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Is Applying For Joint Credit A Good Idea? Atlanta, GA

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Is Applying For Joint Credit A Good Idea?

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Whether two individuals are getting married, co-signing on a mortgage or allowing a child to become an authorized user on a credit card account, Investopedia explains that individuals apply for joint credit for a variety of reasons. Simply put, this allows people to share responsibility for repaying a debt, and applying for joint credit allows one individual to obtain something that they couldn’t qualify for on their own. This is because “joint credit” is based upon combined income, assets and credit histories of those that apply. Yet, because combining financial interests will affect all parties’ credit scores, those applying for joint credit should proceed with caution.

To better understand the types of joint credit, take a look at the following:

In this case, a person is added to an existing account. Therefore, he or she shares charging privileges. However, the co-borrower is 100% responsible for paying the bill.
Similar to co-borrowing, a co-signer is “signing” to be responsible for 100% of the bill for an account. Yet, he or she does not have access to the loan or line of credit for usage. Furthermore, if the primary signer misses a payment or defaults on the loan, the co-signer’s credit history is at risk.
Addition of an Authorized User
When a person is added to an account as an authorized user, he or she is able to use whatever credit is available on the account, without the financial responsibility to pay it. Given this case, a new authorized user can improve and build credit if payments are consistent and on time. In the same way, however, an authorized user can ruin another’s credit if he or she accrues a substantial amount of debt.
For the most part, joint credit becomes a problem in the event of a divorce, or when an authorized user’s activity is not regularly monitored. In both instances, the credit history of one person can affect the other. What’s more, it is often difficult to close a joint credit card account, particularly when a balance remains.

We’ll Help You Obtain The Debt Relief That You Need And Deserve

If you have found yourself in a crunch after filing for joint credit, and you are considering bankruptcy, Attorneys Ira D. Gingold and Jamie L. Gingold are well equipped to help you obtain the debt relief that you need and deserve. With offices throughout the Atlanta metro area, call Jamie L. Gingold, PC, (Formerly practicing with Gingold & Gingold LLC) today.

Posted on behalf of Jamie L. Gingold, PC

195 14th Street NE #1604
Atlanta, GA 30309

Phone: (678) 915-2634


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    Jamie L. Gingold, PC
    5.0 / 5.0

    Based on 28 reviews

    Jack L.

    They did an excellent job with my case. Jamie took the time to really listen and understand things. She delved into the details and was extremely knowledgeable and non judgmental. Very professional and they know what they are doing. Would definitely recommend!

    Karen B.

    Dear Mr Gingold, There are so many reasons to be thankful for all you have done and will do. Anyone who has ever had unfavorable experiences with an attorney or the legal system will feel the trepidation that I experienced once I realized that my situation seemed hopeless. It was by chance and happily good luck that I decided to put my future and sanity into your hands. I was mortified at having to deal with my debts by claiming bankruptcy. I remember in our first meeting how you assured me that I was not alone and should not feel ashamed. And, anyone in this position obviously does not have money to spare and you were clear about all the costs and allowing me to pay according to my own ability to do so. You advised me in all aspects of the law, but also, you were at each meeting incredibly supportive and complementary of my personal and professional plans. Anyone else in this situation should feel blessed to have access to your expertise and support.

    Lyla B.

    I thought the process of filing bankruptcy was going to be a difficult one. However, Gingold & Gingold treated me with respect and dignity from the moment I walked through their door. I had the pleasure of working with Jamie. She is very responsive, professional, and knowledgeable. She took the time and listened to my every concern and handled each and every one of them to my satisfaction. My experience with filing bankruptcy under Gingold & Gingold's representation exceeded my expectations in a major way. They gave me such a peace of mind. I am very pleased with my decision of going with Gingold & Gingold to represent me when I filed Chapter 13 bankruptcy.

    Julie T.

    Wow! I am finally out of debt and can say that I am debt free after completing my chapter 7 bankruptcy case with Gingold and Gingold. Mr dangled was very knowledgeable and direct with regard to my debt situation. there were no surprises and the case went as I was advised. The staff was also very helpful whenever I had a question. I will definitely recommend them in the future to my friends.

    Julie T.

    I contacted getting old and getting old regarding some old tax debt and credit card debt that I needed to address and had been putting off. miss Irving in the office was very very nice and put me at ease. I met with Jaime Gingold. She was very nice and explained the procedure to me and what would be left owing to the Internal Revenue Service and the State of Georgia after my case was done. My case has now been completed and I am on my way to a new start. Thank you Gingold and Gingold for all of your help.

    Anna T.

    Amazing! Outstanding!! They went over and beyond..I would recommend them to anyone needing a lawyer!!

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