08-05-2010 10:56 AM
Being that I have really no credit I was considering opening a joint application with Capital one. Does capital one have a joint application? If so, do I just fill out the regular app and indicate joint when filling it out? Or should I just try going solo on the app?
Here is a bit about me: 1 Student loan (2 yrs)- $10,700 - Currently in deferment (Good standing); I have made payments on this already, but they will not be reported until I am out of the grace period. No other accounts listed on my credit report. EX does not list a credit score, but EQ & TU do. Transunion reports my Fako? scores as 675-690... myfico estimator was: 675-725. I am still enrolled in school (last semester) I also have a full time job w/ income of about 38,000/yr.
08-05-2010 11:48 AM
Don't ever go joint if you can help it. Never, ever, ever, ever.
If you have to go joint because you're under 21, you should agree with whoever co-signs (typically a parent) that the account will be closed once you turn 21 and you've gotten credit in your own name.
Joint revolving accounts pose terrible risks to both parties. If either party mishandles the account, the other party's credit could suffer massive damages. Sadly, it happens all the time.
Yes, I know that there are couples who go joint, but AU is safer. For instance, if one party has to declare bankruptcy (medical disaster, etc.), the other party needs to have independent credit that will carry the couple through the rough times. And of course, the obvious risk is if the relationship goes sour. (See the Divorce and Your Credit for some sad examples. )
08-05-2010 12:23 PM
I agree with everyone on here, never go joint if you can avoid it. There are too many negatives about going joint.
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