Credit Tips: Joint Credit Card Account Tips

Posted On: January 1, 2006

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Posted: Mon Sep 13, 2004 5:56 am
Post subject: Joint Credit Card Account Tips

joint-at-the-hip
Date: 3/20/2001 5:37 pm CDT

Hi, my wife and I have a set of Mastercards issued
by Wells Fargo. It’s a joint account, and we wanted
to take her name off of it. (The account is in good
standing and does not carry a balance.)
However, when I called them I was informed this was
impossible; the only way this could be done was
canceling the card, and sending in a new application
(which I think is more trouble than it’s worth).

My question is, is this ‘normal procedure’? Ie do
all (or most) credit card companies follow this
‘rule’? Would it be worth sending them a request
in writing?

Thanks for any insight you can offer.

archive
Posted: Mon Sep 13, 2004 5:58 am
Post subject: Joint Credit Card Account Tips

Brandon
Date: 3/20/2001 7:02 pm CDT

If an account is a joint account then each card holder agreed when the account was opened that they would share equal responsibility for the debt. This process with Wells Fargo is correct and is practiced faithfully by credit issuers. Some people get confused with joint account holders vs. Authorized users and there is a difference. An authorized user can be removed but a joint card holder cannot.

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Posted: Mon Sep 13, 2004 5:59 am
Post subject: Joint Credit Card Account Tips

joint-at-the-hip
Date: 3/21/2001 10:05 am CDT

Thanks, Brandon. I definitely see your point! I just
didn’t get why this couldn’t be changed, if we sent
them a letter requesting this - as long as we both
signed it. Guess I’m just stupid .
Thanks though - at least now I won’t waste my time
trying .

archive
Posted: Mon Sep 13, 2004 6:01 am
Post subject: Joint Credit Card Account Tips

Linda
Date: 3/20/2001 8:59 pm CDT

I think that this is a standard procedure…. I had that happen before and that’s exactly what the card company told me. It’s actually in your best interest as far as the credit bureaus…..this way they are closing the line of credit so that in 7 yrs it will fall off the report. Otherwise it may linger on your wifes report if you keep the same account number. It depends on how bad you want it to be an individually account. It wasn’t a real hassle to me because I didn’t want this person to have access to the card anymore…. you don’t need the actual card now a days, just a number will do!(ie:mail orders by phone or mail?) Hope that my reply helps you to decide! Linda

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Posted: Mon Sep 13, 2004 6:03 am
Post subject: Joint Credit Card Account Tips

joint-at-the-hip
Date: 3/21/2001 10:18 am CDT

>this way they are closing the line of credit so that in 7 >yrs it will fall off the report. Otherwise it may linger on >your wifes report if you keep the same account number.

Hmm, but that’s more an issue of proper reporting. If they
can add someone to an account, making it a joint account
(I’ve had this happen), they have no problems reporting
that correctly!

>It depends on how bad you want it to be an individually >account.

Not THAT bad . We no longer have a need for that joint
account, and I want an extra card to keep business
expenses separate - taking my wife’s name off the account
seemed like the easiest solution! Of course, if I have to
close it, and reapply, I might as well apply for a better
card.

Credit Tips: Joint Credit Card Account Tips

Posted On:

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Posted: Mon Aug 30, 2004 10:11 pm
Post subject: Joint Credit Card Account Tips
Jody
Date: 4/12/2001 11:00 am CDT

I would like your advice on whether or not credit card companies will allow
me to apply for a card with my name assuming the primary responsibility, but
allowing my younger sister to have a card on this account also. I would like
for her to have the experience of handling this card on her own, with the
billing going to her residence. If there is any problem in regard to
payments, of course I will be responsible.

Do you know if something like this can be arranged?

archive
Posted: Mon Aug 30, 2004 10:11 pm
Post subject: Joint Credit Card Account Tips

Eugene
Date: 4/12/2001 10:38 pm CDT

You can put her as “authorised user” on one of your cards, either existing or the new ones. Later you can change the billing address to hers BUT you will NOT receive the bills yet you will still be responsible for the account. If she screws up, you won’t even know it because the communication is sent only to one address by credit card companies.

I would recommend not changing the billing address to hers. Just give her a copy of the bill every month and make sure she pays it. She can pay to you, and you pay to the CCC - it’s a more secure way.

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Posted: Mon Aug 30, 2004 10:12 pm
Post subject: Joint Credit Card Account Tips

Brandon
Date: 4/13/2001 10:02 am CDT

I would just avoid the situation all together. Being responsible for somebody else’s debts generally isn’t a good thing. I would just have her sign up for a card with an annual fee with a higher interest rate to start building her own credit.

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Posted: Mon Aug 30, 2004 10:12 pm
Post subject: Joint Credit Card Account Tips

Harry
Date: 4/14/2001 0:23 am CDT

Of course if the account has online access, he can check there to make sure she is keeping up her end.

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Posted: Mon Aug 30, 2004 10:13 pm
Post subject: Joint Credit Card Account Tips

Carl
Date: 4/18/2001 4:25 pm CDT

Jody, There are credit card companies that allow you to set up an account where YOU are the primary party, and any additional persons added are simply “authorized users.” Be aware that there are other companies that do not have such a set-up. Accounts with such companies are considered “joint” accounts and both persons are held equally responsible for the billing. (as applicable by State or local law.)

One particular card issuer considers accounts owned by only ONE person, and additional persons are simply “authorized users” who, in most cases, have limited account information accessability.

The drawbacks? Authorized users normally have access to your entire line-of-credit or card availability.