Second card holder - poor credit

Morganarla

Hi all 👍🏻

My husband wants to add me as a second card holder on a credit card, however I have poor credit, with defaults and CCJ’s. We hold no joint accounts of any kind due to this.

My questions are:

- is being a second card holder the same as being a joint account holder and therefore creating an official financial association? I’ve read that it doesn’t but on the application it asks for all details of second card holder including address so wondering if Thai is for a credit check?

- I’ve read that being a second card holder can improve your own credit if the main account is held in good standing? Is this true?

Thanks in advance 🍻

[Deleted User]

No.

Only the account holder has the account reported to their files.

However it's been reported that the odd lender has created a financial association.

MovingForwards

I wouldn't do it.

I wouldn't tie anyone to my poor but getting better history.

Can you apply for a sub prime card in your own name and start to build up a better credit history by showing you are now able to manage yourself financially whilst clearing the old stuff or waiting for it to fall away in time?

Ben8282

Q1. No it is not a joint account. You are simply being authorised to spend on your husband's account. There should be no credit search although there may be some sort of identity search. It is a bit like being an authorised signatory on a bank account. Imagine you worked in accounts and were allowed to sign company cheques but it is not your account or your money.


Q2. No. Nothing will be reported on your credit files.

Deleted_User wrote: »

However it's been reported that the odd lender has created a financial association.

They shouldn't but it is reported to have happened. If I remember rightly M&S are known for this?

JohnMl88

I’m a second cardholder and halifax doesn’t report anything, it’s not a joint account.

Morganarla

MovingForwards wrote: »

I wouldn't do it.

I wouldn't tie anyone to my poor but getting better history.

Can you apply for a sub prime card in your own name and start to build up a better credit history by showing you are now able to manage yourself financially whilst clearing the old stuff or waiting for it to fall away in time?

I'm not eligible for even the worst of the sub prime cards. Clearing is slowly happening, I'm sure I'll be accepted again in time

Ben8282 wrote: »

Q1. No it is not a joint account. You are simply being authorised to spend on your husband's account. There should be no credit search although there may be some sort of identity search. It is a bit like being an authorised signatory on a bank account. Imagine you worked in accounts and were allowed to sign company cheques but it is not your account or your money.


Q2. No. Nothing will be reported on your credit files.



They shouldn't but it is reported to have happened. If I remember rightly M&S are known for this?

Thanks for this explanation that's what we'd hoped, that it is essentially like being an authorized signatory. I suppose it's worth asking the lender specifically before adding me, just to make sure they won't credit search/financially link me?