We are trying to get ready to buy a house in approximately 6 months.
Her credit score is moderately low (575 or so last time we checked), mine is upper 600’s.
We currently have a joint credit card, but I also have another credit card, and two ‘in-store’ credit cards (Best Buy and Guitar Center).
My credit card has a limit of ,000 and a balance of ~0. I have had it for over 3 years and never made a late payment.
My BB card has a limit of 00, and a balance of ~00. I have had it for 4-5 years with no late payments.
My GC card has a limit of 00, and a balance of ~0. I have had it for 3-4 years with no late payments.
Should I add her to any of my cards? If so, which ones? Will the positives of payment history outweigh the negatives of them accessing her credit during the application process?
By the way – I haven’t used any of these cards in nearly two years, but all are still open, and I make more than the min payments.
Also, I understand the risks of, but am not afraid of her running up the balances if she were given access. Her credit is bad from an unpaid phone bill and an overdrafted bank account (both were five years ago, and we have paid them in full).
Add her as an "authorized user".
You cannot add her as a joint person (and thats when they’d actually check her history– the thing you seem to be worrieid about) becuase most accounts won’t allow you to add a joint user after its already open.
However adding her as an authorized user can be good too– most cards/accoutns will still report all your good history plus all future payments to her credit history (though I’ve heard this may be changed in the future by the bureaus).
FYI, though, using more than 35% of your balance is dinging you. Get your balances down and your own score will increase substantially.
In the interest of having a successful marriage, you should sit down with your wife and explain to her that you are considering adding her. If you are afraid of the idea that her credit rating will make yours come down, have you considered that adding her to yours may make her credit rating raise? If I were (still) married to who I was, and not added as an authorized person to the spouse, I would feel that the spouse didn’t trust me enough!
you can add her as a joint user – I did this for my son trying to get his credit up – added him to mine – and I got his credit up alot – because it looked like he had a credit card in good standing for 7 years.
but, in your circumstances – I don’t know if it would pay off – I would just let it be.
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