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Cprman
Posts: 62
Registered: ‎05-04-2008
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Question about joint accounts?

My question is my ex and I have a joint account together(ya that was dumb),  it was originally my credit card account and now I want it back, can I get her off it or once they're joint youre well out of luck ?
5/5/08 EQ 696
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haulingthescoreup
Posts: 28,115
Registered: ‎04-01-2007
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Re: Question about joint accounts?

It's really hard to get someone off a joint account, even when they agree. Generally, all you can do is close the thing. (Much simpler with AU's.)

Which CCC is it? Have you asked them?
* 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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jmbfl
Posts: 1,185
Registered: ‎03-04-2008
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Re: Question about joint accounts?

It is highly likely that you will not be able to move a joint CC account to individual ownership. This is for legal reasons. Most likely you will have to close that account and open another. I am not a big fan of joint ownership of anything. (Except for houses.) Too many issues.
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haulingthescoreup
Posts: 28,115
Registered: ‎04-01-2007
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Re: Question about joint accounts?

Just as general FYI for other readers, it's not just in cases of divorce that joint accounts can be a problem. Another scenario is if there is some financial disaster, for instance medical expenses that insurance won't pay, or business failure, that pushes one member of a couple into bankruptcy. If the accounts are not joint, the non-BK partner's credit is protected, and the family can continue to function with access to credit while the BK'd partner works through the long, dreary process of BK discharge and recovery.

Obviously, no one hopes (or expects) these situations to happen, but they do. If anyone can avoid going joint, it's a good idea. I'm AU on one of DH's old cards simply to mooch the history, and this will be gone if FICO 08 ever kicks in (if ever, if ever.) I've thought about switching to joint now, but there's no point. If I ever do see a major score hit from losing that borrowed history, I'll look at switching to joint then. But at the rate that it takes the lending world to change their use of score formulas, it will probably take so long that my real history will probably be old enough on its own, and I won't need his account anyway ! :smileyvery-happy:
* 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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