HELP - Additional Card Holders & Credit rating

RhySmithy

Hi,


My partner and I are trying to rebuild his credit rating. He has a credit card now and we are planning to use it for food shopping only, paying it off each month.


We realise that if we have a joint account, his credit rating will affect mine and I have a good history.


However, they have asked him if he would like to add an additional holder. If I become an additional holder it would prove useful because I could then pick up the shopping if needs be - we wouldn't have to worry about making sure who ever is doing the shopping has the card.


But I'm worried this could affect my credit rating. I've read that joint credit accounts link your finances but I've read somewhere else that additional card holders are a different thing and aren't linked in the same way.


can someone clear this up for us?

InsideInsurance

A credit card cannot be held in joint names, it is a single name account with an additional cardholder. Only the account holder is liable for the debt and as such there is no financial link created so no impacting each others credit history (and the card wont appear on the additional cardholders history)

RhySmithy

thank you for taking the time to reply


that's great news and will help us greatly

SuperHan

Be aware though, that some banks will create an internal profile for additional cardholders (Santander to name one), which may then link the applicants for further applications with them.

I don't know how they use the information, but creating an additional cardholder with Santander ultimately creates a banking relationship with the additional cardholder.

Halifax, however, route all correspondence through the main cardholder and the additional cardholder is nothing more than that.

owlet

It shouldn't create a financial link with the CRAs but have a look at this thread, which was posted recently in the credit files & ratings board. ..


https://forums.moneysavingexpert.com/discussion/5260510