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My fiance has bad credit due to his ex-wife whom racked up credit card debt when they were together without his knowing. They ended up filing for bankruptcy during the divorce. I would like to help him rebuild his credit. My credit scores are around 800. If I have his name added to my credit cards (most with low or no balances). Will this improve his credit score faster? And as long as the payments are made on time every month, will this drop my credit score significantly by simply having his name added? How will this affect each of our scores? Thanks.
Just read up on the authorized user deal, you would really have to check with your individual card holder agreement and see what the reprecussions if any will be. You can get a copy of your contract if you don't have it by contacting the company. Adding someone may adjust your intrest rate on your card, there is alot to consider when doing this. I suggest that you read through your contract thoroughly so you get no surprises from the issuing company. For example, will they add him and then check his credit and then raise your score?
You did not mention this, that is why I brought it up.
As far as your credit score, I am not real sure so I won't touch that one, I am sure that someone who knows will be along shortly.
Hope you find the answers you seek