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Can adding a second card holder to your credit account affect your credit score?

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Answered 2006-12-09 15:57:58

Not if you are responsible for all of the loans or credit card payments on your credit report. But, if the second card holder is responsible for any payments on your cards, and doesn't make them, then it can cause your score to lower.

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Related Questions

Is an additional credit card holder liable for the whole debt on the credit card account?

ia an additional credit card holder liable for the whole debt of the credit card account

Is a secondary credit card holder resposible for debt?

Depends on what "Type" of Credit Holder you are. Here is how that will go: If you are what is known as an authorized user on the account. (i.e. - The Primary account holder has given you permission to make charges on the account), the answer is No. The primary account holder is responsible for any charges he/she has allowed you to make on the account. If you are a Secondary account holder (i.e. -your name was put on the account APPLICATION at the time the card was applied for), then your answer is YES. If the Primary account holder defaults on the account, then the credit card company will turn to try and collect from the Secondary account holder. BEWARE of becoming a secondary holder on anything that has to do with credit. If you know that the Primary holder may default, you could get stuck with a huge amount of debt on your hands, and if you can't pay, your nice credit score of 783 could very quickly go down the drain to 535 or lower.

What information do you need to give to the credit card company to add an authorized user?

Usually all you need is the person's name and their relationship to the account holder. Credit Card issuers have different criteria for adding an authorized person or a second card holder.

Is a joint credit card account holder responsible for the entire debt when the other account holder dies?

Answer credit cardfrom past experience with my mother in law, you are responsible for the credit card balance The surviving joint account holder would be responsible for the entire amount owed.Credit Card DebtUnfortunantly you will be responsible for all of it.

How can one create a Merchant account with PayPal?

To set up a merchant account with PayPal, one must first create a PayPal account. The account holder then needs to choose one of the three available options for a merchant account. An account holder must also have their PayPal account verified by adding a major credit card or a checking account as a form verification.

How do you get any credit card benefits if one of credit card holder has died?

If you are a joint account holder you can still use the card. The creditor should be notified of the death of the other account holder. They may simply remove the person from the account or require you to open a new account in your name. However, if you are the joint holder you are responsible for the entire amount owed on the account.

What does a credit score of 9001 mean?

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Can a representative check the statement of account of a credit card holder?


What does 'name of account holder' mean?

Name of account holder refers to the name of the person who owns the account. This can be for bank accounts, credit accounts, loans or utility services.

Can you be removed as a joint account holder when you have not placed any debt on credit card?

No you must close the account.

What can happen if you don't pay your credit cards in North Carolina?

The creditor can sue the account holder(s) to recover the debt. The defaulted account will be entered on the consumer's credit report and negatively affect the person's credit score. That type of negative entry will remain on the CR for 7 years.

Is a wife who is not a joint account holder responsible for her husband's credit card debt in Illinois?

Illinois is not a community property state, therefore a spouse who is not a joint account holder is not responsible for the credit card debt of the other spouse.

Is a joint applicant's credit affected by a car repossession?

If this relates to a joint account holder or cosigner, then yes the person's credit rating will be affected by a repossession. Yes, whoever's name the car is in will be affected by the car's repossession. Only if the car is somehow tied to the account. Only a bad payment history on that joint account can affect your credit.

How can you have your former husband's name removed from a line of credit that is linked to your personal checking account so he is not responsible for liablilty or credit reference?

A joint account holder cannot be removed from the account, the account will have to be closed.

Can an authorized user on a credit card become the sole account holder?

No, credit card accounts are not transferrable. It might be possible for the person to become a joint account holder, but that would depend upon the card issuer's lending policy.

Does interest accrue on credit card debt after card holder is deceased?

Interest does not accrue on credit card debt after the card holder is deceased. It can occur however, if the spouse is on the account.

If your husband is the primary card holder does that give you credit history in a joint account?

Yes, as long as your listed as a "Co-signer" on the account. Credit is not build if you are just an "Authorized User" if this was a credit card account. Lastly, this all assumes that whatever this joint-account is that it reports to credit.

If someone applies for a credit card and adds a relative as a joint card holder does only the primary card holders past credit come into play?

This all depends on the lender. Many lenders will require that a joint card holder must have a good enough credit score to have qualified for the card on their own, while others will only pay attention to the credit score of the primary card holder and just make sure that any joint holders are free from derogatory information. If you are considering adding someone to your credit card account, or being added to a credit card account, ask them before attempting to do so.

Who is responsible for credit card debt when some dies in PA?

The person(s) named as the account holder. If the account was held jointly then the surviving account holder is responsible for the debt. If the decedent was the sole account holder the debt becomes a part of his or her estate and is handled according to probate laws.

Is a spouse responsible for credit card debts in the other spouse's name?

Only if the married couple reside in a community property state or the spouse is a joint account holder. An "authorized user" is not considered an account holder and is not legally responsible for debt incurred on a credit card account.

If a credit card holder dies who will be responsible for paying debts on cards?

If the cardholder has an estate, the credit card company can pursue that. In practice they don't really do that. If the account is a joint account, the other account holder becomes wholly responsible for the debt. Otherwise the bank eats the money.

What is a credit card number?

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What credit score will a new green card holder have?

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If you are a secondary card holder and the primary card holder declares bankruptcy how does that affect your score and what if you cancel your account before he declares bankruptcy?

If the BK filer is allowed to discharge the debt a joint account holder who is not a party to the bankruptcy becomes solely responsible for the entire amount. Cancelling or closing the account will not change the fact that the person will still owe the debt and it will eliminate the possibility of said person to negotiate terms with the lender if it becomes necessary. If the joint account holder continues to meet the required terms of the account agreement his or her credit score will not be negatively affected.

If you adds your sister as a second cardholder to an account will your credit be negatively affected by your sister's bad credit?

No. Only is she became a joint account holder, then both persons credit would be affected if any default occurred.