If you have a joint credit product with someone, the credit product (along with payment history) will appear in both credit reports.
More often than not lenders are only reporting credit activity on the primary person’s credit report and not the secondary person. Many times people don’t realize this until a financial change occurs in their life which may require them to pull their credit report or apply for a large amount of credit. Some examples include: a mortgage for a home, getting another credit product or separating finances during a breakup. If the secondary person does not have enough credit activity once the joint product is out of the equation this may result in their inability to get future credit or get it at a favorable interest rate. This also means time lost for the second person as they have been making payments diligently with nothing to show for it on their credit report. To make matters worse, if their is a default in paying the credit product, lenders can go after both parties to collect on the debt.
Get a financial advisor that knows what they are doing and specify that you want the credit product joint so it shows up on both credit reports. Then 3-4 months after activating the credit, each pull a copy of your credit reports to confirm. If the credit product is actually joint it will:
a) be visible on both credit products
b) have a letter “J” next to the credit product (for joint), not “I” for individual.
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