Brainy Loans

Including spouse income on the credit application OK?

The short answer is yes, in most cases, it is acceptable to include your spouse’s income on your credit card application, as long as there is proof that you are married. Most lenders will require your spouse to allow you to use their income as a consideration on the application.

Each credit card institution will have different requirements, but most will ask your spouse to sign the application or provide additional proof of income, adding a few steps to your application process.

The best way to determine your answer would be to check with the credit card provider you are applying to, which will help you get an accurate answer to the question “Is it acceptable to include my spouse’s income in my credit card application?”

How do I use my spouse's income on my credit card application?

The first step will be to find out if the card issuer you applying for allows anyone to use their spouse’s income as their own.

Every card provider has their own policies which will dictate what they allow. Some card companies may not allow their users to use their spouse’s income, while others might have options for you. 

Step two will be to gather all the necessary documents the card company will need to approve your request to use your spouse’s income as your own. They may request things such as their paystub, tax returns, and r personal information.

Be sure to offer accurate information to the credit report and double-check with your spouse because lying on your credit report can be considered fraud and might have serious consequences.

Step three will be to ensure your spouse allows you to use their income on the credit application. Before making a decision be sure to consult it with your partner and see if they feel comfortable allowing you to do this.

Also in some cases, credit card companies will want to obtain written consent that will most likely need to be signed and notarized. 

Step Four will be to click submit once you fill out your credit company application. Before submitting, ensure all the information is correct and you have all the documents the credit card company will need to make their decisions.

This will speed up the process to get an answer back and improve the chances of you getting approved and waiting for their response. Be sure to follow up to ensure they have everything they need and if they need anything else from you. 

Things to consider when having your spouse's income on a credit application

Before using your spouse on your credit application, be sure to consider if it’s necessary for you to get approved for the card. This will save you the headache of getting all the necessary documents to present to the credit card company.

In most cases, you are able to include your spouse if you have a joint account or have reasonable access to their income. Using your current income combined with your spouse’s income can increase the chances of approval and get you funded for higher limits.

You’re not required to be married, but you have to have proof that you share finances or have access to them when needed. Most lenders will require you to be over 21 years old to qualify for a program like this.

Why it's better to have your own credit

Most individuals work together on their finances and it might seem like extra work to build your own credit history.

But there are many benefits to consider when applying for your credit history that might seem like extra work now but can be super beneficial in the future. Here is why it’s better to have your own credit.

Buildings your credit history: Credit is a big portion of all our lives and is required almost every time we make a large purchase.

Building your own credit can get your credit history established which will help you get approved for an the future. This will help you and your spouse to get approved for better rates when applying for a loan in a joint application. 

Freedom: Having your own credit will give you the freedom of spending your credit money as you wish without having anyone watch over your shoulder.

This is extremely beneficial if you’re looking to make surprise purchases for the holidays. Ever wanted to purchase your partner a nice ring or maybe take them on a trip? This will help you maintain the secrecy of the surprise.

Help with emergencies: Many of us don’t like to talk about it, but emergencies happen to individuals around the world. Having your own financial account can be beneficial in case there is a death in your family.

If the assets are in your spouse’s name, they might be frozen for a period of time, which can leave most people in a bit of a predicament.

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