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The Complete Guide to a Joint Credit Card Application

The Complete Guide to a Joint Credit Card Application

A joint credit card can be a great way to help build up credit by using the strong credit record of one person on the card to bolster the other.  When filling out a joint credit card application, you will need to provide a great deal of personal information.  Bear in mind that if you are filling out the joint credit card application to help someone in need of a credit boost, you are risking a lot.  There could be serious damage to your credit record if the other person on the application fails to hold up their end of the bargain.  You could be left holding the bag and responsible for any charges they have made if they fail to pay.

You should only complete a joint credit card application with someone you know very well and trust completely.  In most cases, a joint credit card application is used by married couples in order to share their finances.  This is one of the few relationships where having a shared financial account makes sense.  Married couples are legally bound to each other and share debts, therefore the filling out of a joint credit card application is not a major issue.

In some cases, a parent may choose to fill out a joint credit card application with a child who is in college in order to help them with school costs as well as to help them to build a credit history.  Because having no credit is almost as bad as having bad credit when it comes to getting a loan or credit card, this is one of the only ways young people just starting out can build the beginnings of a good credit record.  In most cases the situation is temporary and the credit card will be closed when the child graduates or is able to obtain credit without assistance.

A joint credit card application will require that you provide the names, social security numbers and home addresses as well as income information for both parties.  This kind of information is very sensitive and is dangerous to provide to anyone you don’t know.  The choice to fill out a joint credit card application should not be taken lightly and you should always fill out the information carefully and use caution when sending it in the mail.

A joint credit card makes both parties involved responsible for each others purchases.  Be sure that you have discussed ahead of time how the card is to be used and what sort of purchases are acceptable.  Set a spending limit for both of you that is well below the card’s credit limit so that you don’t risk winding up with a large debt that becomes difficult to manage.  Especially if you are filling out a joint credit card application to help someone else improve or build their credit, make certain they understand the risk that you are taking on their behalf.  Good, careful use of a joint credit card can be beneficial for both parties.

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