There are two types of credit accounts: individual and joint. You can allow authorized persons to use the account with either. When you apply for credit, whether credit or a mortgage, you are prompted to select one type.
Individual Account: Your income, assets, credit history and are considered by the creditor. If you are married or single, you alone credit report free score Philadelphia are responsible for paying the debt.
The account will appear on your credit report, and may appear on the credit report of any authorized credit report free score Philadelphia user. However, if you live in a state of community property (Arizona, California, Idaho, Louisiana, Nevada, New Mexico, Texas, Washington or Wisconsin, etc.), you and your spouse may credit report free score Philadelphia be liable for debts incurred during the marriage, and individual debts of one spouse may appear credit report free score Philadelphia on the credit of others. how to get a credit report Advantages / Disadvantages: credit report free score Philadelphia If you are not employed outside the home, credit report free score Philadelphia work part time or have a low-wage employment, which can be difficult to demonstrate a sound financial position, with no income of your spouse.
But if you open an account in your credit report free score Philadelphia name and are responsible, no onecan harm your credit history.
Joint Account: the history and your income, credit and financial assets of their spouse s credit report free score Philadelphia are considerations of a credit report free score Philadelphia joint account. free credit report monitoring No matter who handles the household bills, you and your spouse are responsible for ensuring that debts are credit report free score Philadelphia paid. A creditor who reports the credit history of a joint account to credit bureaus must report it in both names (if the account was opened after June 1, 1977). Advantages / Disadvantages: Unapplication combining the financial resources of two people may present a strong case to a creditor who is granting a loan or credit card. However, because two people applied together for the credit, each is responsible for the debt. This is true even if a divorce decree assigns separate debt obligations to each spouse.
Former credit report free score Philadelphia spouses who run the credit report free score Philadelphia bills and not pay them can hurt their ex-partner's credit histories in the joint accounts.
If you open an individual account, you can authorize another person to use it. free online credit reports
If the name of your spouse as an authorized user, a creditor who reports the credit history to credit report free score Philadelphia a credit bureau must credit report free score Philadelphia report the name of his spouse and his (if the account was credit report free score Philadelphia opened after June 1, 1977). A creditor may also report the credit credit report free score Philadelphia history in the name of any other authorized user.
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