Wife as Joint Owner of Credit card account

[Gumbolette 58]

Good day Friends!

I just want to know if being a joint owner of credit card account of the spouse will also help me (Pinay) to build my credit score?

My husband has a beautiful rating and he recently just decided to put me as a joint owner of the account.

I have 2 questions:

1. Will it help me build up my credit score? ( I don't have any credit card as I was using his whenever I have to, I only have debit cards so I have no idea what my credit score status is)

2. Since I have now my separate card, does that mean I have to use my card alone to build my own credit score?

Or any in depth details is really appreciated.

Thank you!

Edited March 19, 2011 by Cutie_Patootie

[amykathleen2005 441]

Good day Friends!

I just want to know if being a joint owner of credit card account of the spouse will also help me (Pinay) to build my credit score?

My husband has a beautiful rating and he recently just decided to put me as a joint owner of the account.

I have 2 questions:

1. Will it help me build up my credit score? ( I don't have any credit card as I was using his whenever I have to, I only have debit cards so I have no idea what my credit score status is)

2. Since I have now my separate card, does that mean I have to use my card alone to build my own credit score?

Or any in depth details is really appreciated.

Thank you!

Yes, if you use the card and pay it off right away it will slowly build your credit. You are on the account so either he or you can use the cards and build your credit. Also if he can add you to some of his older accounts, like a credit card he has had for awhile would be really good. Having a longer credit history builds better credit, the age of the account is factored into your score.

Edited March 19, 2011 by amykathleen2005

[Gumbolette 58]

Yes, if you use the card and pay it off right away it will slowly build your credit. You are on the account so either he or you can use the cards and build your credit. Also if he can add you to some of his older accounts, like a credit card he has had for awhile would be really good. Having a longer credit history builds better credit, the age of the account is factored into your score.

Thank you for the quick response.

As a matter of fact, his account which is also mine now has been with him since he has qualified for one.

So does that mean, It won't take long for me to have a good credit?

[Alex B 9]

Good day Friends!

I just want to know if being a joint owner of credit card account of the spouse will also help me (Pinay) to build my credit score?

My husband has a beautiful rating and he recently just decided to put me as a joint owner of the account.

I have 2 questions:

1. Will it help me build up my credit score? ( I don't have any credit card as I was using his whenever I have to, I only have debit cards so I have no idea what my credit score status is)

2. Since I have now my separate card, does that mean I have to use my card alone to build my own credit score?

Or any in depth details is really appreciated.

Thank you!

Be very careful that you actually have a joint credit card are are not just an authorized user. If you are an authorized user then you will get no benefit from the card because it's always the account holder that's liable for the debt. If you are jointly liable then they'll report to both of your credit files.

This was an issue for me when I came to the US. Once we figured out what to ask the credit card companies for it was no problem to establish credit.

Good luck.

Alex.

[Deputy Purple 1,294]

Yes, make sure you're not an just an Authorized but actually Joint Account Holder.

Also you can apply here for your own card, my wife got approved with no Credit History and no Job!

[Gumbolette 58]

Yes, make sure you're not an just an Authorized but actually Joint Account Holder.

Also you can apply here for your own card, my wife got approved with no Credit History and no Job!

Thank you guys!

yes, I am a joint account holder.

As for the link Bob, I don't think I am ready yet to have another one this soon. , as the economy gets sour and sour, I'm good with only one.

But I will definitely keep this in mind.

[amykathleen2005 441]

Lots of things effect your credit, yours at the moment is probably pretty good if you have been making timely payments to your account.

Look here for more info:

http://www.agoodcreditscore.com/

Also, an interesting thing to note, the more credit checks you have done on you (not including ones on yourself) lowers your score. So if you were to apply for a bunch of cards it would lower your score with all the various checks.

[Maxx121 14]

If you have a joint card with him you inherit the history of that account even if he has had it for 20 years.

[Gumbolette 58]

If you have a joint card with him you inherit the history of that account even if he has had it for 20 years.

Does this mean, I will have the same credit score as what he has right now?

How long will it takes to build my credit score then?

[I AM NOT THAT GUY 5,715]

Just remember, you will both be scored for the credit management skills for both of you with a joint account. He will probably take a hit on his scores, until you can show your credit worthiness. It would be better for you to establish your own credit history. Utility bills also count toward credit scores, as do any other accounts in both your names, or your name alone. Length of employment and living in the same place for a while can also help. Remember, no credit is always better than bad credit. And too many revolving accounts, like credit cards, equity lines, etc., can actually hurt your scores.

[damulag 26]

I added my wife as an authorized user on a credit card I had for close to 20 years (with no lates reporting), it reported on her credit report as an authorized user with the notation that the credit account was started before her social security number was issued. Doing this gave her credit report a reporting account.

Next we applied for a joint Kohls card and it reported.

She was then able to apply for a victorias secret card on her own.

Two years after she arrived we purchased a vehicle with a joint application and her credit score was around 770.

She now has a Gap and JCPenney's card.

By adding your spouse as a joint or authorized user to a account you allready have will not affect your credit score in anyway, no new inquiries or credit lines.

Under a manual review they might notice the account reporting for longer than the person has had a SS number.

If you do not have good credit or the account you want to add the spouse on has lates or over limits, or high utilization (amount owed versus credit line) reporting do not add them to it. Only add them to an account that is pristine. If you do not have one then the next best thing is to find a local bank or credit union that will let your spouse open a secured credit card, which has the credit line secured with a CD or savings account that you can not let drop below the credit line. After a year or so some banks will change the account to unsecured or you may have to apply for another account.

After this try and build credit slowly, part of your credit score is based on average age of accounts so do not apply for too many cards that you will not want to keep, for example ones with high annual fees, because one you close one the account will eventally drop off of your credit report and you will get no benefit of the age. So better to go for quality rather than quantity for the long run.

You need to work on this early so if you need to apply for a joint mortgage or vehicle loan the immirants low credit or no credit score will not affect the approval/interest rate of the loan.

Since you are starting out with credt and have a zero balance do your self a favor and Pay In Full each month, do not carry balances month to month. Years from now you will be happy you do not have consumer debt.

[tallcoolone 102]

Does this mean, I will have the same credit score as what he has right now?

How long will it takes to build my credit score then?

Run you credit score and find out what it is, Pretty easy

You or your husband should of had all of this taken care of long ago....

[Jayenna 0]

I applied for a secured credit card with a $200.00 dollars security deposit in Orchard Bank. I used it for 2 months and made 3 payments on time and after that, Capital One sent me an unsecured credit card with a 500.00 dollars limit. Now I have Capital One and Macy's with 400.00.

[rheanick 42]

Thank you for the quick response.

As a matter of fact, his account which is also mine now has been with him since he has qualified for one.

So does that mean, It won't take long for me to have a good credit?

You would piggyback with his credit history. If he has a good credit, it would also show in your credit history. Hubby added me up in his credit card as a joint card holder. After several months, i received several mails asking me to apply for a credit card. Just to try it, i filled up an application from American Express. Got approved and given a credit limit of 6500. Though i'm not using my AMEX credit card right now.

One thing i noticed in the US, if you have history with financial houses (i.e. banks or investment firms) or those companies affiliated with financial houses, its a lot easy to get approved in applying for credit cards or even borrowing money.