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is it easier to obtain credit jointly?

Frequent Contributor

is it easier to obtain credit jointly?

my wife and I credit scores are about the same about 680 -690 all 3 bureaus

however I have a ton of inquiries in the past year but all my util is below 9%.

her inquries are very low but her util is above 60%.

with our app combined would we be better to go joint on a card? hopefully our bads could cancel each other out maybe?

Equifax - 658, Experian -628, Transunion- 704 In the garden until 01/01/2016
6 REPLIES
Senior Contributor

Re: is it easier to obtain credit jointly?

Don't get a joint card with your wife.
Established Contributor

Re: is it easier to obtain credit jointly?

DO NOT GET A JOINT CARD WITH YOUR WIFE!!!!!!!!!!!
FICO scores on November 17, 2014 (prior to applying for and being approved my mortgage)

EX=738
EQ=735
TU=754

FICO scores on March 4, 2015 after being approved for mortgage and buying the home, the mortgage isn't yet reporting.
EX- 689 EQ- 739 TU- 739
Frequent Contributor

Re: is it easier to obtain credit jointly?

In case you missed the other two posts,

 

DO NOT GET JOINT CREDIT WITH ANYONE - EVEN A SPOUSE

 

Beware.

FICOs as of 09/2009 - TU 813, EQ 811, last known EX 797
FICOs as of 08/2009 - TU 791, EQ 809, last known EX 797
FICOs as of 07/2009 - TU 806, EQ 809, last known EX 797
Moderator Emerita

Re: is it easier to obtain credit jointly?

lol, in case you missed it, don't go joint.

It won't make it any easier to get the card. It might even make it more difficult, simply by adding that many more baddies into the mix.

The only credit held jointly by two people, no matter how death-do-you-part you might be, is a mortgage.

Wow, Scout just beat me. Time to hit "post"!
* 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
Frequent Contributor

Re: is it easier to obtain credit jointly?

Yep, HTSU is correct.  The only joint credit you should ever get is a mortgage.  And should the marriage end, then you must refi ASAP. 

 

 

FICOs as of 09/2009 - TU 813, EQ 811, last known EX 797
FICOs as of 08/2009 - TU 791, EQ 809, last known EX 797
FICOs as of 07/2009 - TU 806, EQ 809, last known EX 797
Highlighted
Moderator Emerita

Re: is it easier to obtain credit jointly?

And I should add that it's not just a question of possible divorce.

There is also the risk of one party one day needing to declare bankruptcy, often because of unbearably high medical bills that aren't covered by insurance for one reason or another. The home (= jointly held mortgage) would be protected, and if all other forms of credit are held separately, the non-BK partner's credit would remain intact. They could continue to function with that partner's credit, and when it came time for the BK party to rebuild, s/he could go AU on the other's cards, thus recovering much more quickly.

But besides the general concerns, I think that OP's scenario of both parties having baddies might well make chances for approval even worse, by doubling the negatives in a sense.
* 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