Jump to content

Joint account


greggv9
 Share

Recommended Posts

My question is if you have a joint cc account with a wife husband or x etc...and you were added to the account (not primary card holder) which is reporting on your credit reports also. Can this be removed even if its in good standing with cb's. I have alot of accounts and dont need them, just nervous if theres a seperation in relationship and they no longer pay on time.

Link to comment
Share on other sites

Take it from someone who has been there...remove yourself from those accounts! I don't know the in's and out's of it all (hopefully someone who has more knowledge can help you out) but my dh had to call some of the cards he had with an ex (he was autho user) and had his name removed. The charges that were before the removal, he was still responsible for, but not the ones made after he called. However, he was told that if the ex paid late, it is possible that it would hurt him as well...and this prompted him to pay the balance in full and then he was released from all liability. Get it in writing..save everything.

We are dealing with a similiar situation that he failed to remove himself in time, and boy did it come back and bite us. Good luck!

Link to comment
Share on other sites

My question is if you have a joint cc account with a wife husband or x etc...and you were added to the account (not primary card holder) which is reporting on your credit reports also.

It sounds like you might be an auth user and not a jt signer. You should call and ask to know for sure.

If you're only an auth user, you have less to worry about because you aren't legally responsible for the debt. (although there are cases where auth users have mistakenly been taken to court for debts which they are not liable see: Johnson v. MBNA). If you're only an auth user, you can call and ask to have yourself removed, or you can write a letter. If you write a letter to have yourself removed, cut the card in half and send it with the letter. Depending upon whether this is a prime company or someone like First Premier, you may want to send the letter CMRRR.

If you are, in fact, a joint signer, then you can call to request a "remove jt signer" letter. This form requires the signature of both parties, the one being removed and the remaining signer. It also requires the approval of the issuer. Generally, the remaining signer is then evaluated on his/her creditworthiness and ability to repay the outstanding debt. This is because the remaining signer is going to become responsible for 100% of the remaining balance, regardless of which signer actually made the charges.

Most of these letters contain a checkbox that must be selected in the event the request to remove the jt signer is denied.

Option 1: The account remains open to new charges and both signers remain jointly and severally liable. (essentially, nothing changes)

Option 2: The account is closed under the old terms of the agreement. No new charges can be made and both signers remain jointly and severally liable for the outstanding debt.

In any event, it's a fairly simple process if you act early before any harm is done. Sitting back, predicting ruin and ultimately doing nothing is the only way this comes back to bite you.

Link to comment
Share on other sites

Guest
This topic is now closed to further replies.
 Share

×
×
  • Create New...

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.. For more information, please see our Privacy Policy and Terms of Use.