How does a joint account affect my credit score? This question is about Credit Scores

How does a joint account affect my credit score?

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This question is about Credit Scores

Hallie Alton, Member

@halton18 • 12/13/19 This answer was first published on 12/12/19 and it was last updated on 12/13/19.For the most current information about a financial product, you should always check and confirm accuracy with the offering financial institution. Editorial and user-generated content is not provided, reviewed or endorsed by any company.

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Joint accounts will impact each of the individuals’ credit scores, regardless of who makes the charges or who pays the bills.

That’s great news if a credit card account is used responsibly. That will boost both your scores. Not so great if one of you is maxing out the card every month or missing payments.

see this user

Dmitriy Fomichenko, President, Sense Financial

@dfomichenko • 08/18/15 This answer was first published on 08/18/15. For the most current information about a financial product, you should always check and confirm accuracy with the offering financial institution. Editorial and user-generated content is not provided, reviewed or endorsed by any company.

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Having a joint account means both of you are responsible for the debt and it will be reported on both of your credit reports. If your fiance is not financially responsible, ie. making late payments, maxing the credit limit, etc., it may negatively affect your score. However, if you are both responsible with your spending and payments, it wouldn't hurt your score in any other way.

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