend in any financial transactions with your name. Do NOT co-sign any loans for him, and do NOT take out a mortage in both your names.



All you need to do is read the assorted question in this forum about such transactions which have gone sour and have ruined the good credit scores of folks like YOU.My boyfriend has bad credit, will his credit go up if I put him on a card with me? (It didnt ask for his SS#)?
No, him being an authorized user will not help him at all. It could hurt him if you defaulted but it can't help him. Not like you would default though considering you have been pretty responsible.



He needs to get any deals he makes with creditor's in writing.



Depending on your financial situation it may just be better to get a loan in your name only. I also would not put him on the deed, because even if he helps out, you have done him a favor with the great mortgage rate.
I hope that he is a long time boy friend that you plan to stay with for much more time. I hope that you really know him well, not just think that you know him.

Love has a way of making all of us do unwise things sometimes, and It is possible that he could use your card and run it up really high. He could possibly end up doing that and then skip out , thus destroying your credit.

I would advise you to wait until you are married before you put him on any card.
No, he will just be the authorized user (meaning he can use the card, make payments, and maybe make inquiries to the lender) on the card you get with him.



Though he cleared his payment history, it will not reflect any changes on his credit for a little while depending how late the payments are made.

** late payments are reflected on your credit score as following (30,60,90+) until that account is cleared from history (7yrs)



I would reccommend buying the house yourself. Your credit score is exceptional (especially for current market). You may actually get worse offers applying with him.



Its either you wait about 2-4yrs for his score to increase or buy a house yourself.
You have a great credit score. Do not try and clean up HIS mess. That's his job.



You will be able to get a home loan with that credit score at a very good rate, provided your debt-to-income ratio is not out of whack. If you do have debt, I recommend cleaning it up BEFORE buying the house.



And like the other poster said - do NOT cosign a loan/card or anything for anyone.



Also - you may want to check out this website: http://www.daveramsey.com
No. In the past, this would have made a difference, but then some people found a way to scam the system by selling ';authorized user'; slots for cash, but not actually giving the person a card. FICO caught on to this and has changed their formulas to ignore authorized users.
I agree with Txdavid. Don't do this.
I would keep your credit separate as long as possible. You may want to reconsider a house payment with him. His credit shows that he is unreliable in making timely payments. I have seen bad credit pull down good credit many times. Getting into joint debt with him could be hard on your credit and finances especially if he jumps ship and leaves you holding the mortgage. His credit history proves that he wouldn't worry about not making the payment. At least that is how the bank and loan officer is going to look at it. It also takes months sometimes years to get a bad score to rebound.

If you are both on a loan odds are your rate will be a lot higher than if you are just taking out a loan individually. You may not even qualify with him as a co-borrower. I would ask that you take a serious look at the entire picture and not rush in to a mortgage with the current credit situation with the boyfriend. It will cost you thousands more in interest at minimum. Wait until his credit does rebound and he has some payment history. Good Luck.
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Bad credit is one of the worst problems to have... however there exists a solution. I will hereby talk from my personal experience. I did debt consolidation a couple of years ago, however If I had to do it again I would pay to some minor details, if someone wants to get out of debt today it is pretty easy with a debt consolidation plan, however it may get a bit tricky at times,



I suggest you get as much information as possible online on this first, a good place to start in my humble opinion is astraight to the point ebook with question and answer I found : http://www.counselingcreditcarddebt.com