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Journeyjeans

Joint Application: Does it make sense?

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Hello!  When I'm done cleaning up my last few baddies, I'm going to app for a "pry-bar" credit card that I will use to grow it into a large limit.

 

My question is...should I app for that card with my Spouse....?

 

Most credit card companies seem to allow both incomes on an application to count for Your individual income...so I don't see the reason to apply WITH my Spouse.

 

Plus, this give us a chance to build our own separate high limits cards if we app separately.

 

Am I thinking this through right?  Is there an advantage to apping for a Joint Account?  The only thing I can think of is sharing the benefit of all monthly spending on one card. 🤷🏽‍♂️

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You can use HHI on a credit card application and then add your spouse as an AU and accomplish the same thing.

 

There are some additional hassles and drawbacks with joint ownership... and no meaningful additional benefits come to mind compared to the AU relationship.

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20 hours ago, Journeyjeans said:

Hello!  When I'm done cleaning up my last few baddies, I'm going to app for a "pry-bar" credit card that I will use to grow it into a large limit.

 

My question is...should I app for that card with my Spouse....?

 

Most credit card companies seem to allow both incomes on an application to count for Your individual income...so I don't see the reason to apply WITH my Spouse.

 

Plus, this give us a chance to build our own separate high limits cards if we app separately.

 

Am I thinking this through right?  Is there an advantage to apping for a Joint Account?  The only thing I can think of is sharing the benefit of all monthly spending on one card. 🤷🏽‍♂️

 

Depending on one's unique situation, there most certainly can be advantages of having a joint account or two.

 

1.  It allows you to fully control an account that your spouse is likely to fvk up.  Yes, you can do that by making your spouse an AU on your account, but being an AU doesn't often give the full credit history benefits to the spouse.  Also, being a joint owner, you (assuming you are the most credit-responsible member of the family) can control the credit limit, payment due date, and deal with any account-related issues yourself instead of getting your spouse to do it.  

 

2.  I have a sister-in-law who is new to the credit world after recently deciding to move back to the US.  She had zero credit history.  I added her as a joint owner to a 15-year-old Chase card (back when Chase allowed joint accounts) and a 20-year-old Bank of America account.  She then easily got her own AmEx and a Discover.  After a year her FICO is 802.  Try that trick with AUs. 

 

It's irresponsible to say it is never a good idea.  It depends on your individual circumstances.  

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