Should I Add My Spouse to My Credit Card Accounts?
Adding your spouse as an authorized user to your credit card won't hurt your credit score, but it could help your spouse's.
![Happy senior couple](https://dev.mos.cms.futurecdn.net/brCte2wXoVhjwL2DX8sr3-415-80.jpg)
Q: I have a credit score of more than 800. My new wife has a much lower score. I'd like to add her as a co-borrower on some of my credit cards. Would that negatively affect my credit?
Don't worry. Your credit score reflects only your credit history, so your score will not include your wife's accounts. But her score will go up when she becomes a joint owner because her credit report will include your accounts' history.
Row 0 - Cell 0 | Find Best Credit Card Rates & More ... |
Row 1 - Cell 0 | In Search of the Perfect Credit Score |
Row 2 - Cell 0 | Marriage and Your Credit Score |
To convert your individual accounts to joint accounts, you will have to fill out an application for each account you want to modify. The card issuer will scrutinize your wife's credit report (and perhaps yours), and you may be offered a higher interest rate or a lower credit limit depending on your combined histories.
![https://cdn.mos.cms.futurecdn.net/hwgJ7osrMtUWhk5koeVme7-200-80.png](https://cdn.mos.cms.futurecdn.net/hwgJ7osrMtUWhk5koeVme7-320-80.png)
Sign up for Kiplinger’s Free E-Newsletters
Profit and prosper with the best of expert advice on investing, taxes, retirement, personal finance and more - straight to your e-mail.
Profit and prosper with the best of expert advice - straight to your e-mail.
Previously, adding a spouse or a child as an authorized user to your account was a quick way to raise that person's credit score. Such "piggybacking" on someone else's credit will not be possible when a new version of the FICO score is implemented next year. (Read: No More Borrowing Credit History)
Fair Isaac, the company that created the FICO score, does not recognize authorized users in its new FICO formula. It's still possible to add an authorized user before the three major credit bureaus -- Equifax, Experian and TransUnion -- adopt the new formula. Craig Watts, a spokesman for Fair Isaac, says scores calculated using the formula will not be available from all three until the summer and not all lenders will adopt them immediately.
Watts predicts that the long-term impact of the new scoring system will be a slight rise in credit scores.
Return to Credit & Money Management
Get Kiplinger Today newsletter — free
Profit and prosper with the best of Kiplinger's advice on investing, taxes, retirement, personal finance and much more. Delivered daily. Enter your email in the box and click Sign Me Up.
-
Visa Is the Worst Dow Stock Wednesday. Here's Why
Visa stock is down sharply Wednesday after the credit card company came up short of revenue expectations for its fiscal Q3.
By Joey Solitro Published
-
Another Analyst Moves to the Sidelines on Tesla Stock After Earnings
Tesla stock is spiraling Wednesday after the EV maker's big earnings miss and Wall Street has been quick to weigh in. Here's what you need to know.
By Joey Solitro Published
-
403(b) Contribution Limits for 2024
retirement plans Teachers and nonprofit workers can contribute more to a 403(b) retirement plan in 2024 than they could in 2023.
By Jackie Stewart Published
-
Roth IRA Contribution Limits for 2024
Roth IRAs Roth IRA contribution limits have gone up for 2024. Here's what you need to know.
By Jackie Stewart Last updated
-
Four Tips for Renting Out Your Home on Airbnb
real estate Here's what you should know before listing your home on Airbnb.
By Miriam Cross Published
-
Five Ways to a Cheap Last-Minute Vacation
Travel It is possible to pull off a cheap last-minute vacation. Here are some tips to make it happen.
By Vaishali Varu Last updated
-
How to Figure Out How Much Life Insurance You Need
insurance Instead of relying on rules of thumb, you’re better off taking a systematic approach to figuring your life insurance needs.
By Kimberly Lankford Last updated
-
TransUnion Fined $23M For Tenant Screening, Credit Freezes
Government charges TransUnion over illegal rental background checks and security freezes on consumer credit reports.
By Joey Solitro Published
-
When Is Amazon Prime Day?
Amazon Prime Amazon Prime Day 2024 runs Tuesday July 16 and Wednesday July 17, marking the 10th Prime Day event.
By Bob Niedt Last updated
-
How to Shop for Life Insurance in 3 Easy Steps
insurance Shopping for life insurance? You may be able to estimate how much you need online, but that's just the start of your search.
By Kaitlin Pitsker Published