An individual account can have its good points as well as bad. If you don’t work or have a very low income, it can be difficult to get credit because your income won’t support it. Some times, in this situation, the only way to get credit is to be included or include your partner on the account or start a joint account together.
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Individual accounts and authorized users If you have already got an individual account, it is possible to add an authorized user. An authorized user is someone that has access to your account at his or her convenience. But keep in mind that if you include another person in your individual account, you are still the only person who is responsible for the account. This means that any debts that are owed are the account holder’s responsibility, not the authorized user that has been included. Divorce Secrets.
Joint Accounts If married couples apply for credit together, then they are jointly responsible for any debt that is incurred on the account. While things are going well in a relationship, this form of credit account can be ideal. The chances of getting credit are more likely because both parties can offer assets and income to the deal. The problem with joint accounts is that when a couple decide to divorce, it is possible that your partner may run up a huge bill, or stop paying their share of the payments that you both are responsible for. If payments on the account aren’t made, then this could ruin your credit.