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Credit history and joint credit cards

Credit history and joint credit cards

Old Oct 4th 2012, 4:56 pm
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Default Credit history and joint credit cards

Searched but couldn't find the answer to this, though I know it's there somewhere.

Recently the wife and I went to get a secured CC through Wells Fargo. She said that since I've been here six months, it's worth applying for an unsecured one first. We did and it was rejected, albeit not an immediate refusal but got referred to a human (not enough history - not surprising). While we were doing that she said that adding my wife to the card would allow her to build history as well as me - on the same account. I thought you need your own card to do that, something about a loophole closed years ago? Or am I thinking of something else?
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Old Oct 4th 2012, 5:01 pm
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Default Re: Credit history and joint credit cards

Originally Posted by GeoffM View Post
Searched but couldn't find the answer to this, though I know it's there somewhere.

Recently the wife and I went to get a secured CC through Wells Fargo. She said that since I've been here six months, it's worth applying for an unsecured one first. We did and it was rejected, albeit not an immediate refusal but got referred to a human (not enough history - not surprising). While we were doing that she said that adding my wife to the card would allow her to build history as well as me - on the same account. I thought you need your own card to do that, something about a loophole closed years ago? Or am I thinking of something else?
If you had an American Express card in the UK you can get one here as well. There are some threads here on the subject: well worth doing.
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Old Oct 4th 2012, 6:38 pm
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Default Re: Credit history and joint credit cards

Originally Posted by GeoffM View Post
Searched but couldn't find the answer to this, though I know it's there somewhere.

Recently the wife and I went to get a secured CC through Wells Fargo. She said that since I've been here six months, it's worth applying for an unsecured one first. We did and it was rejected, albeit not an immediate refusal but got referred to a human (not enough history - not surprising). While we were doing that she said that adding my wife to the card would allow her to build history as well as me - on the same account. I thought you need your own card to do that, something about a loophole closed years ago? Or am I thinking of something else?
I let them talk me into trying to get one when I first moved here and regretted it as I was sure I would get denied. 3 years and many other denials later I'm finally in a position where my credit score is decent and just got a decent limit on a Chase United card for the first time.

I think that the loophole you refer to was closed for a period but then was overturned and reopened so long as the person had signatory authority on a card or something (I forget the details but I'm fairly certain it's back to being the case again).

Good luck!
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Old Oct 4th 2012, 6:44 pm
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Default Re: Credit history and joint credit cards

Yes, this is possible.

It may also be possible to apply for credit with a joint application that has both names. That way you are both responsible for the debt. If the application is in your name only, it's really you that they'll come after if there's a debt.
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Old Oct 4th 2012, 7:21 pm
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Default Re: Credit history and joint credit cards

Yes, it's possible for her credit to improve if she's a joint account holder on your card (assuming you have good credit). Unlike the UK, some (not all) credit card companies will allow both spouses to be joint on the account, making them both responsible. To be honest, I thought this was the norm, until we recently found out that Capital One doesn't allow this.

I wouldn't have thought a secured card would be denied, since you have to put up cash as collateral for whatever you want the credit limit to be. If you care to share, what reason did they give for the denial?

ETA: Nevermind, I re-read your post & see that you were trying for an unsecured card, not a secured card.
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Old Oct 4th 2012, 7:30 pm
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Default Re: Credit history and joint credit cards

I'm an authorized user on my husband's cards (and he on mine) and the payments show up on my credit record too. When he added me to his capital one card it copied over all the previous year's payment history to my credit record.
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Old Oct 4th 2012, 7:38 pm
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Default Re: Credit history and joint credit cards

Aye, this loop hole was closed a few years ago, but over turned, to allow close/immediate family to be added as a co-signer to a card account and get a jump on their credit history.

I believe it's only good if the person you're joining onto has good and current history, so if they're buggered off out of the US for a few years, then it might not do anything.

Also has to be co-signer to the account, rather than just an allowed user.
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Old Oct 4th 2012, 7:47 pm
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Default Re: Credit history and joint credit cards

The loophole was closed several years ago to stop credit repair companies from putting 1,000s of authorized users on one credit card but didn't give those people a credit card or card number but a lawsuit filed by the repair companies again allowed authorized users to to build credit on someone else's card. The credit bureaus then changed their software to somehow allow only several people to be authorized users on one credit card so normally this allows relatives to build up credit on a relatives or a friends credit card but not allow credit repair companies to use that technique.

In fact, if you had already built up several years of credit history and added your wife as an authorized user, all your previous credit history (even before being an authorized user) will show on her credit report.
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Old Oct 4th 2012, 7:48 pm
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Default Re: Credit history and joint credit cards

Be careful though - I would try and ensure that everything possible is in both names. Love is blind, but debt collectors are not.
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Old Oct 4th 2012, 7:52 pm
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Default Re: Credit history and joint credit cards

Thanks for the explanations.
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Old Oct 4th 2012, 8:15 pm
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Default Re: Credit history and joint credit cards

Originally Posted by Bob View Post
Aye, this loop hole was closed a few years ago, but over turned, to allow close/immediate family to be added as a co-signer to a card account and get a jump on their credit history.

I believe it's only good if the person you're joining onto has good and current history, so if they're buggered off out of the US for a few years, then it might not do anything.

Also has to be co-signer to the account, rather than just an allowed user.
No, just an authorized user is required.
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Old Oct 4th 2012, 8:37 pm
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Default Re: Credit history and joint credit cards

Originally Posted by Michael View Post
No, just an authorized user is required.
Oh well, it was a co-signer when we looked into it, when the ruling was over turned...seems this makes it even easier then
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