Interrupter CheckmarkInterrupter IconFacebookGoogle PlusInstagramGroupRamsey SolutionsTwitterYouTubeExpand MenuStoreCloseSearchExpand MenuBackStoreSign in

Ask Dave

Credit Piggyback - Bad Idea

Dave can't even begin to fully explain how bad of an idea piggy-backing a credit history is.

QUESTION: Larry asks Dave about piggy-backing a credit history. This is such a bad idea it makes Dave groan.

ANSWER: The negatives are that half the time people want to do this it is fraud, in terms of misleading a lender to induce them to make a loan. Other types entail something like co-signing, but the downside is that if they don’t pay, you will. And most of the time, they don’t pay.