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SMikulski49
Posts: 52
Registered: ‎03-09-2009
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Can I take my name off of a joint credit card account?

Hey guys, I turn to you again for advice.

 

My brother just got seperated with his wife. SInce he left the house around a year ago, she pretty much maxed out two credit cards that they were both joint accoutn holders. He was unaware of this untill now when he checked his credit history.

 

If she agrees to take his name off of the join credit card account will the bank do it? The two caredit cards one has limit of 10,000 and the other one has limit of 15,000, are with Fst. Commonwealth FCU. One has balance of 964 and the other card has balance of 11,500.

 

WIll bank the bank allow my brothers name to be taken off if she agrees to it?


Thanks for all your help in advance.


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haulingthescoreup
Posts: 28,115
Registered: ‎04-01-2007
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Re: Can I take my name off of a joint credit card account?

Generally, no. :smileysad:

 

Check over on the Divorce and Your Credit board. This is sadly common.

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rbh
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Re: Can I take my name off of a joint credit card account?

What makes you even think she would agree to it? 

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SMikulski49
Posts: 52
Registered: ‎03-09-2009
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Re: Can I take my name off of a joint credit card account?

[ Edited ]

Hi called her and said for her to take his name off the the accounts, they paid them off right before he moved out and he took the cards. She got a hold of them again and started paying mortgage with them. She said she was gonna go to the bank and will remove him, but im just not sure if the banks will go for that, especially if they have 20,000 balance. I am just not sure if they even do that, remove a name from a joint accout, but if they do, he may have a shot of getting out of this somehow.


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vish1
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Registered: ‎01-20-2011
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Re: Can I take my name off of a joint credit card account?

 


SMikulski49 wrote:

Hi called her and said for her to take his name off the the accounts, they paid them off right before he moved out and he took the cards. She got a hold of them again and started paying mortgage with them. She said she was gonna go to the bank and will remove him, but im just not sure if the banks will go for that, especially if they have 20,000 balance. I am just not sure if they even do that, remove a name from a joint accout, but if they do, he may have a shot of getting out of this somehow.


 

If she got hold of the cards again (essentially got duplicate cards from bank/CU) while he had taken away the cards I don't see how she will let him get out of this so easily. I have a feeling that he may have to pay a huge chunk of this 12500 balance.

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Creditaddict
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Re: Can I take my name off of a joint credit card account?

He can close the accounts and she can't re-open them... but it's not very likely to get himself removed... some banks will do it but she would have to essentially qualify for the accounts on her own before they would remove him and since they are maxed... 2 people is better then 1... i don't see it happening.

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haulingthescoreup
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Re: Can I take my name off of a joint credit card account?

[ Edited ]

+1

 

This is the pitfall of joint accounts. Each party is wholly liable for all the debt, no matter who incurred it and how.

 

Some banks (Chase?) will let one joint holder off the account, if it's paid off and if the remaining party has good enough credit to qualify on the card on his/her own. That doesn't sound like what's going on here.

 

btw, many people (including some attorneys) think that if a judge directs that one person is responsible for the debt on a joint account, the other is off the hook. Not so. The account will continue to report to the second party's reports, and creditors can and will come after the second party.

 

 

eta: creditaddict outposted me

* 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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SMikulski49
Posts: 52
Registered: ‎03-09-2009
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Re: Can I take my name off of a joint credit card account?

Thanks for all your replies. That is what I was thinking the case will be from reading the forums before, but I justed wanted to make sure. 

 

Once again, thank you for the information.

 


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