| Say you recently got divorced, and your | | | | disadvantages of this are if you have a low |
| divorce decree states that your late husband | | | | income, work at home, or work part-time, it |
| (or wife), is responsible for your two visa | | | | will be more difficult for you to obtain a |
| card balances. Time goes on after the | | | | credit account without your spouse's income. |
| divorce, and you get a call from the credit | | | | Also, if you live in a community property |
| card company stating that they haven't | | | | state (Texas, Washington, Wisconsin, New |
| received a payment for the last three months | | | | Mexico, California, Arizona, Idaho, |
| on either of the balances. You explain to | | | | Louisiana, or Nevada), you may still be |
| them that the divorce decree states that you | | | | responsible for your spouse's debts if |
| are not responsible for paying the debt, your | | | | incurred during Marriage. |
| late significant other is. They rightly tell | | | | |
| you that they are not part of that decree, | | | | Joint account: You and your spouses income, |
| and you are still responsible for making sure | | | | credit history, debts, and assets, will be |
| the payments are made on time on their joint | | | | considered when determining credit |
| accounts. Later on the late payments show up | | | | worthiness. You and your spouse are also |
| on your credit report, how is this happening? | | | | jointly responsible for seeing that the debts |
| | | | are paid, and it will reflect on both of your |
| If you have been recently divorced or are | | | | credit reports. The advantages include the |
| thinking about getting divorced, you need to | | | | fact that an application with two people's |
| look at your credit accounts that were opened | | | | incomes and assets backing it is more likely |
| while you and your not-so-significant other, | | | | to get approved with better terms than just |
| were married. | | | | one partners backing. The disadvantage being |
| | | | if two people applied for the debt, then two |
| There are two types of accounts, individual, | | | | people a financially responsible for the |
| and joint. Any time you apply for credit as a | | | | debt, even thru divorce. |
| couple you will be asked which type of | | | | |
| account you would like to open. Either way | | | | Make sure some of these things are taken in |
| you can permit other individuals to use your | | | | consideration if you are getting divorced, or |
| account. So what are the pros and cons of | | | | just thinking about it. If you did obtain |
| both? | | | | joint accounts while you were married, and |
| | | | your spouse was charged with paying them, pay |
| Individual account: If you apply for credit | | | | attention to the balance, and make sure the |
| as an individual, you and only you are | | | | payments are getting paid so it doesn't |
| considered by the creditor for your credit | | | | negatively affect your Credit Report. |
| worthiness. Your income, assets, credit | | | | |
| history, and current debt, will all be taken | | | | For more information about credit, credit |
| into account. Your account will only reflect | | | | repair, credit cards, bankruptcy, budgeting, |
| on your credit report. The advantage being, | | | | and much more, visit Fix it Credit. |
| only you are can affect your credit. The | | | | |