Joint credit card

posted 3 years ago in Money
Post # 3
Member
1902 posts
Buzzing bee
  • Wedding: April 2012

My DH and I do not have joint accounts, but we do have a joint cc.  It just makes things easier for household expenses like groceries and paying for dinners when we go out.  I just added him to one of my cc.

Post # 4
Member
333 posts
Helper bee
  • Wedding: March 2012

Well there are two ways to go with a joint card.It depends on so many things that I think would be personal to your credit histories and personal preferences/comfort level.

1.  you both apply, and it is truly a joint card because both of your names are attached to the credit- that means that if he has poor or little credit you guys won’t qualify for much at first

2. You add him as an “authorized user” to your card (or vice versa). The card is only in one person’s name, and only their credit history matters or can be effected. You are solely responsible for the $$

It sounds like you are in great standing with your current card. If you decide to do the joint account I would consider applying for a second card through them-you would be more likely to receive a higher credit limit. If you want the simplicity of one card you can usually roll a balance over to a new card.

Post # 6
Member
63 posts
Worker bee
  • Wedding: June 2014

@love108:  If he’s had his card for at least a year, I would tell him to open up another card that’s just his. If Chase approved him for a Freedom he’s probably going to be approved for a similar card (check out the Amex Blue Cash Everyday or Discover It).

I would also call and ask Chase for a credit limit increase – he can tell them that he wants to work on building good credit, and also he has an upcoming wedding so he’ll be spending more (even if that’s not necessarily true). You can always ask for more of a limit and they’ll give you what they can 🙂

If you’re going to do both, I would do them on the same day so that when one or the other looks up his credit, they don’t see the hit from the other! (Hope that makes sense.)

Post # 7
Member
7281 posts
Busy Beekeeper
  • Wedding: October 2011 - Bed & Breakfast

Something to consider. If you open up a new, joint card, it will dewcrease the average age of your accounts, which will negatively impact both of your scores for a period of time. That’s not a big deal as long as you are planning to hold off on any big financing purchases for a good while (e.g. car loan or mortgage loan). But if you are planning to take out a big loan soon after opening a new card, the downward adjustment of your score may increase your interest rate on the loan. It’s something to consider as you figure out your 5 year plan. And also remember that any joint loans will have an interest rate based on the lower of your 2 credit scores, so a reduction in his already lower score may be a bigger deal than a reduction in your already higher score, depending on exactly what his score is and how close it comes to pre-set cut-off points used by lenders.

I agree with a PP that your SO may want to ask his current CC for an increase in his limit to improve his credit used/credit available ratio.

Post # 9
Member
33 posts
Newbee

@love108:  I added my fiancee to one of my credit cards. Does not bother me one bit. I trust her completely with my money. Also it’s a plus for her because I have excellent credit.

Post # 10
Member
3210 posts
Sugar bee
  • Wedding: January 2014

@love108:  If he is an authorized user on your card, that will NOT affect his credit in any way, only yours. So if you’re interested in building his credit you guys should either primarily use his card or open a new one together.

Post # 11
Member
687 posts
Busy bee
  • Wedding: August 2014

@howsweetitis:  in my experience that is not the case. We are authorized users on a number of each other’s credt cards, and the AU cards show up on the credit report just like all of our personal cards. They also factor in to your AAoA, util, on-time payments, etc. etc. etc.

Post # 12
Member
3210 posts
Sugar bee
  • Wedding: January 2014

@cranraspberry:  Oh hmm, that’s not what they told us when we added each other as authorized users, but that’s certainly possible. I know the card that I’m an authorized user on doesn’t show up on my Credit Karma report, but those aren’t really official, so who knows.

Post # 13
Member
687 posts
Busy bee
  • Wedding: August 2014

@howsweetitis:  maybe it varies by bank?.. We are AU on Chase and Amex cards, and those both report and show up on creditkarma. Mystery!

Post # 14
Member
1235 posts
Bumble bee

I would personally keep things separate financially until you get married.

Post # 15
Member
1721 posts
Bumble bee
  • Wedding: May 2014

@love108:  my FI and I have separate accounts, one joint checking for wedding and we opened a joint credit card as well. It works out Good for us… We use the points from our credit card towards trips and stuff 🙂

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