joint loan ... pros and cons?

Discussion in 'Credit Talk' started by ShyGuy, Mar 9, 2001.

  1. ShyGuy

    ShyGuy Well-Known Member

    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?

    GEORGE Well-Known Member

    Re: joint loan ... pros and co

    Could only help both of you.

Share This Page