Jack,
Is it better for my wife and I to get combined accounts or should we rather maintain separate credit card accounts with a secured card from Orchard Bank? Which will help build our credit faster?
R-
Hello R-
I hope everything is going well for you. I recommend opening two separate accounts. Once the accounts gain 8-12 months of seasoning, you can add each other to the accounts as an authorized user and further supplement your credit. At that point you will have two accounts that, although still new, will contribute in a positive way towards your credit score.
If you were to open two new accounts individually, you will see a greater initial decrease in credit scores because each new account will actually hurt your score. The scores will be reduced until the account attains a credit rating 6 months down the line. If you add two new accounts at once, the scores will decrease even more.
If you open an account, the scores will drop a bit for a while, then will increase when the accounts get rated. At that point, you can share your accounts with each other and thus, share your credit score increase.
Warm Regards,
Jack B. Olson
Jack B. Olson
Account Executive
P - (866) 979-1099 ext. 205
