How to Remove Myself From a Joint Credit Card?

If you have a joint credit card with another person, you might be wondering, how can you remove yourself from a joint credit card? This post provides you with everything you need to know about removing yourself from a joint credit card account.

How to Remove Myself From a Joint Credit Card?

You can remove yourself from a joint credit card only by paying off the balance on the card and closing your joint credit card account. Both credit card account owners must agree to cancel the credit card for you to be removed from a joint credit card. Joint credit cards are different from accounts where you may have been added as an authorized user. Removing yourself as an authorized user from an account is significantly easier and does not require the closure of the credit card as does the removal of yourself from a joint credit card.

So, now that you know that the only way to remove yourself from a joint credit card account requires closing the account, here are the steps involved in closing your credit card account:

  1. Pay Off the Balance On Your Joint Credit Card – The first thing you must do to remove yourself from a joint card account is to pay off the balance on the credit card. Your card issuer will probably not allow you to close the account before it’s paid off and reflects a $0 balance. If your card issuer allows you to close your credit card without payment of the balance, you will be required to continue making payments on the credit card until the balance is paid off. In some situations, this may be impractical, so it’s best to pay off the balance and close the account.

  2. Redeem Any Rewards – If your credit card offers rewards or points, you should try to redeem them before closing down the account. This way you don’t lose the rewards that you’ve accumulated over the years.

  3. Contact Your Credit Card Issuer – The third and final step to close a joint credit card is to contact your card issuer by calling them and asking them to close down your joint card issuer. You should keep in mind that some card issuers will require the other joint account holder to be present in order to consent to the closure of the credit card. Confirm with your card issuer that the account has a $0 balance and then close the account.

  4. Confirmation – Ask your card issuer to confirm the closure of the account via email or by letter. Keep the letter or email as proof that you’ve close out the account in good standing.

Does Removing Yourself From a Joint Credit Card Hurt Your Credit?

Since removing yourself from a joint account essentially involves closing down the credit card account, you should be aware that closing a credit card can often have a negative impact on your credit score.

Closing down a credit card account can have a negative impact on your credit score because it can potentially increase your credit utilization. Credit utilization refers to the amount of the total available credit that you’re using. Your credit utilizations accounts for 30% of your credit score. The higher your credit utilization, the lower your credit utilization will be.

Closing down a credit card can increase your credit utilization because you will lose the available credit associated with the credit card you’re closing. If you keep a balance on your other credit cards, you will definitely increase your credit utilization, which can lower your credit score.

As a rule of thumb, you should aim to keep your credit utilization below 10% and never exceed 30% credit utilization. If you exceed 30% credit utilization, your credit score will suffer a significant drop. So, this is something that you should definitely keep in mind before closing your joint credit card account.

Second, closing down a joint credit card can lower your credit score because it may reduce your credit mix. Your credit mix accounts for 10% of your credit score. The more diverse your accounts, the higher your credit score will be.

So, if this is your only credit card, closing it may cause a significant drop in your credit score because you’re reducing your mix of credit. Keep this in mind when deciding whether to close your joint credit card.

Third, closing down a joint credit card can hurt your credit score because doing so will reduce the average account age on your credit report. Your account age accounts for 15% of your credit score, and the older your accounts, the better your credit score will be.

So, if this is an account that you’ve had for a long period of time and it has a good account history, you should avoid closing it as closing it may lower your credit score.

These three factors should help you decide whether closing down your account is the right step to take.

What Are Some Common Reasons For Wanting to Remove Yourself From a Joint Credit Card?

Here are some common situations as to why you may want to remove yourself from a joint credit card account:

  1. You and primary account no longer have a joint financial relationship
  2. You do not want the account to appears on your credit report and affect your credit score
  3. You no longer want to take on responsibility for new debt on the account

These are some of the common reasons for removing yourself from a joint credit card. Just remember that the only way to remove yourself is to cancel the joint credit card.

Joint Credit Card vs Authorized User On a Credit Card

People often confuse these two things, but there is a difference between being a joint account holder and being an authorized user on an account. As a joint credit card holder, you are responsible for any debts incurred on the card. However, as an authorized user, you’re permitted to use the account, but you’re not liable for the debt incurred on the account.

Removing yourself as an authorized user from a credit card is simple; simply contact the card issuer and inform them that you no longer want to be an authorized user and you will be removed from the account while the account remains open for the primary account holder.

However, if you’re a join credit card holder, you are completely responsible for the debt on the credit card because you agreed to be responsible when you and the primary account holder applied for the account. Removing yourself as joint account holder isn’t as simple as removing yourself as an authorized user.

To remove yourself as a joint account holder, you will be require to pay off any debt on the account, and contact your card issuer to close the account. Once the account is closed you’re done, you’re no longer a joint account holder.

That said, closing down a joint account does not mean that the account will instantly be removed from your credit report.

A credit card that’s closed in good standing will remain on your credit report for 10 years from the date that you closed the account. After the 10 year period, the account will be removed from your credit report.

However, if there were missed payments on the account, the account and any associated negative marks will remain on your credit report for 7 years from the date you first missed a payment on the account. After the 7 year period, the account will automatically be removed from your credit report.

Frequently Asked Questions (FAQs)

1. Will removing myself as a joint account holder hurt my credit?

Removing yourself as a joint account holder entails closing down your credit card. Closing your credit card can lower your credit score because it may result in an increase in credit utilization, reduction of credit mix, and lowering your overall account age.

2. How do I remove myself from a joint credit card account?

You can remove yourself from a joint credit card account by paying off the balance on the account and closing the credit card.

3. What happens if my joint account holder doesn’t pay the credit card?

If your joint account holder does not pay his or her credit card, you are 100% liable for making the payments. If both of you do not make the minimum monthly payment, the account will be reported as late on your credit report, significantly lowering both of your credit scores.