Thursday, February 28, 2008

Joint Account for Secured Loans

Couples who are thinking of getting their dream house may be baffled at the lack of options due to the average salary that each of them make. Nevertheless, the head of a personal financial website said that anyone looking to buy a house will find the quality and quantity of available places increased when they consider both their and their partner's income. Secured Loans applied for a combined income of £50,000 given three to four times that amount, they can have a wider choice of quality homes for up to £200,000 as compared to only £75,000 or £80,000 loan on an individual income which would drastically limit the choice or quality of houses available.

efore you embark on a joint account loan, co-signed a loan or have authorized use of another person's credit though, be sure to find out and understand how previous bad credit reports will affect the current joint credit report or the main account holder. If the credit account held solely in the name of your spouse or any other family member, it cannot impact your credit score. However, in community property states, all debt acquired during a marriage is considered a joint debt, regardless if the account is joint or in the name of an individual spouse. Careful thought and planning is certainly warranted here.

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