In an effort to rebuild my credit and build my wife's, we're considering taking off a joint secured 1-year loan from our credit union. (It will report to all three CRAs.) Can anyone think of any downsides to this? We're happily married and hope to buy a house in a year. Plus, we'll have other funds in a regular savings account, so we can live with the money tied up in a CD. Do joint loans affect FICO scores any differently than individual loans? Is there any chance this will somehow cause my negatives to show up on her excellent if short credit history?
