Tilted Forum Project Discussion Community - View Single Post - Boosting another's credit rating w/ co-sign...

Stompy · 08-10-2004, 05:38 PM

Can you do this?

Let's say I have crappy credit and a friend of mine has excellent credit and I co-sign with him on a card.

If I had him keep the card and use it for a year, would that raise both of our credit scores, or does that work differently when it comes to co-signing?

Basically I have this idea... I have NO credit history and can't get a credit card for the life of me (yet I own a house and have another account open when I had my bathroom redone - both of which I make payments on time AND put WAY more than is needed down toward principal), so I was going to have my mom co-sign w/ me on a card.

I'd then build my credit up over the course of a year or so, and once it was high enough, I would then co-sign (on a different card of course) with my friend, who has insanely bad credit. I would still keep the card and use it frequently while (hopefully) continuing to boost both of our credit ratings.

I guess it's kind of "cheating", but will it work?

08-10-2004, 05:38 PM	#1 (permalink)
Stompy Banned from being Banned Location: Donkey	Boosting another's credit rating w/ co-sign... Can you do this? Let's say I have crappy credit and a friend of mine has excellent credit and I co-sign with him on a card. If I had him keep the card and use it for a year, would that raise both of our credit scores, or does that work differently when it comes to co-signing? Basically I have this idea... I have NO credit history and can't get a credit card for the life of me (yet I own a house and have another account open when I had my bathroom redone - both of which I make payments on time AND put WAY more than is needed down toward principal), so I was going to have my mom co-sign w/ me on a card. I'd then build my credit up over the course of a year or so, and once it was high enough, I would then co-sign (on a different card of course) with my friend, who has insanely bad credit. I would still keep the card and use it frequently while (hopefully) continuing to boost both of our credit ratings. I guess it's kind of "cheating", but will it work? __________________ I love lamp.