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Joint accounts or separate- which is best?

Joint accounts or separate- which is best?

I am trying to formulate my DH and my post-BK7 rebuilding plan and am not sure about this one thing. Does it make a difference to our scores if say we take out only 1 joint credit builder loan, as opposed to taking out separate individual loans? Also, would we each need separate individual CCs or could I just be an authorized user on his? We can do it either way, but it would be a lot less headache and money up front if we didn't have to do individual accounts. But really,whatever is best for our scores is probably what we will do. Neither one of us PQ for Credit1 so it looks like a secured card is going to be our best bet immediately (deciding between cap1 secured and NFCU secured).

BK7DC 8/8/16- TU: 480 EQ: 482 EX: 501 8/25/17 TU: 655 EQ: 662 EX: 675
5 REPLIES 5
Scupra
Super Contributor

Re: Joint accounts or separate- which is best?

Always build your own profiles. AU accounts are like a band-aid, temporary fix.. I think being co-applicants on the loan would be fine though.

 

Just because you don't PQ for cards does not mean you will be declined. I would try the Cap1 unsecured first, PQ or not.. If it comes down to NEEDING a secured card NFCU would be the way to go. At least it has the opportunity of graduating.

Filed BK7: 7/2012 (start score EQ 560 / TU 529) Discharge 10/2012
759 EQ FICO 03/2021
754 TU FICO 03/2021
743 EX FICO 03/2021
$29k NFCU Platinum | $30k NFCU cashRewards Sig | $15k NavChek | $7.1k Cap1 Quicksilver | $10k Amazon Store | $19k Cap1 VentureOne | $16k Barclay Aviator | $5k Chase Freedom | $5k Chase Sapphire Preferred | $9k Costco Visa | $20k AMEX BCE | AMEX Gold
Message 2 of 6
IncrsCreditScore1
Valued Contributor

Re: Joint accounts or separate- which is best?

IMO, it is always best for each individual to have his/her own credit accounts.  To me, this is very important for present and for future.  Plus, no AUs on the other's accounts.

January 2018 Scores - EQ 797 | TU 800 | EX 798 | ~~Started Gardening Again on March 21, 2017
Message 3 of 6

Re: Joint accounts or separate- which is best?

Thanks for the replies! I/we will apply for the CreditOne and go from there on the CC route. I like the idea of a joint loan better for ease, but I do agree that building our reports seperately is probably the better way to go. In doing such, the amount of the each loan would be reduced by half. Is that going to make a huge difference? ex: $500 each loan instead of $1000 for 1 loan. Does the amount and the length of the loan play a huge role in scoring, or is it more the payment history on the life of the loan?

BK7DC 8/8/16- TU: 480 EQ: 482 EX: 501 8/25/17 TU: 655 EQ: 662 EX: 675
Message 4 of 6
Scupra
Super Contributor

Re: Joint accounts or separate- which is best?


@swearjarsavings wrote:

Thanks for the replies! I/we will apply for the CreditOne and go from there on the CC route. I like the idea of a joint loan better for ease, but I do agree that building our reports seperately is probably the better way to go. In doing such, the amount of the each loan would be reduced by half. Is that going to make a huge difference? ex: $500 each loan instead of $1000 for 1 loan. Does the amount and the length of the loan play a huge role in scoring, or is it more the payment history on the life of the loan?


Please try Capital One first.. Much better lender when compared to Credit One.

 

One loan is fine for both of you as long as you apply as Applicant and Co-Applicant.

Filed BK7: 7/2012 (start score EQ 560 / TU 529) Discharge 10/2012
759 EQ FICO 03/2021
754 TU FICO 03/2021
743 EX FICO 03/2021
$29k NFCU Platinum | $30k NFCU cashRewards Sig | $15k NavChek | $7.1k Cap1 Quicksilver | $10k Amazon Store | $19k Cap1 VentureOne | $16k Barclay Aviator | $5k Chase Freedom | $5k Chase Sapphire Preferred | $9k Costco Visa | $20k AMEX BCE | AMEX Gold
Message 5 of 6
IncrsCreditScore1
Valued Contributor

Re: Joint accounts or separate- which is best?

swearjarsavings, be glad you do not prequalify.  NFCU is so much better.

January 2018 Scores - EQ 797 | TU 800 | EX 798 | ~~Started Gardening Again on March 21, 2017
Message 6 of 6
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