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AnonName
@optonline.net

AnonName

Anon

Loan application question

A joint credit card application asks for:
• Applicant's income, mortgage, and property taxes
• Spouse's income, mortgage, and property taxes

Obviously, the two people have separate incomes, so those are listed separately.

But the mortgage and taxes is only paid once, combined by the two people.

So what do I put on the application for mortgage and taxes? Do I list the same amount for each person, or do I put the total amount under one person and leave the other at $0?

BlueMist
join:2011-01-24
Cookeville, TN

BlueMist

Member

As far as they know you and your spouse live apart, remain married, and with individual homes and mortgages.

Contact the people who sent you the form and ask them your question.
H_T_R_N (banned)
join:2011-12-06
Valencia, PA

1 recommendation

H_T_R_N (banned) to AnonName

Member

to AnonName
Why would you want a joint credit card?

journeysquid
join:2014-08-01

1 recommendation

journeysquid

Member

said by H_T_R_N:

Why would you want a joint credit card?

This. Get individual cards and add authorized users.

Unless your credit won't allow you an individual card, in which case you most certainly should not get a joint card, because you have bigger problems.
18189353 (banned)
join:2014-10-28

18189353 (banned)

Member

said by journeysquid:

said by H_T_R_N:

Why would you want a joint credit card?

This. Get individual cards and add authorized users.

Unless your credit won't allow you an individual card, in which case you most certainly should not get a joint card, because you have bigger problems.

Why would you not want joint cards? An individual card whether your spouse is on it or not is joint legally so why not set it up like that? What if things go south and your spouse aka authorized user racks up the card? Yea they'll have to foot half the bill as part of the settlement in the end but they can destroy your personal credit in the process. One of my friends had this happen years ago. Always get a joint account if you can.

The only downside to joint accounts is they use the lowest credit score so if one person has a lot lower score then the other it could impact it a lot.

journeysquid
join:2014-08-01

journeysquid

Member

Needless liability, regardless of who the person is.
18189353 (banned)
join:2014-10-28

18189353 (banned)

Member

said by journeysquid:

Needless liability, regardless of who the person is.

Liability either way. One is implied and the other is expressed. Given the possible legal impacts expressed is much better. Feel free to consult a lawyer on that one.

journeysquid
join:2014-08-01

journeysquid

Member

That will depend on the state that you live in.

»www.nolo.com/legal-encyc ··· 572.html
18189353 (banned)
join:2014-10-28

1 edit

18189353 (banned)

Member

said by journeysquid:

That will depend on the state that you live in.

»www.nolo.com/legal-encyc ··· 572.html

Yes and no. When you get into the legal stuff 99% of the time it's commingled debt with living expenses so shared debt. All you have to do is put one meal on the credit card and BAM it's shared debt. There's instances where it might remain an individual debt but highly unlikely unless you know the laws.

»www.nolo.com/legal-encyc ··· 2-2.html