To have or not a Checking Joint Account

[m3rge]

Hello communitty!

I would like to know if having a joint checking account have benefits at the time of getting a car loan, credit car or mortgage not necessarily to have them under both names.

Thanks!

Jorge

[m3rge]

Bump!

[LearningMoreAboutCredit]

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@jorgevazquez87 wrote:

Hello communitty!

I would like to know if having a joint checking account have benefits at the time of getting a car loan, credit car or mortgage not necessarily to have them under both names.

Thanks!

Jorge

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No real benefit I can think of in obtaining credit.  Joint accounts work for some couples and not so much for others...depends on views about money management.  As for joint ownership on a car, loan, or mortgage, it will begin by checking individual credit.  As you may well know already, a large difference in individual scores will affect mortgage rates...not absolutely sure if that applies to auto and personal loans.

Good luck on your decision.

[m3rge]

Thanks for the response!

[nax]

I think this is a situational thing for couples, some can manage it and some can't. DW and I have a joint with BofA, when rebuilding credit an underwrighter told me they offered me my highest limit on a CC because of our checking account. The 2 points she made were - Member since 2004 and that they used our total deposits for consideration as it was money I had access to. I was very happy with what she told me because it helped with my card approval! On the down side I wish I had that time in with a CU! 

Now my X , no way! 

[vanillabean]

It may well be perceived by a lender that a joint checking account offers access to more money for the one whose name is on the mortgage. Getting a joint checking account though generally requires that the two are relatives.

Also, the reality is often that "married couples who separate their finances usually do so because they cannot fundamentally agree on how the family funds should be spent, a prelude to marital problems yet to come."

[Blodreina]

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@Anonymous-own-fico wrote:

It may well be perceived by a lender that a joint checking account offers access to more money for the one whose name is on the mortgage. Getting a joint checking account though generally requires that the two are relatives.

Also, the reality is often that "married couples who separate their finances usually do so because they cannot fundamentally agree on how the family funds should be spent, a prelude to marital problems yet to come."

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Interesting.

[m3rge]

I agree on what you say. 

My question was basically about pros/cons in credit score. I have a joint account with my wife and I have no problems with it, I look further and I think not everyone can manage to have a joint account. In my workplace when we talk about the joint accounts, most female employees say: "are you crazy?" "my husband will NOT TOUCH my earnings, NEVER" imo, it's a reflection on how healthy the relationship is. 

If you have the trust or your wife/husband and both participate in the decision taking regarding money, expenses and all those things I can even say can make your relationship stronger in the maturity aspect, obviously there is always a chance that things can go in a 360 degree switch and can be destructive but hey, relationships and money is all about trust each other.

[vanillabean]

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@jorgevazquez87 wrote:

My question was basically about pros/cons in credit score.

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A credit score or report is always individual. If your bank shows you a merged display of two reports on a screen, that's all it is.

Two things are essential to a high FICO score: 1) don't be late, ever, 2) keep your credit card debt small.

Keeping household finances simple and transparent makes it easier and takes up less time. More time for romance, lol.