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Regular Contributor
Posts: 226
Registered: ‎02-20-2013
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Joint Account Card

[ Edited ]
I'm trying to help my partner build credit, he currently has none. I know all the risks and warnings of opening a joint account and I am willing to accept those risks. What I want to know is what cards would be good to ap for. I would like to get a card from a prime bank so that it looks better for his credit when he apples for cards or loans on his own, rewards would be nice since it will be PIF every month until its closed.

My stats are: AAOA 5.5 yrs, Oldest account 17 yrs, Overall Util 6.5%, INQs: TU 5 (3 over a year, 2 for GE), EQ 4 (all over a year), EX 4 ( all over a year); 1 30d late (6/08); Discover it $12K (4/12), Cap1 Platinum $500 (2/07), Chase $750 (3/07), GE Lumber Liquidators $2.5K (12/12), GE CareCredit $2K (1/13)
Current Scores: EQ 766, TU 752

His Stats: No credit accounts .......1 - collection for $2300 that's 6 yrs old (being disputed but having trouble having it removed), 1 - collection that we are working a PFD for $65 from 3 yrs ago

What are my best options?
Chase Sapphire Preferred $17,800; Discover IT $15,000; PenFed Plat Rewards Signature $14,000; AMEX BCE $11,800; AMEX SPG $8,100; Citi Simplicity $10,000; Chase United MileagePlus Explorer $5,000; Chase Ink Classic $3,000; GE Lumber Liquidators $7000; GE Care Credit $2000
Frequent Contributor
Posts: 314
Registered: ‎03-25-2013
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Re: Joint Account Card

Chase Freedom is my first thoiught

Granted, I'm no expert in this game

 

 

FICO EX 807, 2014 Nov; FICO EQ 836/900 (Citi), 2014 Dec; FICO TU08 826, 2015 Jan.

BofA Cash Rwrds Sig V 2013 10k; Fidelity Rewards AmEx /BofA 2013 15.4k; Chase Freedom Sig V 2002 24.1k; Chase Amazon Rwrds Sig V 2011 8k; Sam's Club MC 2002 10k; Dscvr It 2012 10k; Citi Dvdnd Plat Sel V 2013 8.9k; PenFed Plat Rwrds V 2013 20k; AmEx Blue Sky 2013 11.3k; AmEx BCP 2014 24.1k; Priceline Rwrds Sig V 2013 8.7k; PayPal Xtras GE Cap Plat MC 2012 5k

Senior Contributor
Posts: 3,197
Registered: ‎01-24-2010
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Re: Joint Account Card


fittiger wrote:
I'm trying to help my partner build credit, he currently has none. I know all the risks and warnings of opening a joint account and I am willing to accept those risks. What I want to know is what cards would be good to ap for. I would like to get a card from a prime bank so that it looks better for his credit when he apples for cards or loans on his own, rewards would be nice since it will be PIF every month until its closed.

My stats are: AAOA 5.5 yrs, Oldest account 17 yrs, Overall Util 6.5%, INQs: TU 5 (3 over a year, 2 for GE), EQ 4 (all over a year), EX 4 ( all over a year); 1 30d late (6/08); Discover it $12K (4/12), Cap1 Platinum $500 (2/07), Chase $750 (3/07), GE Lumber Liquidators $2.5K (12/12), GE CareCredit $2K (1/13)
Current Scores: EQ 766, TU 752

His Stats: No credit accounts .......1 - collection for $2300 that's 6 yrs old (being disputed but having trouble having it removed), 1 - collection that we are working a PFD for $65 from 3 yrs ago

What are my best options?

Not everyone offers Joint accounts, Capital One for instance.   It may not be that easy to get prime CC.

 

If you don't find a joint account you like, consider a secured card for your partner (loan him the money if you need).   IMO, a better approach.  Then when his credit report is clean, he will have some good history.

