A:

The only thing that "joins" the credit of a married couple is the ownership of joint accounts. In other words, if there is a credit card, line of credit, mortgage or loan in both names or one party is an authorized user on one of the other person's account, then the credit report agencies include this information on the credit reports of the husband and the wife. In the event that there is a default on any joint account, that information is also reported on both credit reports.

Filing a joint tax return does not link the credit of a married couple. It increases the eligibility and amount of certain credits. The only connection between a joint return and a couple's credit is if there are back taxes or child support owed, default on a loan or tax balance due. If a couple files jointly and one or both of them owes child support, back taxes and has a default against a loan, then the money owed is deducted from any refund due. If the tax return shows that instead of receiving a refund, the couple owes money, then the IRS holds both parties responsible. So, filing jointly does not have the effect of "joining" the credit of a couple. Rather, a joint tax filing can affect a joint tax return.

To learn more, check out The Importance Of Your Credit Rating.

This question was answered by Chizoba Morah.

RELATED FAQS
  1. Is it possible to have a credit limit that's too high?

    Avoid these pitfalls when working with high credit limits, and learn how to increase your credit score by increasing your ... Read Answer >>
  2. What is the difference between a loan and a line of credit?

    Learn to differentiate between lines of credit and standard loans, and determine when you are likely to use each method of ... Read Answer >>
  3. What are some good alternatives to taking out a line of credit?

    Read more about how opening a line of credit might not be the best answer for you and determine available alternatives if ... Read Answer >>
Related Articles
  1. Taxes

    Should Married Taxpayers File Together?

    Married couples that file a joint tax return can enjoy several credits and benefits that aren’t available when filing separately.
  2. Taxes

    Are You Really Eligible For The Earned Income Tax Credit?

    The amount of your earned income credit (EIC) is dependent upon how big your family is.
  3. Taxes

    Are You Eligible For the Earned Income Tax Credit?

    Earned income tax credits in the United States decrease taxes owed on a dollar-for-dollar basis.
  4. Personal Finance

    Combining Credit For A Happy Financial-Ever-After

    A couple's finances may not always be a match made in heaven. Find out when to say "I Do".
  5. Personal Finance

    Tax Credits That Can Get You a Refund

    Here are a few of the credits that may result in a refund check, even if you owe no taxes this year.
  6. Personal Finance

    Joint Credit Cards: The Pros and Cons

    A joint credit card may sound like an easy way to split the bills, but make sure you know what you’re getting into first.
  7. Taxes

    Give Your Taxes Some Credit

    A few tax credits can greatly increase the amount of money you get back on your return.
  8. Personal Finance

    Gay Marriage and Taxes: Everything You Should Know

    Same-sex couples now have a variety of tax strategies to consider.
  9. Personal Finance

    5 Tax Credits You Shouldn't Miss

    If you're not taking advantage of these deductions, you could be missing out on tax savings.
RELATED TERMS
  1. Joint Credit

    Credit issued to two or more people based on their combined incomes, ...
  2. Joint Return

    A U.S. income tax return filed on behalf of a married couple, ...
  3. Credit Rating

    An assessment of the creditworthiness of a borrower in general ...
  4. Credit Mix

    The types of accounts that make up a consumer’s credit report. ...
  5. Credit Limit

    The amount of credit that a financial institution extends to ...
  6. Credit Report

    A detailed report of an individual's credit history prepared ...
Trading Center