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Individual Account: Your income, assets, and credit history are considered by the creditor needs debt recovery Whether you are married or single, you alone are responsible for paying off the debt needs debt recovery The account will appear on your credit report, and may appear on the credit report of any "authorized" user needs debt recovery However, if you live in a community property state (Arizona, California, Idaho, Louisiana, Nevada, New Mexico, Texas, Washington, or Wisconsin), you and your spouse may be responsible for debts incurred during the marriage, and the individual debts of one spouse may appear on the credit report of the other needs debt recovery Advantages/Disadvantages: If you're not employed outside the home, work part-time, or have a low-paying job, it may be difficult to demonstrate a strong financial picture without your spouse's income needs debt recovery But if you open an account in your name and are responsible, no one can negatively affect your credit record needs debt recovery Joint Account: Your income, financial assets, and credit history - and your spouse's - are considerations for a joint account needs debt recovery No matter who handles the household bills, you and your spouse are responsible for seeing that debts are paid needs debt recovery A creditor who reports the credit history of a joint account to credit bureaus must report it in both names (if the account was opened after June 1, 1977) needs debt recovery Advantages/Disadvantages: An application combining the financial resources of two people may present a stronger case to a creditor who is granting a loan or credit card needs debt recovery But because two people applied together for the credit, each is responsible for the debt needs debt recovery This is true even if a divorce decree assigns separate debt obligations to each spouse needs debt recovery Former spouses who run up bills and don't pay them can hurt their ex-partner's credit histories on jointly-held accounts needs debt recovery

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