Joint Card Applications

[jclark1183]

Question:  How do credit card approvals work on joint applications?  Obviously, they will pull a report for each individual on the application, but would the issuer (i.e. Chase) base the approval off of the person with the highest score & income?  

What if one individual has a FICO of 775 and a spotless report while the other has a 675 with a late payment and say 40% utilization. . . . could the issuer deny the application because of the individual with the lower score even though the other would obviously qualify if apped alone?

Thanks in advance, just wondering how this works (and FYI I do understand joint liability for the card, etc - my question is specifically on the approval process)

[Anonymous]

Then you have to put people with higher score to be main application. If they have no baddie ,not too much inquiries , you guy will get approval 80% . But I'll tell ya that is still depend on underwriting.

[Creditaddict]

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@jclark1183 wrote:

Question:  How do credit card approvals work on joint applications?  Obviously, they will pull a report for each individual on the application, but would the issuer (i.e. Chase) base the approval off of the person with the highest score & income?  

What if one individual has a FICO of 775 and a spotless report while the other has a 675 with a late payment and say 40% utilization. . . . could the issuer deny the application because of the individual with the lower score even though the other would obviously qualify if apped alone?

Thanks in advance, just wondering how this works (and FYI I do understand joint liability for the card, etc - my question is specifically on the approval process)

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Well lets talk about what bank this is?  Few banks offer Joint Applications on Credit Cards when initially applying, However once the account is open, many will add but later will not take off a joint application.

[distantarray]

if your doing it to help someone remember it can REALLY bite you in the ass.

Also if you really want to help someone build their credit  apply for Macy's card they run their systems differently.

In Macy's go there in person with both of you, put your name on top of the application, and the joint applicant on the bottom. If the top applicant (you) have a credit score above 720 the secondary application's credit file won't even be pulled or considered. Also if you have a 720+ score you'll get approved for a Macy's store account and Macy's Amex (two accounts on one card - store purchases goes on Macy's store, and everywhere else goes to Amex) so two tradelines for the price of one =p and they won't even get a credit pull.

[Creditaddict]

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@distantarray wrote:

if your doing it to help someone remember it can REALLY bite you in the ass.

Also if you really want to help someone build their credit  apply for Macy's card they run their systems differently.

In Macy's go there in person with both of you, put your name on top of the application, and the joint applicant on the bottom. If the top applicant (you) have a credit score above 720 the secondary application's credit file won't even be pulled or considered. Also if you have a 720+ score you'll get approved for a Macy's store account and Macy's Amex (two accounts on one card - store purchases goes on Macy's store, and everywhere else goes to Amex) so two tradelines for the price of one =p and they won't even get a credit pull.

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This is TRUE!!

Future CLI, NO HP for Secondary, really no HP for Macy's at all for CLI but since sometimes we see it happen and other reps don't even know the difference but either way, the joint credit will never be used but with other lenders and the be careful with joint and biting you in the ass... joint can call in and request CLI, they can go and open a furniture line, a jewelry line, they can do anything with out you there or you on the phone and it will never pull their credit and it will consider the purchases and requests only off of yours... should be no HP but they get updates SP for all of it.

[distantarray]

even with mortgages I don't recommend joint applicants unless you have to have a house that requires both incomes. Personally I think even married couples should only get a house they can afford under 1 income just incase. So if the husband got a mortgage (you can list as many people on the title as you want) but didn't use the wife, imagine if shiet hits the fan few years later, you lost the house. if your wife has good credit she can apply for another house at a great rate! If everyone did this the housing and rental market wouldn't be as crazy as it is now.

[jclark1183]

I am learning that there are not many cards out there that allow joint applications.  The common scenario appears to be that whomever applies can add a joint owner after initial approval.

The reason for the question is more from a gross income perspective in order to maximize the initial credit line for utilization % purposes.  My next question, then, is whether an individual should claim all household income on an application (including spouse, for example).  The answere appears to be "It depends on what state you live in."  

[distantarray]

card act changed where your supposed to only list your individual income but they're probably changing it soon cause house moms complained they can't get credit, incase of a divorce they would have no credit to do anything.

[jclark1183]

The most interesting thing I learned on this topic was that the credit bureaus claim they can estimate your personal annual income simply by the information in your credit report to within a few thousand dollars; which I guess is probably true when you think about it...

[distantarray]

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@jclark1183 wrote:

The most interesting thing I learned on this topic was that the credit bureaus claim they can estimate your personal annual income simply by the information in your credit report to within a few thousand dollars; which I guess is probably true when you think about it...

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LOL good luck on that one with Navy Federal accounts reporting