Cons to joint credit card?

[slycat]

If a person got a cc and got another one joint for their SO, son, daughter..etc...any cons to that?
Will the person also build credit or only the main card holder? So if a pop has real good cred...while the son/wife
has none, he can get one under him for them. It would let them have a good cc plus help build their cred.
good strategy?

 

[Yossarian]

is it even possible to get a joint account parent/sibling? the only way I've seen it is when the kid is an 'authorized user', only the main account holder's credit is affected that way.

 

[alkemyst]

you can get a joint card with a family member depending on what the issuing bank allows.

If joint both must sign and qualify so it may make it harder if the other person has terrible credit. With a joint you become sort of linked as well...if that person ever files bankrupcy or the like the joint account is included even if all bills are paid fine.

It can be problematic, yes.

However there is a lot of advantages as well...whomever you do it with trust is the highest importance.

Å

 

[DevilsAdvocate]

Originally posted by: Yossarian
is it even possible to get a joint account parent/sibling? the only way I've seen it is when the kid is an 'authorized user', only the main account holder's credit is affected that way.

Yes - all joint means is that there is more than one person's credit at stake.

Joint CCs are problematic in divorce situations...

 

[KarenMarie]

We gave my daughter a Visa with a $10,000. limit when she was 15yrs old. It has her name on it and she is fully authorized to do whatever we can. I also gave her a JCrew, V Secret, Wal-Mart and a few orther cards, too.

when she hit 18yrs. old she tried to get a card in her name and was denied, cause she did not have a checking account. She had a savings account but no checking account. Having the cards for all those years did not make a difference. So, we opened her a checking account with $1,000. and now she has good credit, and can get just about any card she wants.

 

[slycat]

Originally posted by: Yossarian
is it even possible to get a joint account parent/sibling? the only way I've seen it is when the kid is an 'authorized user', only the main account holder's credit is affected that way.

hmm..i remember on cc's like my citibank...it came with a form or u can do it online, get a second card and they
make it seem REAL easy to do so.

 

[Ornery]

We had our son put on our Sears charge, so that it would be easier to get his discount. He just turned 18, and was able to get his own Sears CC. That puts him one step closer to a Visa or MC. Most of his friends can't get a card, even the ones who work with him at Sears. I'd say, adding him to our account worked out very well for him.

 

[patrick409]

Originally posted by: Yossarian
is it even possible to get a joint account parent/sibling? the only way I've seen it is when the kid is an 'authorized user', only the main account holder's credit is affected that way.

not true. I am an authorized user on my dad's credit card. It's included in my credit report, which is bad, because my dad keeps forgetting to pay. Gotta close this CC soon..

 

[slycat]

Originally posted by: patrick409

Originally posted by: Yossarian
is it even possible to get a joint account parent/sibling? the only way I've seen it is when the kid is an 'authorized user', only the main account holder's credit is affected that way.

not true. I am an authorized user on my dad's credit card. It's included in my credit report, which is bad, because my dad keeps forgetting to pay. Gotta close this CC soon..

LOL!

 

[AgaBoogaBoo]

My dad just got me a credit card (I'm 16) because he found out that if we hold a shared account right now and then later when I can legally have a credit rating he transfers the account over to my name, my score is reflected by all the purchases made when it was a joint card.

 

[patrick409]

Originally posted by: slycat

Originally posted by: patrick409

Originally posted by: Yossarian
is it even possible to get a joint account parent/sibling? the only way I've seen it is when the kid is an 'authorized user', only the main account holder's credit is affected that way.

not true. I am an authorized user on my dad's credit card. It's included in my credit report, which is bad, because my dad keeps forgetting to pay. Gotta close this CC soon..

LOL!

laugh here

 

[AlienCraft]

Originally posted by: patrick409

Originally posted by: Yossarian
is it even possible to get a joint account parent/sibling? the only way I've seen it is when the kid is an 'authorized user', only the main account holder's credit is affected that way.

not true. I am an authorized user on my dad's credit card. It's included in my credit report, which is bad, because my dad keeps forgetting to pay. Gotta close this CC soon..

This is the most overlooked, although very common, disadvantages to a joint Credit Card.