Different types of credit accounts Understanding different types of credit accounts (especially the ones that are opened during a marriage) can help you sneak a peep into the possible pros and cons. There are two types of credit accounts:
•Individual •Joint The following table will help you understand the difference between them.
Individual Credit accounts Joint credit accounts Factors considered while applying Credit history, income and assets of the individual person are taken into consideration by the creditors. While opening a joint account the financial information, including the assets, credit history and income of both the account holders are taken into consideration by the creditors. When is such account advisable? If the concerned person can open an account in his/her own name and presents a strong case to a creditor for loan or credit card. If the concerned individual does not present a strong case to a creditor then an application that combines the financial resources of two people may present a stronger case. Are Authorized users permitted? Yes Yes Are authorized users responsible to pay off the debts? Only the individual person concerned is liable to pay off the debts. The authorized users can not be held responsible for any outstanding balances. Users of a joint account are legally responsible for any outstanding balances. In case of marriage both spouses are responsible. The authorized users can not be held responsible for any outstanding balances. Responsibility with marriage/ divorce Whether married or single, the individual is responsible for paying off the debt on this account. In case of joint accounts both the partners even if they are divorced are responsible for paying off the debts.
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Consumer Credit Counseling Information, Debt Management Plan Information, Debt Settlement Plan information, Credit Counseling, Credit Score, Consumer Credit Counseling Service, CCCS, Bill Consolidation, Credit Repair, and Debt Consolidation is not advice, and we recommend you consult a licensed credit counseling agency, debt settlement attorney, and/or licensed debt management plan administrator in your state if you want professional assurance that our information, and your interpretation of it, is appropriate to your particular situation.
