EXTRA CARDHOLDER...PROS & CONS PLEASE

roadrash

Hiya,
I have cards with:

Citi bank (Gold)
Co-Op Bank (Gold)
Smile (Gold)
Egg (Green - not Blue yet)
IF.com (STD card)

I have alsways been told to close down the accounts that I am not using, as this looks good when applying for more credit. Especially stores cards, as the APR they charge can be extortion!

I got my partner additional cards for both my Citi bank (Gold) card and my Egg card.
I also had cards with RBS and someone else..which the name escapes me! But anyway..when they were closed but credit score was improved by a few points.

So I would close down the store cards, and if you trust ur partner enough, get him additional cards.
Egg for example are giving an offer right now where if u apply for a second card and your one of the first 8000 to do so, they will give you £20 on your account! Like I got! ;D

I hope this helps,

James

Robert_Sterling_3

Where do you get your ACTUAL credit score from and how much does it cost?

Reaper

Where do you get your ACTUAL credit score from and how much does it cost?  

Ther is no such thing as a universal credit score. Each company looks at your credit history and scores each entry as it sees fit.

The credit reference agencies offer a credit score of their own, supposedly based on the type of scoring lenders typically use. Most usefully for them it allows them to then charge you more than the statutory £2 fee.

The Equifax one can be found here and costs £11.75

Robert_Sterling_3

As I thought then.

Galstonian

2nd cardholder cards make no difference.

1. Your credit rating is inextricably linked if you share any joint agreements - this is not a second card on an account but something like a joint current account or mortgage. You can be unlinked if a notice of disocciation is posted with Equifax, Experian etc.. and this can only be done if you do not share any financial obligations

2. A second cardholder shares no obligation with the account holder - they are merely authorised to spend but have no liability (and this does not "link" you)

Either way 2nd cardholder cards makes no difference to credit scoring.

When is a 2nd card holder card good? When you both put all purchases through the same cashback or reward card. When you get an incentive to add a 2nd cardholder. When one of you cannot get cards.