Credit Report & Scores » Life Stages » Joint Accounts

Joint Accounts

A joint account is an account shared by two or more individuals, usually close relatives or business partners. Each member applies for the account, and the credit card company approves the application based on both people’s ability to pay. Each account holder shares full responsibility for payment under the credit card contract. The account will also appear on both credit reports.

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Cosigners and joint account holders have the same responsibility in regards to the debt. The effect is the same on both your credit and the other person’s on the account. Cosigners and joint account holders are both equally responsible for repayment of the debt, and therefore the account shows up on both people’s credit reports no matter what. An on-time payment history will help both account holders build positive credit while any late payments will negatively affect both scores.