 

 

 

 

 

 

Contributor
Posts: 214
Registered: ‎03-25-2013
0

Re: Joint Account Card

I'm not positive this would work with the credit cards you have, but I recently added my girlfriend to my amex bce card and was told that it will report to the agency's so she will start to gain credit, she has none right now, so if you didn't want to do a secure credit card you could probably add them as a au to one of your accounts

Or maybe you could do that and a secure credit card if you wanted, a secure credit card from USAA doesn't report as a secure credit card, because you put the money in a cd, so if you can get a USAA account you may want to look into that







Amex BCE $14k (backdated to 1/11), Chase Freedom $500 (11/2012)
Discover It Student $3k (3/13), Citi Dividend Platinum Visa $3k (3/13)
Capital One Cash Rewards Visa $3.5k (3/13)
Starting Score 3/20/13 - TransUnion FICO 758 - Goal Score 800
Moderator
Posts: 26,770
Registered: ‎09-13-2012
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Re: Joint Account Card

I have a personal fear of joint accounts- that collection will be hard to get around due to the amount. IMO, I would add him to your Discover or Chase as an AU or as Wolf3 suggested- find a secured card that graduates ( not sure BoA will approve with that collection) or just a secured card. Collection should fall off in a yr and after having either the secured account open a year and/or being an AU on yours- he should be fine.
Regular Contributor
Posts: 226
Registered: ‎02-20-2013
0

Re: Joint Account Card

I've added him as an AU to both the Cap1 and the Discover and none of his credit reports show either as a TL. He was added to both almost a year ago and we just checked his reports in February. I contacted both companies and they both indicated they were reporting to all 3 CRA's, but still nothing.

The odd thing is he has a CreditSesame score of 709 showing both accounts.....so why aren't they on his Experian credit report?
Chase Sapphire Preferred $17,800; Discover IT $15,000; PenFed Plat Rewards Signature $14,000; AMEX BCE $11,800; AMEX SPG $8,100; Citi Simplicity $10,000; Chase United MileagePlus Explorer $5,000; Chase Ink Classic $3,000; GE Lumber Liquidators $7000; GE Care Credit $2000
Moderator
Posts: 26,770
Registered: ‎09-13-2012
0

Re: Joint Account Card

Do you have the same address? I added my DH to Discover and its on his CR's
Regular Contributor
Posts: 226
Registered: ‎02-20-2013
0

Re: Joint Account Card

[ Edited ]
Yes, we live together and have the same current address on each of our respective Reports
Chase Sapphire Preferred $17,800; Discover IT $15,000; PenFed Plat Rewards Signature $14,000; AMEX BCE $11,800; AMEX SPG $8,100; Citi Simplicity $10,000; Chase United MileagePlus Explorer $5,000; Chase Ink Classic $3,000; GE Lumber Liquidators $7000; GE Care Credit $2000
Moderator
Posts: 26,770
Registered: ‎09-13-2012
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Re: Joint Account Card

Epic Contributor
Posts: 22,721
Registered: ‎10-23-2007
0

Re: Joint Account Card

I'm sorry but I'm still gasping over your $12k limit with Discover with $3k being your highest after that? sigh

 

Okay... He is AUTH on your Discover but it's not reporting??

 

HMMM, strange... Discover "use" to offer joint, but it's like Chase... you can call and they sent out a form to add the joint holder and then they would add with no pull... but if you want off or want them off, it's a close and apply for a new card on your own (Discover) Chase allows you to "apply" basically to remove 1 joint person but it will cost both of you a HP and if they don't think you qualify to have the account on your own it will reain joint or they may close the account if they no longer like either of you!

 

USbank offers Joint from opening point (put yourself first!)

GE allows joint (again it's once it's open and you can call and request the form to add (no pull) no option to go back, joint or close!

Amex is probably best - Only AU but it WILL report!

Fico Scores: EQ- 662 DCU., TU 704 Best Buy, EX 700 Chase (1/5/15)
You will have to put up Electric Fence to keep me in the garden!
Highest Limit: Navy Federal Cash Sigi Visa $50k (AU)
Lowest Limit: Target $200
67 Cards and Counting :smileytongue:

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