James
I am planning to get added to my husband's current account as joint account holder. How will that affect his credit rating or mine? He is additional cardholder for all credit cards, will that affect his credit rating? Please explain. Many Thanks.
Sowjanya, London
Sowjanya,
Being an additional cardholder on someone else’s credit card does not actually constitute a financial link because the liability for any spending still lies with the main account holder. However, adding your name to your husband’s current account will create a financial link between you and, assuming this is your first joint credit facility, this is likely to link up your credit reports. This will mean that when either of you applies for credit in the future, the lender will be able to look at both of your credit reports before making their decision. In practice this means that his chances of getting credit in the future will either be better or worse, depending on the state of your credit history – and vice versa.
James