Adding your name to someone else's card can't help your own credit score

After creating bad credit and finding it's difficult to qualify for new lines of credit or loans, many people will search for other methods to improve their financial outlook. Some individuals believe that they can add their names to a family member or friend's credit card, and if that person has a good history and makes payments on time,both credit scores will get a boost.

According to a question and answer section in Salt Lake City's Deseret News, that is not the case. Financial author Dave Ramsey explained in the forum that doing so has no bearing on the other person's credit and can often be to the detriment of the card owner. The individual whose name is on the card is the only person who shows up on the credit report, Ramsey detailed, but both people can use the card legally.

Going through the paperwork and financial issues if the secondary user should make a purchase with the account information can often be more trouble than it's worth. The individual with a poor or nonexistent credit has other options available to build or bolster credit scores.

For instance, another option is to explore alternative credit that can boost a credit history, such as through a Payment Reporting Builds Credit score, which takes into account reliable payments on other accounts like utilities providers.