- Convenient for sharing finances with a spouse or loved one (including kids if you’d like to help your children build credit as their parents).- Easier for tracking expense and payment history while also keeping better control over your credit utilization ratio—positives for building good credit scores.
- Can’t remove a joint account holder from the account for any reason. Can quickly lose track of the balance due, thinking the other party will handle the payment—resulting in a late payment (or missed) and causing a potentially lower credit score for both parties.
Can a Joint Credit Card Account Help Build Credit?
A joint credit card account can provide both joint account holders with positive (or negative) credit score implications. All activity on the joint credit card account will affect both account holders.