add spouse as joint user on credit card. advice?

For just about anything you want to get off your chest about credit cards.
4 posts
mizzshannon
 
Posts: 2
Joined: Mon Feb 21, 2011 2:51 pm
Location: wrapping my head around this thing called 'credit'

add spouse as joint user on credit card. advice?

Postby mizzshannon » Sat Feb 26, 2011 7:06 am

i'm a SAHM w/ decent credit profile. My husband grosses $43k, but only has 2 or 3 reporting accts according to which CR is checked (car loan & small secured loan + 1 PIF collection in last 6 mos).

Problem is we need to get his middle score (605) up in order to qualify for this mortgage.

So, on the lenders suggestion, how do I convince our credit union to add him to my credit card as a JOINT user? The card has been open for 3+ years with no lates. The lender thinks it'll boost his score 20+ pts if I succeed. He only needs a 620. And the home we have our eyes on is super affordable. rambling? sorry.

I do have a jcp card too with one late from 3 yrs ago, but this past summer they wouldn't add him as joint.

Please advise?


sdfinch
Gold Member
Gold Member
 
Posts: 35
Joined: Mon Dec 27, 2010 7:13 pm
Location: Orlando, Florida

Postby sdfinch » Mon Feb 28, 2011 1:50 pm

This is a breakdown of how your score is determined. Read through it to see what you can work on asap.

How your credit score is determined

The number ranges from 300 to 850. Although the exact formula for calculating the score is proprietary information and owned by Fair Isaac, here's an approximate breakdown of how it is determined:

• 35 percent of the score is based on your payment history. This makes sense since one of the primary reasons a lender wants to see the score is to find out if (and how promptly) you pay your bills. The score is affected by how many bills have been paid late, how many were sent out for collection and any bankruptcies. When these things happened also comes into play. The more recent, the worse it will be for your overall score.
• 30 percent of the score is based on outstanding debt. How much do you owe on car or home loans? How many credit cards do you have that are at their credit limits? The more cards you have at their limits, the lower your score will be. The rule of thumb is to keep your card balances at 25 percent or less of their limits.
• 15 percent of the score is based on the length of time you've had credit. The longer you've had established credit, the better it is for your overall credit score. Why? Because more information about your past payment history gives a more accurate prediction of your future actions.
• 10 percent of the score is based on new credit. Opening new credit accounts will negatively affect your score for a short time. This category also penalizes hard inquiries on your credit in the past year. Hard inquiries are those you've given lenders permission for, as opposed to soft inquiries, which include looking at your own score and have no effect on the score. However, the score interprets several hard inquiries within a short amount of time as one to account for the way people shop around for the best deals on a loan.
• 10 percent of the score is based on the types of credit you currently have. It will help your score to show that you have had experience with several different kinds of credit accounts, such as revolving credit accounts and installment loans.

User avatar
Mogul of Pineapples
Centurion Member
Centurion Member
 
Posts: 1271
Joined: Sun Jun 01, 2008 11:32 pm
Location: Smogland

Postby Mogul of Pineapples » Fri Mar 04, 2011 10:03 pm

You shouldn't have any problem adding him to your credit card account, if you are the person with the good credit. As far as I know practically anyone can be added to a credit card as a joint user no matter how bad of credit, if the person who has the card is in good standing with the card issuer and their credit.
Disclosure: I am a moderator/paid staff of this site, which does have advertising relationships with some credit cards that are discussed and linked to. Regardless, anything I say is my honest opinion.

Current Cards:
American Express: Blue Cash, Simply Cash Bank of America: WorldPoints Platinum Plus Chase: Amazon, British Airways, Cash Plus Rewards, Freedom, Ink Cash Citi: Thank You Premier, Dividend Platinum Select Discover: More
Primary Everyday Card: American Express Blue Cash
Primary Travel Card: Chase Sapphire Preferred

CCG
Centurion Member
Centurion Member
 
Posts: 151
Joined: Thu Apr 17, 2008 6:52 pm
Location: Austin, TX

Postby CCG » Mon Mar 07, 2011 10:58 am

You may wish to see this recent blogpost:

Joint Credit Card Application?

Best,
CreditCardGuru



Return to “General Credit Card Talk”

Who is online

Users browsing this forum: No registered users and 2 guests