Joint accounts or separate- which is best?

[Anonymous]

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).

[Scupra]

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.

[IncrsCreditScore1]

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.

[Anonymous]

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?

[Scupra]

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@Anonymous 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?

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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.

[IncrsCreditScore1]

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