If someone with a low credit score becomes a joint user on my credit card, will my credit score go down?
I know when you add someone as an authorized or joint user on a good standing credit card, that good history gets reported to their credit report. But can their low score affect your good score in any way? Aside from them not making payments, etc, on the card.
Thanks!
January 17th, 2010 at 2:18 pm
No, their credit history isn’t merged with yours if you open a joint account. Besides nonpayment and maxing out the account, there is nothing else that would directly hurt your score.
January 17th, 2010 at 2:24 pm
It can pull your credit down a little but not that much as long as they don’t do anything bad with that card, and it will help them out drastically.
January 17th, 2010 at 3:08 pm
No.
The only thing that will affect your score is how the account is paid.
January 17th, 2010 at 4:51 pm
*Your* credit score depends on *your*our credibility to pay off loans and bills. Joint accounts/loans cannot influence each other’s credit score. Activity of joint account helps (or damages) all the borrowers equally, regardless of past history or scores.
If you hold a joint credit account, have co-signed a loan or have authorized use of another person’s credit, these items could affect a score if they appear on your credit report. It’s important that joint account holders or authorized users understand that their credit behavior does affect the other joint account holder or main account holder.
A credit account held solely in the name of your spouse, child or any other family member cannot impact your credit score. However, in community property states, all debt acquired during a marriage is considered a joint debt, regardless if the account is joint or in the name of an individual spouse.
Tip: Paying bills on time is generally the single most important contributor to a good credit score
January 17th, 2010 at 10:45 pm
Why would you want to put someone with a poor history of paying their debt on time on your credit card? What if they charge items & don’t pay you for them? You are responsible for the debt.
Whatever your relationship with this person, this is a big consideration because if anything goes wrong… you will be very sorry.
I hope it works out well for you.