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 are responsible for paying the debt. The account free credit report access California will appear on your credit report, and may appear on the credit report of any authorized 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 be liable for debts incurred during the marriage, and individual debts of one spouse may appear on the credit of free credit report access California others. Advantages / Disadvantages: If free credit report access California you are not employed outside the home, work part time or have a low-wage employment, which can free credit report access California be difficult to demonstrate a sound financial position, with no income of your spouse. how to check your credit But if you open an account in your 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 are considerations of a joint account.
No matter who handles the household bills, you and your spouse are responsible for ensuring that debts are paid. A creditor who reports the free credit report access California credit history of a joint account to credit bureaus free credit report access California must report it in both names (if the account was opened after June 1, 1977). law credit report 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 spouses who run the 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. If the name of your spouse as an authorized user, a creditor who reports the credit history free credit report access California to a credit bureau must report the name of his spouse and his (free credit report access California if the account was opened after June 1, 1977). A creditor may also report the credit history in the name of any other authorized user. three credit report Advantages / Disadvantages: User accounts often are opened for convenience.
They benefit people who do not qualify for credit on your own, free credit report access California such as students or homemakers.
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