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Wongster
Posts: 4
Registered: ‎11-11-2009
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Can I increase my wife's credit score if I add her to my credit card accounts ?

My wife has been in this country for only five years and the only credit she ever had was a credit card she got 4 1/2 years ago.   My credit score is just above 800 and I am thinking about adding her to my credit card accounts to make them joint accounts.  Is this going to help her improve her credit history and thus a higher credit score ? 

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MarineVietVet
Posts: 14,084
Registered: ‎07-14-2009
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Re: Can I increase my wife's credit score if I add her to my credit card accounts ?


Wongster wrote:

My wife has been in this country for only five years and the only credit she ever had was a credit card she got 4 1/2 years ago.   My credit score is just above 800 and I am thinking about adding her to my credit card accounts to make them joint accounts.  Is this going to help her improve her credit history and thus a higher credit score ? 


Welcome to the forums.

 

Adding your wife to your accounts as an Authorized User (not a joint account) 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.

 

One reason to have her as an AU instead of a joint user is that you (or her) will have the option to remove her as an AU at anytime in the future.

 

Good luck to both of you.

 

 

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