Building up credit for score?
I want to help my girlfriend build credit by buying a car. I have a really high credit score (about 700+)and I was thinking to add my girlfriend to my bank account and then borrow a loan for her to buy car. I want to make sure if i can be the primary account holder and have all the priority to limit her' money use in my account just in case so she doesn't over use it. Could anyone let me know if this is possible to do? Or if you have a better idea please let me know. Please let me know which is the best choice? My girlfriend car is sooo old and broken down recently. I wanted to help her buy a car about 7k, so i thought borrowing loan from bank and having her cosign with my account can also be a good opportunity for her to built her credit score since she doesn't have any. we have been together 1 yr so i think i can trust her with my bank account. Please let me know if it possible or against the law? Or I should help her open a bank account and then borrow a loan for her from her account? Then i can help her pay for the car sometime. Im only afraid she might have a very high interest rate... Please let me know if there any other way to help her. I really want to help my gf because she have dont so much for me.
Public Comments
- you are not married so why would you want to jepardize your good score?
- if you co-sign on a car that will help her credit however if she misses a payment you are liable for it also and could look bad for you so with anyone you may co-sign for make sure they take care of the bills even late payments can be bad
- Never ever ever ever ever co-sign for a girl friend. If and when you guys are not together in two years, guess what? The loan people do not care. If she pays the loan late four times that year, that's four late pays on your credit. Don't do it. Don't do it. Don't do it.
