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Will a joint loan rebuild both credit scores?

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βˆ™ 2008-03-31 05:12:08

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It can, if you manage it properly. It can also bring them both down if you don't.

2008-03-31 05:12:08
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Q: Will a joint loan rebuild both credit scores?
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Related Questions

Do joint credit card help both credit scores?

Yes but it will also hurt both credit scores if the payments are not on time.


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

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.


Does your credit score combine after marriage?

I'm pretty sure that your credit is determined by both of your credit scores, but im sure it doesnt combine.


Are primary and co applicants the same thing in credit situations?

The primary and co applicants both have the credit attached to their credit scores. They are also both legally responsible for the debt incurred.


Does a mortgage show up on both borrowers credit report?

If the account is a joint account (bill comes in both of your names), then yes, it will be reported to both of your credit reports.


If you get married how will your credit reports and bankruptcy affect your future spouse's perfect credit?

Your credit follows you individually. If you have joint accounts then they appear on both of your credit reports.


What is a joint loan?

A joint loan is when both individuals are fully responsible for a loan and it will report on both individual's credit bureau. So if both individual don't make a payment or does not pay enough of the monthly payment it will report on both credit bureau files as a late payment.


If you have bad credit but your fiance has good credit how will you be affected when applying for a mortgage loan?

Yes, if both people apply for a joint loan, both credit reports will be used to determine the elgibility of the borrowers.


How much credit card debt should I transfer to my spouse to improve both of our credit scores?

none. how does putting your spouse in your debt help their score?


Whose credit score is used on a joint mortgage?

Both persons if it is applicable. In some cases a married couple will hold a joint mortgage but only the wage earner will have a credit score on record.


Do Joint Credit Cards Help Build Good Credit?

Joint credit cards can work both ways. Since the credit card account is placed on both holders' credit accounts, the activity on the card as a whole affects both parties equally. So, if the card is maintained properly, it can help improve credit. However, if one of the card holders abuses the card and ranks up thousands of dollars in debt, it can adversely affect the other holder's credit rating.


What was Henry clay's compromise?

There are some store credit cards that are now offering free credit scores to customers. Both Sears and Home Depot offer this service and it is updated once per month. This is handy for customers who want to track their credit scores.


Will i establish credit in a joint account?

== {| |- | Joint credit cards can work both ways. Since the credit card account is placed on both holders' credit accounts, the activity on the card as a whole affects both parties equally. So, if the card is maintained properly, it can help improve credit. However, if one of the card holders abuses the card and ranks up thousands of dollars in debt, it can adversely affect the other holder's credit rating. == Yes. Both good and bad. If you screw up, it will affect your partners credit and vice versa. A good idea for married couples is to keep a joint account, but also each of you keep your own individual account. If you are not married and getting a joint account with someone to establish credit, don't do it. You don't need to do this, and shouldn't. |}


Can an joint account affect a credit score?

yes it can, both parties are equally responsible for the account


What if you are not married and you want to apply for a joint account?

This should not be a problem if you both are credit worthy. Joint accounts are held by family members, friends and so on.


What is the credit score requirement for a Barclays credit card?

You must have both a good credit score (600 or more) and little or no debts, you may qualify for a Barclays credit card. There are different categories that allow you to qualify for a Barclays credit card, which can be helpful for people with high credit scores but low debts or people with average credit scores with low debt. Remember that you might be denied a credit card even if you have a high credit score, due to high debts.


What happens to a joint credit card when one account holder dies?

Both owners of a joint credit card are equally responsible for paying off the balance on the card. When one dies the survivor is responsible for the full balance.


Are both spouses responsible for charges on a joint credit card when separated?

Yes. That's why you shouldn't share an account.


Where can one find out their Fisa credit score?

There are a number of online sites which offer access to free credit scores. The web domains "Equifax" and "FreeCreditReport," for example, both offer this service.


If a baserunner scores as a result of a dropped third strike does the batter get credit for a run batted in?

Yes, any time a runner scores, the last person in the batter's box gets credit for the RBI. Even if he gets walked with the bases loaded he gets the credit for an RBI, even though in both of these cases he didn't hit the ball.


Will your medical bills be reported on your spouse's credit?

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.


Is my common law patner responsible for my debt?

Typically, in Alberta anyway, whether married or common-law, unless both persons' names are on the debt - i.e. joint mortgage, joint line of credit, joint credit card, etc. - the other party is NOT responsible for all or even half of the debt.


I am the primary and my exhusband is the joint holder on our credit cards who is responsible?

You are both responsible - morally and legally. If one fails to pay the monthly bill, the other is then responsible. You use the word "joint" so I am assuming that both names are on the account.


If you adds your sister as a second cardholder to an account will your credit be negatively affected by your sister's bad credit?

No. Only is she became a joint account holder, then both persons credit would be affected if any default occurred.


Can a joint credit card be canceled by only one holder?

No. You both need to cancel the card. If it has a zero balance, you may be able to remove your name. Check with the credit card provider.