Credit Advice

Spouses equally responsible for entire loan payment

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Credit Advice

Spouses equally responsible for entire loan payment

Dear Experian,

My husband and I are buying a car together. It is a joint account. Does the entire amount of the loan count against both of us, or is it considered half. What about the payment? If the payment is $600, am I counted for $300 and him for $300?

- ELO

Dear ELO,

When you enter into a joint account, you are both equally responsible for the entire debt, and the entire payment.

The account will appear on both your credit history and your husband’s. It will show the full loan amount and payment history on both credit reports. Because it is a joint account, you both also are equally responsible for the total payment; it is not divided equally between you. If he doesn’t make the payment, you are responsible for the entire $600. If you don’t make the payment, he is responsible for the entire $600.

The appearance of the account in your credit history does not necessarily “count against you.” In fact, it can be helpful. Making all of the payments on time and repaying the debt in full will be seen as a positive by lenders.

Thanks for asking.

- The "Ask Experian" team

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