Why You Should Have A Credit Card In Your Own Name
If you have ever been asked by your wife, husband, child or friend to have someone else as an authorised signatory to you, i.e. a supplemental signatory, on your credit card account you no doubt gave this some serious thought. If you agreed to the request, the following are some reason why you should have a credit card in your own name and they have a credit card in their own name.
Credit History
Possibly the main reason why you should have a credit card in your own name is the effect it has on your credit history.
In short, you have had to manage your financial affairs very astutely in order to gain a sufficient credit worthiness to apply for, and be approved, a credit card. Conversely, any supplemental signatory to you on your credit card doesnt have to do anything as the card is relying on your credit history to determine the risk of the third person. This may sound a little harsh, but if you think about it you are the one who is responsible for repaying the card, so why shouldnt they rely on your ability to repay rather than some third person who has no obligation to repay them if...
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