Will including a joint applicant with poor credit hurt my chances?

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iggie270
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Will including a joint applicant with poor credit hurt my chances?

Postby iggie270 » Wed Jul 24, 2013 11:53 am

My score is around 730-750 and I want to apply for the CSP card. I'm trying to help my girlfriend build her credit, so I want to have her list her as a joint applicant, but her score is around 560.

Will listing her as a joint applicant hurt my chances of being approved for the card, or would I still have a good chance of being approved based on my credit score?

Also, if I apply, could she be added after I'm approved? I thought this was possible, but I just asked Wells Fargo on a different card that I have ad they said they can't add somebody as a joint user after an account has been opened (only authorized users can be added with WF).


cashback
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Postby cashback » Wed Jul 24, 2013 1:51 pm

Yes it would hurt you chances of being approved if she is the joint applicant... a lot...

She could be added as an authorized user after you are approved. The difference between the two is who is responsible for the debt.

Joint account = you both are equally responsible.

Authorized user = You are responsible for the debt, not the AU. Banks dont care who you give an AU card to.
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iggie270
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Postby iggie270 » Wed Jul 24, 2013 2:23 pm

Adding her as an AU does nothing for her credit though, correct? She won't be using the card at all, I'm just trying to bring up her score.

I guess I will apply for the card and just check with them after approval to see if I can add her at that point.

Thanks for confirming that it would probbaly be a bad idea to list her on the app tho.

jmtdallastx
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Postby jmtdallastx » Wed Jul 24, 2013 2:36 pm

Correct. Being an AU won't help her at all.

Midori
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Postby Midori » Wed Jul 24, 2013 10:23 pm

I don't know about the CSP, but I know DH had a Freedom before we met. I was added on as an AU when we married, and got upgraded to a joint user relatively recently.

I don't know the process for removing someone from your card if they burn you, though...



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