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Is there any necessity to combine our financial accounts?

Date: Wed, 02/14/2018 - 18:15
Submitted by Jerryberg on Wed, 02/14/2018 - 18:15
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Is there any necessity to combine our financial accounts? Me and my huband don't have any joint accounts but we pay out bills monthly. I have heard that it helps when you have joint accounts to take out a loan.


Yes, you are right, a joint account helps you to borrow more money. But, remember, It is a serous step since both of you are liable for the loan.

If your partner doesn’t pay up, you could end up with a lot of debt liability. One more thing, once you have a joint account, your credit file will be linked as well.


Submitted by Sanders Patricia on Thu, 02/15/2018 - 05:27

Sanders Patricia

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What state are you in? Do you live in a community property state? In a community property state, both of you are equally liable for a loan, no matter who borrows it.


Submitted by SC on Thu, 02/15/2018 - 23:32

SC

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A joint account helps to get approval for a loan provided both of you have good credit record. Anyone of you not having a good credit record may make it difficult to take out a loan at suitable terms and conditions.


Submitted by Good Nelly on Thu, 02/22/2018 - 06:00

Good Nelly

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