But there's a potential downside. Having a joint account means that if your husband goes wild with his credit card and spends to the credit limit, you're both liable for the debt. If he can't make the payments, you'll have to pay the bills. Likewise, if you max out the card or make late payments. it will affect his credit score.
There's also the sticky issue of what happens if you split up. Hey, I'm not trying to start any trouble here! But you need to know that in the event of a divorce, you'll remain liable for any spending sprees you husband goes on with your joint card.
If your relationship is solid and you're sure that you'll both be responsible with the card, getting a joint credit card to help your husband might work. Another option is to suggest your husband get a secured card so he can get used to having credit. There are also unsecured credit cards available for those with limited or no credit history.
It's nice you want to help your husband build a credit history. Just be sure you know what you're getting into.
- I'm a 22-year-old female who makes about $1,000 a month. I have a credit union credit card with credit line of $500. I recently applied for a Lowe's credit card and was denied. I'm always on time with my credit card payments. What would be the reason?
- I am an 18-year-old with no credit history. I have read Curtis Arnold's book and am successfully paying my community college tuition on my own. Which card is best suited for me when I only plan on using my future card for gas purchases?
- How long does it take to establish credit when you have no credit?