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Originally Posted by willravel
Absolutely not. His options are simple: get a checking account and savings account and always keep a decent amount of money in each (to show your stability), get a cell phone and make all his payments on time, always pay for car insurance and other insurance perfectly on time, get a shitty little $250 limit credit card (anyone can get one of these) and use it lightly but regularly. Don't charge more than you can pay off, always pay on time or a bit early, don't charge more than 30% off your credit card unless it's an absolute emergency and you pay it off during the next billing cycle in full.
Building credit is actually extremely easy. Just be sure that you always are aware that when you're spending money, you have the currency to back it up. Be aware that when you slide your c/c, you're spending money.
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Sorry Buddy, but I gotta correct a few things here
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Originally Posted by willravel
get a checking account and savings account and always keep a decent amount of money in each (to show your stability)
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This has no impact on your credit score - at all.
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Originally Posted by willravel
get a cell phone and make all his payments on time
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This also has zero impact on your credit score, unless you are so delinquent that a judgement is filed against you and the account is sent to collections - in which case it is a negative impact
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Originally Posted by willravel
always pay for car insurance and other insurance perfectly on time
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Again, no impact whatsoever on your credit score or history
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Originally Posted by willravel
get a shitty little $250 limit credit card (anyone can get one of these) and use it lightly but regularly. Don't charge more than you can pay off, always pay on time or a bit early, don't charge more than 30% off your credit card unless it's an absolute emergency and you pay it off during the next billing cycle in full.
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Good advice!
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Originally Posted by blktour
Well what this does is, lets say you are a consumer with excellent paying history meaning always on time payments, since his name is on your account, this will mirror on his credit history. Any Recent history will over shadow and push bad credit or no credit to the next page. It does not erase bad credit but it pushes it back further.
So when a credit history is pulled on an individual most often its just the first or two pages that is paid for by the inquirer.
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This is complete and utter BS. In fact, it isn't even possible to purchase less than the full credit history - there is no way to specify the number of pages you get. Additionally, regardless of the number of pages you have, your score takes into account all tradelines present on the report, even if you have a lender who, for reasons I can't even fathom, decides to only look at the first two pages. As a side note, depending, I guess, on the size of paper it's printed on, you're looking at probably 20+ tradelines per page, so having a few extra accounts on there probably wouldn't even knock it back a page anyway...