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Senior Contributor
txjohn
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Registered: ‎09-12-2008
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Can I add a "joint" applicant to my existing CC account?

[ Edited ]

Yes, I know all of the reasons why I would NOT want to have joint accounts, only individual and possibly AU on credit cards.  So, now it is understand that I am aware why I should NOT, please help me answer my hypothetical question.

 

If I wanted to add my wife, daughter  or son as a joint applicant to an existing credit card account, is this possible or would I have to apply for a separate account?

 

Does anyone have any first hand knowledge on this?

 

Thanks :smileyhappy:

Message Edited by txjohn on 04-01-2009 05:34 PM

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03/28/2009 TU: 814, EQ: 810, EX: 781 (02/12/2009)
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txjohn
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Re: Can I add a "joint" applicant to my existing CC account?

Bump.

Credit Scoring 101 - Tuscani   *  Guide to Common Abbreviations
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09/03/2009 TU: 777, EQ: 776 ($8 balance on an account dropped me out of 780's)
03/28/2009 TU: 814, EQ: 810, EX: 781 (02/12/2009)
05/18/2005 TU: 563, EQ: 580, EX: 549
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haulingthescoreup
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Re: Can I add a "joint" applicant to my existing CC account?

lol, we're too terrified to answer. :smileywink:

This is from about 18 months ago, but Discover told me that they could add me as an AU on DH's card, but I couldn't be joint.

Plus there are various cards that don't allow joint, period (PenFed, American Express off the top of my head.)
* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007
Senior Contributor
txjohn
Posts: 4,214
Registered: ‎09-12-2008
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Re: Can I add a "joint" applicant to my existing CC account?

Hey, just keeping it interesting! :smileyhappy:

Credit Scoring 101 - Tuscani   *  Guide to Common Abbreviations
Frequently Requested Threads * FICO High Achievers  *  FICO Score Estimator


09/03/2009 TU: 777, EQ: 776 ($8 balance on an account dropped me out of 780's)
03/28/2009 TU: 814, EQ: 810, EX: 781 (02/12/2009)
05/18/2005 TU: 563, EQ: 580, EX: 549
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haulingthescoreup
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Re: Can I add a "joint" applicant to my existing CC account?

Are there certain cards that you're thinking about doing this with? You might get more answers if you name names. :smileywink: Unless this is strictly hypothetical and all.
* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007
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txjohn
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Re: Can I add a "joint" applicant to my existing CC account?

[ Edited ]

I am asking because of a friend who asked me (he doesn't do internet and wanted some credit info)?  I wasn't able to answer....I said I'm thinking no, but I will ask around.

 

I think he has Chase, Citi, BoA, Sears & some gas cards.....

Message Edited by txjohn on 04-01-2009 06:38 PM

Credit Scoring 101 - Tuscani   *  Guide to Common Abbreviations
Frequently Requested Threads * FICO High Achievers  *  FICO Score Estimator


09/03/2009 TU: 777, EQ: 776 ($8 balance on an account dropped me out of 780's)
03/28/2009 TU: 814, EQ: 810, EX: 781 (02/12/2009)
05/18/2005 TU: 563, EQ: 580, EX: 549
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Guardian
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Re: Can I add a "joint" applicant to my existing CC account?

It depends on the creditor. Most will not add a joint after the fact only an AU, Capital One is one of those. You would have to ask the one you want to do if they allow it or not.

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Re: Can I add a "joint" applicant to my existing CC account?


txjohn wrote:

I am asking because of a friend who asked me

I think he has Chase, Citi, BoA, Sears & some gas cards.....


Chase, Citi, and BoA all offer AUs.

BoA offers the most interesting AU option.

 

I believe that this procedure still is allowed by Bank of America,

 

Open a Bank of America Account and make your child or wife an AU. Sometime in the future change the status to joint. Changing to joint would not necessitate a hard pull since the original primary account holder has the necessary credit standing to be responsible by himself for the any balances.

 

For the wife, sometime in the future, as soon as she has a good enough credit file to be approved for her own individual card, the hubby can ask to be removed from the "joint" card and the bank will then do a hard pull on the wife"s report to verify that she would qualify to be responsible for the account all by herself.

 

I believe that a child could be added and "gifted" his own account with a very long history sometime in the future in a similar manner. There might be some age restrictions to go joint however. But time is on the side of the family, AU for the child for a few years would not be a bad thing. He could conceivably have his own individual credit card with a Ten (or  more) year old history (and an 800 FICO score) by the time he is of college age.

 

I am not sure what the reasons that the friend wants to consider joint instead of AU. I thought I would throw out a creative idea or two in case it is relevant to achieving his desired objective.  

 

As others have suggested joint is not usually a good idea. AU first, then Joint, then remove aboriginal primary to make the secondary the sole owner will result in no joint accounts.

 

If the friend has no interest in the above procedure. He can add the wife or child to his own BoA card as AU and give BoA some time to get used to the name on the account. He can then convert to joint later and leave it that way.


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Guardian
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Registered: ‎04-23-2008
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Re: Can I add a "joint" applicant to my existing CC account?

Another word of warning I failed to add earlier, in many cases, those that DO allow it will NOT allow you to just remove that person and require the account be closed all together, so make sure you know and ask and confirm all this BEFORE you commit to anything.

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Re: Can I add a "joint" applicant to my existing CC account?


Guardian wrote:
Another word of warning I failed to add earlier, in many cases, those that DO allow it will NOT allow you to just remove that person and require the account be closed all together, so make sure you know and ask and confirm all this BEFORE you commit to anything.

You raise a good point

 

Bank of America does allow a primary (joint) card holder to be removed while leaving the card open in the secondary's sole name. All history of the tradline stays on the new "sole" account holders credit reports.

 

Of course rules can always change on short notice so nothing is guaranteed. As with all creative credit building games, you step up to the plate and swing the bat. If you want to hit a home run you have to risk striking out. That is why I like the idea of opening a new credit card with which to play the game. Striking out down the road would not jeopardize any existing cards.



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