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I ran across this article on myFico.
http://www.myfico.com/crediteducation/questions/Marriage-And-Score.aspx?LPID=FICO343&cm_mmc=yesmail-_-newsletter-_-February2010-_-FAQ2
It says "For example, if you have a credit card in both of your names and it doesn't get paid on time, that can affect both of your FICO scores – and not in a good way."
So if I have a credit card in my name and at a later time give a add on card to my spouse with her name on it, does the balance and history of that card will affect the spouse score as well ?
Thanks
@Anonymous wrote:I ran across this article on myFico.
http://www.myfico.com/crediteducation/questions/Marriage-And-Score.aspx?LPID=FICO343&cm_mmc=yesmail-_-newsletter-_-February2010-_-FAQ2
It says "For example, if you have a credit card in both of your names and it doesn't get paid on time, that can affect both of your FICO scores – and not in a good way."
So if I have a credit card in my name and at a later time give a add on card to my spouse with her name on it, does the balance and history of that card will affect the spouse score as well ?
Thanks
Do you mean adding her as an AU? (authorized user) Depending on the card issuer, they may or may not report this card on her reports. If they DO report, this will affect you both.
If you open a new card as joint users/owners...this will report for & affect the both of you. *the good and the bad.
Thanks for your reply. Yes, I meant adding her as AU.
Now that I think, is there a difference between a " add-on member vs authorized user" where they have the same card as primary card holder but the name would be different.
@Anonymous wrote:Thanks for your reply. Yes, I meant adding her as AU.
Now that I think, is there a difference between a " add-on member vs authorized user" where they have the same card as primary card holder but the name would be different.
same thing different name the big difference in a joint account and adding AU is alot of time both report . But say something happens and you cant pay the payments it goes into collections .. an AU can dispute the info on the CR and have it removed and a Joint account both CR's take the hit .
@Anonymous wrote:I ran across this article on myFico.
http://www.myfico.com/crediteducation/questions/Marriage-And-Score.aspx?LPID=FICO343&cm_mmc=yesmail-_-newsletter-_-February2010-_-FAQ2
It says "For example, if you have a credit card in both of your names and it doesn't get paid on time, that can affect both of your FICO scores – and not in a good way."
So if I have a credit card in my name and at a later time give a add on card to my spouse with her name on it, does the balance and history of that card will affect the spouse score as well ?
Thanks
Yes it can help her IF the account is older than any of hers, IF the payment history is long and clean, IF the utilization is very low, and IF it will report to the CRA's. Not all cards will do this. You need to ask the company first. She will inherit the entire history of this account. One caveat however; if this account starts to go south her credit will be affected as well. Keep that in mind.