Ask Terry Questions Credit joint account removal !

Credit joint account removal !

By Terry Savage on October 26, 2017 | Credit/Debt

Hi Terry good morning !I just recently was added to my wife's credit card, Honestly I don't know why I did it my credit score is really good like 740 I thought it would help my credit by increasing my line of credit But I actually lost 8 points when it was reported now I'm considering just removing myself from the credit card, will that hurt my score even more or should I just stay on my wife's Credit card ? My wife's credit card is a capital one and has a $2000 limit and currently I have a line of credit of $9,700 3 credit card and Bob's furniture credit card that are current. Can you please help me make the best decision That will have the least negative effect on my credit score? If there's any additional information that you need that will help? I can Provide any additional information if necessary . Thanks Terry!

Terry Says

Well, eight points is nothing to worry about!  It really won't make any difference in getting credit in the future -- and being on her card might come in handy.  (The reason it slightly lowered your credit score is that now you have access to using more credit -- a small warning to future credit grantors.)  But if you BOTH concentrate on paying your bills on time, and at least the minimum monthly payment -- and not building up huge rolling balances, you'll be fine.   Paying down the card balances at this point will increase both your scores!

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