ia an additional credit card holder liable for the whole debt of the credit card account
Depends on what "Type" of Credit Holder you are. Here is how that will go: If you are what is known as an authorized user on the account. (i.e. - The Primary account holder has given you permission to make charges on the account), the answer is No. The primary account holder is responsible for any charges he/she has allowed you to make on the account. If you are a Secondary account holder (i.e. -your name was put on the account APPLICATION at the time the card was applied for), then your answer is YES. If the Primary account holder defaults on the account, then the credit card company will turn to try and collect from the Secondary account holder. BEWARE of becoming a secondary holder on anything that has to do with credit. If you know that the Primary holder may default, you could get stuck with a huge amount of debt on your hands, and if you can't pay, your nice credit score of 783 could very quickly go down the drain to 535 or lower.
Usually all you need is the person's name and their relationship to the account holder. Credit Card issuers have different criteria for adding an authorized person or a second card holder.
Answer credit cardfrom past experience with my mother in law, you are responsible for the credit card balance The surviving joint account holder would be responsible for the entire amount owed.Credit Card DebtUnfortunantly you will be responsible for all of it.
To set up a merchant account with PayPal, one must first create a PayPal account. The account holder then needs to choose one of the three available options for a merchant account. An account holder must also have their PayPal account verified by adding a major credit card or a checking account as a form verification.
If you are a joint account holder you can still use the card. The creditor should be notified of the death of the other account holder. They may simply remove the person from the account or require you to open a new account in your name. However, if you are the joint holder you are responsible for the entire amount owed on the account.
Account holder deceased
Name of account holder refers to the name of the person who owns the account. This can be for bank accounts, credit accounts, loans or utility services.
No you must close the account.
The creditor can sue the account holder(s) to recover the debt. The defaulted account will be entered on the consumer's credit report and negatively affect the person's credit score. That type of negative entry will remain on the CR for 7 years.
Illinois is not a community property state, therefore a spouse who is not a joint account holder is not responsible for the credit card debt of the other spouse.
If this relates to a joint account holder or cosigner, then yes the person's credit rating will be affected by a repossession. Yes, whoever's name the car is in will be affected by the car's repossession. Only if the car is somehow tied to the account. Only a bad payment history on that joint account can affect your credit.
A joint account holder cannot be removed from the account, the account will have to be closed.
No, credit card accounts are not transferrable. It might be possible for the person to become a joint account holder, but that would depend upon the card issuer's lending policy.
Interest does not accrue on credit card debt after the card holder is deceased. It can occur however, if the spouse is on the account.
Yes, as long as your listed as a "Co-signer" on the account. Credit is not build if you are just an "Authorized User" if this was a credit card account. Lastly, this all assumes that whatever this joint-account is that it reports to credit.
This all depends on the lender. Many lenders will require that a joint card holder must have a good enough credit score to have qualified for the card on their own, while others will only pay attention to the credit score of the primary card holder and just make sure that any joint holders are free from derogatory information. If you are considering adding someone to your credit card account, or being added to a credit card account, ask them before attempting to do so.
The person(s) named as the account holder. If the account was held jointly then the surviving account holder is responsible for the debt. If the decedent was the sole account holder the debt becomes a part of his or her estate and is handled according to probate laws.
Only if the married couple reside in a community property state or the spouse is a joint account holder. An "authorized user" is not considered an account holder and is not legally responsible for debt incurred on a credit card account.
If the cardholder has an estate, the credit card company can pursue that. In practice they don't really do that. If the account is a joint account, the other account holder becomes wholly responsible for the debt. Otherwise the bank eats the money.
A credit card number is a unique representation of a network (credit card network), a bank (issuing bank) and an account number (specific to account holder) combined to represent a unique representation for an individual with credit.
A new green card holder will be in the same situation as any other consumer that has not yet established credit accounts that are reported to the three main credit bureaus. Until you have a traditional credit account that is reported to credit bureaus, you will have no credit history. You will be known as an unscorable, since there is insufficient data to be able to adequately predict your risk of nonpayment on a credit account.
If the BK filer is allowed to discharge the debt a joint account holder who is not a party to the bankruptcy becomes solely responsible for the entire amount. Cancelling or closing the account will not change the fact that the person will still owe the debt and it will eliminate the possibility of said person to negotiate terms with the lender if it becomes necessary. If the joint account holder continues to meet the required terms of the account agreement his or her credit score will not be negatively affected.
No. Only is she became a joint account holder, then both persons credit would be affected if any default occurred.