Taking Name off Credit Card

archive
Posted: Mon Sep 13, 2004 5:56 am
Post subject: Taking Name off Credit Card
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.

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archive
Posted: Mon Sep 13, 2004 5:58 am
Post subject: Taking Name off Credit Card

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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archive
Posted: Mon Sep 13, 2004 5:59 am
Post subject: Taking Name off Credit Card

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 .

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archive
Posted: Mon Sep 13, 2004 6:01 am
Post subject: Taking Name off Credit Card

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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archive
Posted: Mon Sep 13, 2004 6:03 am
Post subject: Taking Name off Credit Card

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!

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