Apple Card family
Will my credit rating go down if I an Apple Card family member with lesser credit
Will my credit rating go down if I an Apple Card family member with lesser credit
Hello karen2010,
To my knowledge, your credit score should not be affected by adding people with lower credit scores. I could be wrong as I've never done this before, but whatever happens it'll go back after a few months. It also wouldn't lower because they have a bad score, but because you added them to the account as a co-owner.
Now, if those people are irresponsible and you or they don't pay the bills your credit score will drop as a result to that. Co-owners are both responsible for the bill each month and if it's not paid both scores will be affected.
Each co-owner is jointly and individually responsible for all balances on the co-owned Apple Card, including amounts due on your co-owner's account before the accounts are merged. Each co-owner will be reported to credit bureaus as an owner on the account. In addition, co-owners will have full visibility into all account activity and each co-owner is responsible for the other co-owner's instructions or requests. Credit reporting includes positive and negative payment history, credit utilization, and additional information. Card usage and payment history may impact each co-owner's credit score differently because each individual's credit history will include information that is unique to them. Addition of new co-owner or merging existing accounts is subject to credit approval and general eligibility requirements.
In other words, only add a co-owner if you trust them and are willing to accept the risk (pay the bill) if they don't.
No, just adding a Participant will not lower your score. However, if your credit utilization changes because the charges your participants make are not be paid in full every month, your FICO credit score will decrease over time if other factors remain the same.
Credit utilization accounts for 30% of your FICO score and is an integral component that is evaluated on a frequent basis.
Apple Card family