How Does a Joint Credit Card Hurt a Credit Score?

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A joint credit card can be dangerous because one individual may be more irresponsible than the other, and one person can ruin the credit rating of two people. Find out why it's smart for married couples to keep separate credit cards with help from a registered financial consultant in this free video on credit and personal finance.

Part of the Video Series: Credit & Personal Finance
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Video Transcript

This is financial adviser, Patrick Munro talking about how does a joint credit card hurt a credit score? Basically a joint credit card can have a lot of hidden minefields insomuch as if two people have access to a credit card one individual may be more irresponsible with the usage of credit than the other and thereby go out and run the credit card up in total accrued charges and therefore hurt the credit score of the individual that originally issued the card. Many times joint credit cards are used with husbands and wives. It is important though I feel to keep the credit cards separate in separate names so that the credit scores are kept intact and both individual should strive to be as responsible with the management of their credit card as they possibly can and of course it is always nice to have two credit cards to access instead of just one. This is Patrick Munro talking about the potential damage of having a joint credit card.

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