Authorized User

[Floridagail]

Does anyone see a problem arising from this. My BF is considering chpt 13 or 7 has stopped paying his CCs and Mortgage since Aug 2010. He is due to lose his job basically due to slowdown of construction industry. I would like to add him to my cc as authorized user so if we go to hotel or rent a car he will have one in his name. My credit limit is small 1000, Right now I do everything in my name as the cc is in my name.

[tobee43]

Does anyone see a problem arising from this. My BF is considering chpt 13 or 7 has stopped paying his CCs and Mortgage since Aug 2010. He is due to lose his job basically due to slowdown of construction industry. I would like to add him to my cc as authorized user so if we go to hotel or rent a car he will have one in his name. My credit limit is small 1000, Right now I do everything in my name as the cc is in my name.

first floridagail......NICE TO C U!!!!!!! hope everything has been going well.

now...this has to be your own choice.......but i would SAY NO!! i'll spank you....LOL!!!! since i have been laid up i found this judge judy show and she said you are not suppose to ever do that!! ROFL!!!

seriously, it's a personal decision, but i would never do it unless there was a ring on my finger.

maybe someone can chime in with their personal experiences with adding someone to your charge card. but, i did it with my son and daughter but i had some "control" while they were both in college. and, they were family.

again, good luck with your decision.

[AngelinaCatHub]

I must agree with tobee. Although I would love to spank you too, Mrs. might have something to say about that. LOLOL.

Putting a person on your card is like cosigning for another. I have seen too many screwups with people who have gone bad with another's CCs. Also, if he is going bk, don't muddle his fuddle. He has to account for his spending habits and you don't want to be dragged into his bk stuff. If he wants a card in his name, get a prepaid card.

Haven't seen much of you lately. Welcome back from another Floridian. 'Hub

[tobee43]

you are funny hub....but i'll do the spanking here...don't want to get you in trouble!!

it's never a good idea to let someone have access to your credit cards...in my opinion. after all, for many on this site, it's what got them to the point they are, so why jeopardize your credit standing?

[Floridagail]

Hi all,
Been busy lately, My Mother in law ill, but life takes it turns. Hugh and I have been together for 20 yrs. Just do not marry due to ssdi and taxes the government will charge me if his income counts, Once he retires and draws ss we will marry i suppose. Right now It would cost me 600.00 a month to be married.
We are still in our house ( we are doing a strategic default) our neighborhood is going to pot, 100 shortsales or forclosures out of 133 homes. One sold for 59,000 this month. ( a 255K 2 story home 5 yrs old). Investors are buying up the homes in Lakeland like crazy.

We do not want to muddy the water, because eventually He will have to file bkrptcy. We just ran into a problem last month our car trans had to go in shop and they offered free rental car since it is warranty work. I had to put the rental in my name since we had no cc in his name right now.
Our attorney told us to keep thing separate as we do like bank accounts etc. The attorney here want to push you into 13, so we are waiting for his job loss if he can.

[tobee43]

sorry to hear about your mother in law.. i'll be saying prayers for her.

shoot...you have had your plate full...sorry again for you.

i would suggest maybe you should seek another consult if there are no assets. i know what you mean about the atty's pushing one into the 13. we were so scared, we only had UI, SS and a small pension and owned 200k in cc's due to medical costs, and another 500k in personal property that we surrendered and they STILL wanted us to go into a 13. so we kept interviewing to make certain about our choices.

after all, if 13 was our ONLY option ok...i will accept that, but if it's not, we wanted to make sure. well, we went to another 4 interviews...actually 6 all together..the first 2 wanted the 13 the other 4 all said chapter 7. we, of course went with one of them.

still, at this point, i agree with hub, don't muddy the waters, a pre-paid card can work just as well and keep you out of it, for the time being.

keep in touch!!!

[Floridagail]

You guys are funny. I needed a laugh , I will check in to prepaid creditcard. Thanks everyone.

[tobee43]

You guys are funny. I needed a laugh , I will check in to prepaid creditcard. Thanks everyone.

Ha HA....there is now a waiting line to spank you...i do believe i'm first in line...LOL!!

glad to c u smile. i know it's stressful times, but you'll be fine..

[bkdone]

He can also use a debit card. As long as it has a Visa logo it will work at the hotel and car rental place. They will put a hold on $100- $250 per rental or hotel stay, but the hold is released right after. I agree that if he's headed into BK, dont put him on your credit card. Despite being together for a long time, I think its better to keep your credit profiles separate until things stabilize.

[NanaOf11]

speaking from the other side of the fence.....

My understanding is.... becoming an authorized user on someones card (that has established good credit), is a way to rebuild credit post BK.
Is this not so??

[tobee43]

speaking from the other side of the fence.....

My understanding is.... becoming an authorized user on someones card (that has established good credit), is a way to rebuild credit post BK.
Is this not so??

one is listed on the CR's as the authorized user and not the primary, so really, it doesn't help that much. we did that at first with our kids in college to help them establish their own credit. but it took quite a while, even in those days. (the good old credit days..LOL!).

also, in this situation the OP is or from what i understood just re-establishing themselves as well.

nowadays anyone can get a pre-paid credit card, or a debit card, so it's just safer, which is just my thoughts about it.

[Floridagail]

The days are over of adding someone on your account to help them establish credit, the credit bureaus changed that awhile ago.
I was added to a Sears account for the convenience of being able to shop for that person. It ended up being on my credit report as authorized user, and since that person had a 25,000 credit line, i was told one time I was overextended since that showed on my report that was many moons ago.