What's your take on this?

@har7070 idiots think that way!

(In a sense it is forced savings)

@har7070 his reasoning for telling me take the loan is to build credit ratings for when the time comes for a bigger loan and so that he can get a start on his savings. I not sure if I even believe him

@Some1Else Forced savings is a great idea, but there are simpler ways to do it. Setting up an automatic transfer works for me so far.

@har7070 forced savings worked for a lot if ppl I know..the key us to take small loans at a time to jeep the interest minimal

@destinyfabulous If loan is on your name, then the credit rating will be yours not his.
IMHO, having a couple of credit cards and paying them in time gives you a decent rating, as well as car loans. In my experience, car loans don't require excellent credit since they are relatively small, and there's a collateral.
Sorry, I'm just naturally suspicious.

@har7070 I agree. I'm naturally suspicious also. I've been approached too many times, even online.
I'd suggest a few small credit cards to repair any credit problems first, then go from there.
To have someone take out a loan for a savings account to be started makes me even more suspicious. Especially when things don't add up.

@destinyfabulous I still don't understand how forced savings are related to loans. The way I (and my kid) did it is to open a no fee no minimum balance money market account and set up a weekly withdrawal from your checking. I prefer more frequent (weekly) withdrawals rather than monthly.
You still can control the process, but in order to do it you'll need to login to a third party web site, and the hassle makes the process "forced"

@har7070 we wanna build our home. Yes the credit ratings will be mine to help w the loan. I dont have that much to buy a car and never had a credit card. I always saved n lived within my means...never used a credit card.

@destinyfabulous I view a credit card not as a way to get a credit that you can spend on stuff, but rather as an alternative (more convenient?) form of payment.
Rather than paying with cash or checks, pay for your everyday purchases by credit card. When you get a bill, pay it in full. The total monthly amount will be the same.
Of course it'll require some discipline; it's so easy to spend money when you don't see it physically disappear from your wallet. But you can do it :-)
Moreover, you can get a credit card that gives you 1-2% cash back.

@destinyfabulous No!
Do NOT think that this will be good!

Most divorces are 1st caused by financial And then 2nd sex/personality issues!

Realize that your giving into him is his goal, control by an irresponsible jerk isn't what you need.

Get a house n YOUR name only, if at all! Don't co-sign any loans unless the Entire Payment comes from HIS checking account!

Does he work steady or get laid off a lot?
Is he willing to work anywhere just to have income to support You and Your Joint Household? Or does he lazy around waiting to be called for a job?

Are you married? Do you have kids?
Can you survive living without this fool?

You're trading the comfort of having a boyfriend/lover for having stability.

He'll never offer you stability until he Seriously Grows Up!

@har7070 Aaack! Noooo!

🚫 Credit Card 🚫

After paying off $40,000 in credit card debt
I now only carry a DEBIT CARD!
IF the Money ain't there it doesn't work!
Forces you to be Frugal.
Check balance everyday!
After all the bills are paid, then If I have extra I can go to a movie or out to eat!

@Some1Else You are correct about the risk of overspending, I mentioned that before.
So, your spending discipline is the price you pay for your credit rating.

@har7070 i rather use my debit card than a credit card....somehow i control myself more with the debit.
well I didn't take the loan and I dont know if he may end things... Of course he won't say that's the reason.

@destinyfabulous I can't give you a relationship advice, but it seems that you know what to do yourself :-)