Bad Credit Agency

can adding a person who has bad credit on my credit card help them improve their credit in the long run?

can adding a person who has bad credit on my credit card help them improve their credit in the long run? do the credit report agency count that? please reference any sources you may know regarding this particular subject..thanks

Public Comments

1. yes to some extent
2. Yes it will help them. It will also screw you. Personally, I don't think it's worth it to mess up your own personal credit. Not even for a spouse. (Yes, you can mitigate your spouse's credit to a degree- trust me ;)
3. No, you are still the primary on the CC and you would get the report on the use and payment of the bills. The only thing that could happen is that you will get large bills that you can not afford because this person can not control their spending habits. This could wreck you credit rating. Run as fast and as far away as you can.
4. No by adding a person to your credit card will not improve their credit in the long run, because you are the one named on the credit card. Why would you want to add a person that has bad credit? You can add lots of people on your credit card and the only one that is responsible for that credit card is you. They can add charges but you need to pay it off. It is totally absurd that you would add people to your credit card. The people that do not pay will eventually drag you down. Sorry!
5. I am not sure which country you are from. In most cases the responsibility lies with the principle card holder. The banks or card issuer doesn't concern much about the sub card holder. On the other hand if your sub card holder fails to keep with payments you could be in trouble.
6. Yes, however, are they trustworthy to place on your credit card? Why not get them to apply for a "Bad Credit Credit Card"? There is even alternatives to credit cards: http://www.mycreditapply.com/articles/alternatives_to_credit_cards.php
7. Small steps like paying your bills on time and using only part of the credit available to you. Also use your credit cards for making small payments regularly, so that it is reflected in your credit record. More tips available at http://www.acreditlibrary.com/buildcredit.html
8. 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 a straight to the point ebook with question and answer I found : http://umgarticles.atspace.com/debt-consolidation.htm if it helps kindly remember me in your voting!.. cheers!
9. No they would only be an Authorized User on the account and the account would not be in their name.