10-10-2011 10:39 AM
Will updating an Authorized User to a Joint Account holder cause Discover to pull a hard inquiry on the individual being updated to joint account holder status? Any advice is appreciated . Thanks in advance.
10-10-2011 01:48 PM
I beleive it will as a joint. This is off topic a little, but I know for AMEX now, they want the Social Security number even for authorized users. I rec'd a letter in the mail requesting SS# for my additional user. I haven't responded and so far my authorized user is still able to use the card. But for a joint, I can almost guarantee Discover or any other creditor will ask for the SS#.
10-11-2011 03:11 AM
Just call and ask. And ask 3 times, just to be sure.
(If I was the lender, though, I wouldn't even bother checking credit. I'd just figure "Well, there's one more individual to go after if this existing account goes bad"). Yay!
10-11-2011 03:26 AM
Adding someone as a Joint holder on an account will definitely require a credit check.
Any major bank requires this. They're being given FULL access to the account - they need to be verified through a standard credit check.
10-11-2011 03:45 AM - edited 10-11-2011 03:51 AM
Please note that I expressed a hypothetical, "If I was the lender...".
Just call Discover and ask. They will let you know for sure, one way or the other.
As the primary on any account, you are held responsible for all of the charges, whether the other user is joint or AU. In case of default, the AU walks, but a joint account holder has equal responsibility for repaying that debt.
Just to clarify: I might do a credit check to make sure I had all available info for the AU-> joint, just for future collections info. But the joint status would be approved, for the reasons mentioned above. Hope I didn't misunderstand the question.
10-11-2011 07:57 AM
In all my experience with being added as a joint NO credit was pulled. Further more when requesting CLI except for Toyota Visa me as secondary joint holder I have never had my credit pulled, Macy's, Dillards Amex, US Bank... just primary was pulled if they pulled at all.
Now if you go the other way and try to remove Joint, many banks don't even do it anymore but Chase will but it will be a hard for whoever wants to keep the account and they will close it while they decide.
10-11-2011 09:27 AM - edited 10-11-2011 09:57 AM
Approx. 3 months ago my fiance added me as a joint account holder to a Discover More and Chase Slate card. I had to fill out a joint application with my SSN for both cards. I was added successfully as a joint account holder to both cards with NO inquiries showing up on my CRs.
10-11-2011 09:31 AM
As mentioned above, you'll need to call Discover and ask them.
My wife and I have added eachother on to various accounts with different banks...some pulled cr's, some did not.
IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more
FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.