Credit Card Consumer Rights – Professional Credit Advice in Rochester NY?

April 20, 2011

Question by poolgirl2275: Professional Credit Advice in Rochester NY?
I am engaged and due to a couple circumstances my fiance and I are talking about merging a couple things now, before marriage. My fiance is in the process of repairing his credit and has a score in the 600 range while I am around 800.

The main thing we would like to do in the next couple months is open a joint checking account to pay the household bills out of while still keeping our own savings and checking accounts we currently have in our own names.

He would also like me to add him as an authorized user on my highest limit/oldest credit card. He believes this will help up his score but I would like to talk to someone before doing this.

I am looking for someone (a company or non-profit) that will sit down with my fiance and I and go over our credit reports and give us some direction on whether taking these actions are smart right now. We are past the point of needing any sort of debt consolidation or consumer credit type business since the debt is gone but that seems to be all that is out there.

Credit Card Consumer Rights
Best answer:

Answer by Sgt Big Red
Well speaking as one who understands credit but not considered a Professional (all that takes is a fee of 0 and an online course to get certified) I can tell you this.

No matter what, your credit is yours and his is his

Combining checking accounts will do nothing for either one of you as they are not reported to the CRA's. Neither are savings accounts.

Adding him as an authorized user will really do nothing for his score, but could damage yours if he runs up your balance above the 30% threshold (also known as debt utilization ratio).

He is going to have to build his credit on his own. You can read more about credit and how it works to better understand it at the following source:

Here is there link
http://www.bad-credit-advisor.com/fico-definition.html

Hope this helps answer your question

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{ 1 comment… read it below or add one }

sara April 20, 2011 at 8:18 am

a joint checking will do nothing to improve his credit.

you adding him to your credit card, will more than likely reduce your credit limit. so don’t do that.

if he pays off bills and does not run his cards to the max, his credit will repair itself over the next few years. but don’t let him on your credit cards as it will be the reverse of what you are trying to accomplish.

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