There are many things in this world where two is always better than one. And when it comes to applying for a joint credit card, this statement holds true as well. There are many advantages of having a joint credit card. One of the greatest advantages is that if the primary card holder has a strong credit score, the secondary card holder benefits a lot.
This benefit is that the secondary account holder is able to build his or her credit rating right off of the excellent credit rating of the primary card holder. The second benefit to the two of you is that having a joint credit card also cuts down on the number of accounts you have and make managing your bills a lot easier.
This is easy to see right? Which one would you rather have: to settle one bill every month or to pay two different bills? Applying for a joint credit card should not be a difficult thing to do but there are some steps you can take to make the process smooth and avoid unnecessary headaches. We have put together these 5 steps or tips to help answer some of your pertinent questions.
1. What are your credit scores?
The two of your should know your credit scores before making enquiries about credit cards. It is not a difficult process at all. You can go to myFICO.com to order your credit scores if you have not done so already. The person with the highest score should be the primary holder. His or her name will appear on the monthly statements.
What if the two of you have the same credit score? Who becomes the primary account holder? Well this is a good problem to have because it means that the two of you can get approved for pretty much any card you need with a substantial amount of credit limit. As to who should the primary holder, you decide amongst yourselves. Don't spend too much time deciding. One of you should just hold his hand up so you can get moving.
2. Decide on which credit card you want to go for.
If the two of you have perfect credit scores, you might want to go for a gold or platinum credit card to begin with. These cards usually have other fringe benefits like hotel discounts or air travel discounts. These are usually not available on your usual card given to those with acceptable credit scores. The credit limits are also much higher so that you would have a lot more purchasing power.
If only one of you have a good credit score, then it may be advisable to just go for the normal, non-platinum, non-gold card. There are many offers you may receive in the mail. You may want to simply fill out one of those. Or you can go to their website to fill out an application form. Filling the online application form has the advantage of giving you an instant response as to whether you are approved or not.
3. if you are using an online application form, simply fill out the form as you normally would on a paper application. The information required is usually the same. Usually your name, address, social security number and employment details. These would be those of the primary account holder.
4. Then there is a part for the secondary card holder to enter their information. Fill in the information regarding the secondary account holder. This mostly will be their full name, date of birth and the social security number, without their employment details being required.
5. Review your information and submit it if you are applying via the Internet. Post your application back to the lender if you did a paper application. Wait for a response from the lender. In an online application, you may receive an instant response.