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Coffeeandrhyme

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Does a joint account imrpove credit better than a solo account?
My husband is working toward improving his credit. While he has a low credit score, mine is pretty high. We were wondering which type of credit card account would benefit HIS credit more. A joint credit account with me or one that is only in his name?

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Hey Coffeeandrhyme! This is a great question and one which mirrors my own experience. My fiance's credit score had been low (580) and mine has been excellent (750+). We did two things, both of which tremendously helped his score over the past 6-8 months.
1- I added him as an authorized user on one of my credit cards. As long as I made on-time monthly payments in full and didn't utilize more than 20% of the card limit, my score remained high and his increased. This credit card showed up on HIS credit report, but the fact that he is an authorized user doesn't show up on my credit report. 2- Once his credit score improved to ~610, he opened a Capital One card that caters to those with fair credit. This card only had a limit of $500, but with 3 on-time payments in full, they increased his limit to $1,500. His credit score is now 668. I would not suggest opening up a joint credit card if you already have a card your husband can piggy back off (i.e. be an authorized user). Opening a joint card means that both of you would have a hard credit inquiry on your report. It's not the end of the world, but it could hurt your husband's credit score further.  Once his score improves enough, it's also important he opens something on his own. Hope this helps!

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Only in his name would be the best way for him to go. Tell him to read everything that he can about credit because that is the first step in improving.

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