Sentences with phrase «responsible joint account holder»
Especially for someone trying to build good credit or rebuild credit, having a responsible joint account holder is highly advantageous.
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If one of you dies, their estate will be responsible for repayment of the loan along with the other joint account holder (s).
Loan cosigners and joint account holders can be held responsible for debt, and family members may have to pay debts for inherited property they intend to keep.
You may also be responsible for a utility (water, gas or electricity) debt if you are a joint account holder.
In contrast, a Joint Account Holder is jointly responsible.
If the credit card account is a joint account, the other account holder will then become responsible for all of the debt.
An authorized user just gives a person the authorization to use the card, but as a joint account holder, you will also hold the responsibility of that card — meaning; you would be equally and fully responsible for the debt.
You could be responsible for debt your spouse takes if you put your name on a loan's promissory note or if you are added as a joint account holder of a credit card.