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.
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.
Ofcourse, joint account helps to get approved easily.
But there are other aspects too that will influence the loan. Are you
living in a community property state?
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.
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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.
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