how do I apply for a joint credit card?

[Anonymous]

specifically joint, not just an authorized user.

my boyfriend and I are moving into a new apartment soon, and we decided that it would be a good idea to get a joint credit card together to a) help build up his credit (he's 33 and has never had a CC before, so all that's really on his credit report are his student loans), and b) to pay for joint household expenses... we've agreed that the card will strictly be used for groceries, utilities, and home-goods (furniture, new towels, etc). we want to go the joint route so that we can each pay half of the card off each month, rather than one of us paying all the utilities and the other having to give them their half each month.

I'm thinking of going with the Discover It card now that Chase and Amex no longer do joint accounts, but when I look at the online application, I only see a line to add an authorized user, not joint account holder... do I need to apply for the card first myself and then get my BF added onto it?

[Creditaddict]

only a very few places still allow you to apply initially with joint app... Most including discover one of you would have to apply and get approved (use who has been credit!) and then once the account is open you can call in and request the form to be sent out to add a joint account holder, they send a form and you both fill it out and sign it and mail it back and they say they will pull credit and see if they qualify but they don't... they just add the person and takes about 2 weeks total from asking for form to sending back and it will be joint account.

Macy's and Bloomingdales will also do this.

USBank still does also I believe

Carecredit and some furniture stores do also.

[Anonymous]

thanks!

that makes sense... when we were applying for our new lease, my credit score was 815 and I think his was in the upper-500's, so it looks like I'll be applying for the card myself and calling Discover shortly.

[Anonymous]

If you want an AMEX, you can go with PENFED as well.

Penfed is stringent but with your 815 score, you should be good to go.

[pipeguy]

Best advice would be to NOT do it - I know everything is great right now, but looking down the road - you'll be stuck on this until paid which I'll call "he said she says we all walk away".   

See this tread: http://ficoforums.myfico.com/t5/Relationships-and-Money/ex-gf-owes-me-money-How-do-I-get-it-back/m-p...

It'd much better for both control and building his credit to apply and make him an AU.

Just my 2 cents....

[Anonymous]

I definitely understand the risks, but I'm comfortable with them... even if things do go south in our relationship, my boyfriend's not the kind of guy who'd run out and spend $10k on a credit card just to spite me (although, depending on the CC limit Discover approves me for, I *can* see myself calling them and asking if they could lower it to like $5k or something)

we've been together for 3 years and marriage is on the horizon, so joining finances is something we'll be doing at some point regardless.

[Callandra]

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@pipeguy wrote:

Best advice would be to NOT do it - I know everything is great right now, but looking down the road - you'll be stuck on this unti paid which I'll call "he said she says we all walk away".   

See this tread: http://ficoforums.myfico.com/t5/Relationships-and-Money/ex-gf-owes-me-money-How-do-I-get-it-back/m-p...

It'd much better for both control and building his credit to apply and make him an AU.

Just my 2 cents....

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Wouldn't adding him as an AU do more damage (in theory)? As an AU, he has no liability to pay versus if it's a joint account, he will be liable as well. Of course if he's an AU, it is easy to call the bank and remove him right away. 

I do agree it's probably best to keep things separate but whatever works for each couple. 

[pipeguy]

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@Anonymous wrote:

I definitely understand the risks, but I'm comfortable with them... even if things do go south in our relationship, my boyfriend's not the kind of guy who'd run out and spend $10k on a credit card just to spite me (although, depending on the CC limit Discover approves me for, I *can* see myself calling them and asking if they could lower it to like $5k or something)

we've been together for 3 years and marriage is on the horizon, so joining finances is something we'll be doing at some point regardless.

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I was not suggesting anything, but if together "in agreement" you carry a balance, say furniture, vacation, whatever (Credit Cards do make it easy and this forum is full of best intended stories) and something happens you have the most to lose since your credit is established. As an AU, you can control the card and "cancel the AU" if need be, as joint owners no one wins but the issuer - it's a co-signed account. 

When we refi'd our house many years ago, MY business was a bit over extended at that time, house was refi'd in my wife's name only (the loan not the deed). The "crash" of 2007-2009 hurt a lot, my credit was able to recover faster - mainly because mine crashed first - so today, my credit is strong and her's is 12 or so months away from being completely rebuilt (my CR is still carrying a couple of minor dings from co-joined accounts).

 My point is as a happy couple there is an adantage to having two shots at the apple where just one of you needs great credit to "finance life". Joint ownership of credit cards only protect the issuer, not the two of you. For real property such as cars or real estate, good idea, for credit cards and personal loans, not so much.