Should I remove wife from credit card account given her missed payments?

MagicMoneyTree81

Hi and thanks in advance!

Shortly applying for a mortgage – any time from the next few weeks to months depending on when we find a house. We’ve a mortgage in principle and are actively hunting.

I took out a credit card in March and, for the first time ever, put my wife’s name on the card account.

We both have extremely good credit ratings. However, whereas I have NEVER missed a payment for a bill I think my wife has made payments late once or twice, roughly 12-24 months ago.

We may apply for the mortgage jointly or just in my name – depending on a few variables.

Is it wise for me to cut this financial link by removing her from the credit card account? Does it really matter? Perhaps it’s too late to delink us in credit score terms even if it does matter?
Regards,

ariarnia

If I remember our application correctly, the bank required all adults that were going to be living in the house to be named on the mortgage (therefore credit checked) so they're going to see your wife's history anyway.

Until you apply, assuming you're paying the card off in full, being on the card might even help your wife start to improve her record

Could have changed (it's been about 10 years) but it was because one of us could gain a beneficial interest in the property without liability for any of the debt of we weren't both on the mortgage.

AnotherJoe

[STRIKE]How can your wife make payments late ? If it's your credit card account and she is an extra card holder it's your responsibility to pay it off.[/STRIKE]

Oops.

Dasa

AnotherJoe wrote: »

How can your wife make payments late ? If it's your credit card account and she is an extra card holder it's your responsibility to pay it off.

She hasn't done that. He only added her a few months ago her missed payments were well before that. He's talking about cutting the link with her by removing her from his card so that the missed payments don't reflect badly on him if they might.

robin58

Well he is responsible for the card repayment as he is the main card holder.

Removing her now maybe more of a red flag to a lender than leaving it as it is considering the missed payments were well over a year ago.

enthusiasticsaver

I presume the missing payments were on a different card in the wife's name. You will be linked on the mortgage and if she is living in the property and the property is in joint names she will need to be named on the mortgage.

I would not remove her nam3 from the joint card as that might help improve her credit history.

elsien

Does your wife have an opinion on this?

AnotherJoe

Dasa wrote: »

She hasn't done that. He only added her a few months ago her missed payments were well before that. He's talking about cutting the link with her by removing her from his card so that the missed payments don't reflect badly on him if they might.

Ok my bad read it too quickly.

Carrot007

1. You will be linked by the mortgage unless she is no going to be on it. (May be hard if you are married and she is going to be living there).


2. There is no such thing as a joint credit card account. She is just an additional card holder. This does not create a link. She has no responsibility to the account.

amnblog

You are already financially linked so it is unlikely to make any material difference.

Besides which, your wife has a problem paying the card, not using it. As long as you pay, no harm done.

MagicMoneyTree81

Thanks to everyone who took the time to reply! I've been told by a broker that I can borrow a lot more if we do the mortgage in my name only (she is not working, looking after the kids). Seems bizarre to me. She'l be living there and obviously dependent on me - so what difference should it make to my ability to pay the mortgage? Very odd.