Building credit with spouse using credit card(s)
Hi all, my wife and I would like to have a "joint" account so we can both use the same card and build credit together. Currently we mostly use an Amazon Visa, but it has my name on it and she could only be an "authorized user", meaning she's not building credit with it. So she's got her own credit card but rarely uses it because it has no rewards and it's just easier to use one.
And we're finding that truly "joint" credit cards and rare, and generally don't have the best rewards out there. For example, we'd love to get the Citi Double Cash card, but, like most credit cards, they don't offer joint accounts. All of our bank accounts are shared and we file jointly on our taxes.
How do other folks handle this with a spouse or partner? Are there are any good credit cards that offer true joint ownership? Or otherwise, what's the simplest way to ensure we're both spending about the same amount on our separate credit cards so we're getting the same benefits to our credit scores?
We each have our own credit cards. We have the same thing, mine does not have rewards and his does. My card is actually tied to a line of credit which we are using to pay down debt. So, I have it for that. We have a joint mortgage but we both had mortgages on our own before we met (second marriage for both of us). I also like to have a card in my name only in case anything goes wrong. If my spouse were to die or leave, our joint account could create issues because it could be frozen leaving me with nothing. Having a card in my own name is just a precaution in case.
Silver Guitar said:
Or otherwise, what's the simplest way to ensure we're both spending about the same amount on our separate credit cards so we're getting the same benefits to our credit scores?
The actual number of dollars you spend with a card does not impact your credit score, only the utilization does - the percentage of the total credit limit in use on the date the balance is reported to the credit reporting agencies (usually the statement close date).
If you can each qualify for a credit card, get two. Use one for all recurring regular expenses, and one for everything else. Then if one gets compromised you know where all your recurring bills are and hopefully it won't be that one! After so many occurrences of unauthorized use on so many of my cards, we designated one (his name) for recurring bills and another (most are in my name) for all the online and local purchases. Works well!