Joint Credit
Credit issued to two or more people based on their combined incomes, assets and credit histories. The parties involved accept joint responsibility for repaying the debt. Investopedia Says:
Many married couples apply for joint credit. This is especially true with the purchase of a home. Joint credit is an issue and concern in divorce proceedings, under which the terms may give one partner responsibility for certain debts and the other partner responsibility for other debts. It is possible that subsequent to the divorce proceedings, the former partners may still affect one another's credit. Related Terms:
Credit
FICO Score
Joint Liability
Joint Owned Property
Joint Tenants In Common - JTIC |