Re: New tradelines tend to push down a credit score. If you w...
04-17-2007 07:23 AM
My wife and I did the same thing. My wife's score was pretty high (in the 700's) and mine was pretty low (low 500's). She had a Visa, Discover and Store charge card that she opened when we got married. I was added as a joint user on the account later in hopes of improving my credit score. The cards are reported the same on my Fico score as they are on hers and they have really helped me. I went from the low 500's to almost 700 now. We have always paid on time and have had periodic credit limit increases from the card issuers. My score continues to increase as time goes on and we continue to use the cards and pay on time. It does take some time, so don't expect a quick turnaround, but if you sign your wife up as a joint user now, it should help. Also, even if her score doesn't increase that much, it will look good on her credit report that she has established credit with a positive history. Lenders sometimes look at more than just the score.