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Should you get a joint car loan if one spouse has better credit?

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Answered 2014-10-07 00:53:50

It depends on how bad the credit of the other spouse is. If their credit isn't at least decent, getting a joint loan will be based upon the FICO scores of both parties. You won't get to choose the higher score in order to get a good rate. So, it would be best to get separate financing until the spouse with the poor score improves their credit.

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Joint credit life insurance is money paid to you or your spouse if either of your are ever arrested on drug charges.

If you filled out any applications for credit and said you were married -or- if you have any joint credit with your spouse, it will be on your credit report.

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.

No. Although the spouse can be affected by the outstanding debt when applying for joint credit or if a joint bank account is levied by a judgment creditor.

If it is a joint credit card - Yes Otherwise - NO. It would amount to fraud and you can be jailed.

It depends on the type of account - and the bank. If you're simply wanting the spouse to be able to spend money that's in the account - they can be added as an additional card holder. Alternatively - if you want the spouse to have equal control of the account (changing credit limits for example) - then it's better to have the account in joint names.

Alabama is not a community property state, the surviving spouse is not responsible for creditor debt unless he or she was a joint account holder.

No, but if arrears exist, joint assets and credit may be affected.

Would i have to pay for my spouse's credit bills in the state of Michigan if he died

AnswerIf the surviving spouse was not a joint borrower on the vehicle loan the repossession affect/appear on their credit report.

No. it is not mandatory to have a joint account with your spouse. If you feel, you no longer wish to have your spouse in your joint account, you can let them know and then contact the bank to remove their name from the accounts joint holders list.

If the couple apply for any type of joint financing such as a home morgage it could create difficulties. Other than joint financial transactions the credit of the spouse who was not a party in the BK will not be affected

No. Credit reports show individual and joint debts, but not as husband and wife. For example, a married couple hold a joint mortgage it will be on both of their credit reports, individual accounts including medical bills will only appear on the CR of the spouse who incurred the debt.

As far as your credit goes, only if you apply for credit jointly with your spouse. In that case the lender will take that co-payment into account for your debt ratios. If you apply on your own there should be no effect. However, it is possible that should the primary on the debt your spouse co-signed for default on the loan, the debtor can harm your financial situation by coming after your spouse. Very rarely is one spouse sued or persued financially without having it affect the whole household in collateral ways. If you have joint bank accounts subject to judgments or your spouse dies and they come after the estate, there is the possibility of this significantly affecting you.

My mom has a w2 for spouse how is in prision how can she file tn taxes she has always filed joint

It will only affect the non-filing spouse if the couple apply for some type of joint credit, such as a home mortgage. It will not affect the new spouse's credit report/score.

Contact the credit beau's by phone or postal mail. Ask for the individual's name to be removed from current co- applicant / spouse section of your report if applicable. Your ex spouse's name will still remain on joint accounts until they are no longer being reported by the creditors. If you look at your report locate the date credit will continue to show on your report and that is how long your co-applicant will remain on your credit. Ex: John Doe, creditor, joint account. With Experian it may say the name of the other person who holds the joint account. Ask which creditor's may still be reporting it as such and contacted them. Check your credit regularly and look to see that spouse is not later added back on my mistake.

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 a spouse wants clues to check them out financially checking credit cards to see if the cheating spouse is staying in motels or hotels; check phone records; bank statements or how much money the cheating spouse is taking out of the bank from a joint account.

Yes if the account if joint regardless if the actual card did not have their name on it.

Working in the collections industry I am jaded. I would say never sign for credit on a vehicle unless it's for your own car. If you get divorced you will be on that loan and also held responsible for the funds. If they can't find your spouse then your wages will be garnished. I have never financed with anyone including my husband. (except on our house which is a different story.)

To answer your question: No, the credit of one spouse will not effect the credit of the other in any way. The only time the credit of one spouse will effect that of the other is when both open a joint loan, or joint credit account, in which case those specific accounts will be reported to both of your credit histories. That's it! :o) Hope this answers your question. the last answer is correct. I would just like to add that as a stay at home mother with a husband with bad credit, I am severly affected. His bad credit is 6-10 years old, my credit is immaculate. We can not get a car or a house on credit, we have to pay cash for everything. we can not use my "perfect" credit because I do not work. We can not get approved jointly, and he can not get approved alone because of his horrible credit(even though he makes more than 100,000 a year). If you marry into bad credit it does not affect your score, but it may affect your life.

Not unless she or he were a joint account holder. However, the estate may be responsible for paying the debt before the funds can be distributed. Check with a local lawyer.

In some instances, yes they can. Is the spouse listed on the debt? An example would be a joint loan or credit card. If so, that makes the spouse legally liable for the debt. If not, then no, the wages cannot be garnished because the spouse is not legally liable for the debt.

No, not directly. Indirectly the non debtor spouse may find that he or she has a shared joint account levied or joint property encumbered by a judgment against the debtor spouse.

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