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What happen when you undo a bank joint account?

Champion54
Established Member

What happen when you undo a bank joint account?

What happen when you undo a bank joint account? I don't have much credit, but I am building it. We have a joint account. I wonder what would happen if we undo it? Especialy on my credit report?

Message 1 of 7
6 REPLIES 6
AllZero
Super Contributor

Re: What happen when you undo a bank joint account?

I'm guessing it will not have an effect on your credit report?

Message 2 of 7
Birdman7
Super Contributor

Re: What happen when you undo a bank joint account?

@Champion54 There is no undoing a joint account, all you can do is close it.

 

regardless bank accounts aren't on your credit report.

-Our Community’s updated scoring wisdom: Link to Scoring Primer.
-For Negative Reason Codes see: CassieCard’s Score Factors thread.
-ccquest’s workbook to calculate metrics for you: Link to Workbook.

Correct Ag.Util. under 5% all times. (Oldest/avg varies. Estimates above.)
Real world mortgage maxes are: EQ5-818, TU4-839, EX2-844.

RIP:

(Everything said is JMHO and is not endorsed by FICO or MF. I have no affiliation with either, just a grateful member.)
Message 3 of 7
joltdude
Community Leader
Senior Contributor

Re: What happen when you undo a bank joint account?

Actually some CU's will allow you to break a joint credit card... but it usually means an HP....similar to taking someone off a cellphone account.... and requiring a high enough score to basically re-apply in your name only..... 

 

-J

 

Message 4 of 7
Birdman7
Super Contributor

Re: What happen when you undo a bank joint account?

@joltdude Yeah they close it and open a new one in your name, right? Or does it keep the history?

 

But OP asked about a bank account.  At a credit union it might be possible to remove a secondary from a checking account, but I doubt that at a bank. And I doubt you can remove a joint from a credit card from a bank either, I've tried unsuccessfully. 

-Our Community’s updated scoring wisdom: Link to Scoring Primer.
-For Negative Reason Codes see: CassieCard’s Score Factors thread.
-ccquest’s workbook to calculate metrics for you: Link to Workbook.

Correct Ag.Util. under 5% all times. (Oldest/avg varies. Estimates above.)
Real world mortgage maxes are: EQ5-818, TU4-839, EX2-844.

RIP:

(Everything said is JMHO and is not endorsed by FICO or MF. I have no affiliation with either, just a grateful member.)
Message 5 of 7
Champion54
Established Member

Re: What happen when you undo a bank joint account?

Thanks for your answers. The account before was a single person account that we transformed into a joint. I wonder what would happen to the FICO score.

Message 6 of 7
FlaDude
Established Contributor

Re: What happen when you undo a bank joint account?


@Champion54 wrote:

Thanks for your answers. The account before was a single person account that we transformed into a joint. I wonder what would happen to the FICO score.


As already mentioned above, bank accounts are not a direct factor in FICO scores. If you get an HP related to a bank account, that would have a (probably small) negative effect for up to 1 year.

Scores: Spt 20: EX FICO8 831, TU FICO8 828, EQ FICO8 823
AoOA: closed: 36 years, open: 25 years; AAoA: 11.8 years
Amex Gold, Amex Green, Amex Blue, Amex ED, Amex Delta Gold, Amex Hilton Surpass, BoA Platinum Plus, Chase Slate, Chase Amazon, Chase CSP, Citi AA Plat, Sync Lowes, Sync JC Penney - total CL 145k
Loans: Prosper (20k/3yrs 7.14%), Lending Club (10k/3yrs 5.89%), Chase car loan (35k/6yrs 0.9%)
Message 7 of 7
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