Ok, so here's the story:
A very good friend of mine that I've known for 12+ years asked me what credit card he should get, so I asked him what he had so far. He has a Capital One Secure Card with a $200 limit. He also mentioned his mom didn't give him his student loan bills for 3 months so they were all past due. He called and got them to remove the fees and freeze the accounts because he's going back to school in January, but a car accident put him out of school for a year. So I said let's use CK to check your report. It turns out when he let his mom take care of his CC (she wanted to use it for Netflix and said she'd take care of paying the bill and all that each month), she was late on a payment, but since it's a secured card, they reported that it was late to the credit bureaus.
CK says his score is 604, he has just that secured credit card with a $200 limit, and the late payment. The limit being so low makes his utilization over 60% almost always, so that hurts too.
What I want to know is this:
If I make him an AU on my Freedom (for the CL to report to his report too) and an AU on my AMEX (to keep his AAoA up around 2 years), and CUT UP the cards as soon as they show up at my house so he never even sees them/uses them (yes, he's on board with this whole idea if it will work), will it help him?
I was thinking after a few months he could apply for Discover since Chase and them compete, then a few months later again apply for his own Freedom and then I can take him off of my cards as an AU. After that he would be ok on his own.
1) Will this work? Or does this not have the effect I think it does?
2) Can this negatively affect me in any way if he never has the cards to use?
BTW, He's not letting his mom touch anything anymore.