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.
![DebtConsolidationCare [A+ on BBB] Logo](/sites/www.debtconsolidationcare.com/themes/bootstrap_forums_subtheme/forums/images/dtcc-logo.png){kind=logo}
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.
Sub: #1 posted on Thu, 02/15/2018 - 05:27
(Posts: 713 | Credits: 73.21)
Sub: #2 posted on Thu, 02/15/2018 - 23:32
Moderators
(Posts: 3937 | Credits: 397.45)
Sub: #3 posted on Sun, 02/18/2018 - 20:46
(Posts: 330 | Credits: 45.4)
Sub: #4 posted on Thu, 02/22/2018 - 06:00
Industry Expert
(Posts: 2670 | Credits: 372)