Q: On a credit card application, can you include your spouse's income under household income? What about other people that live with you?
Here is something for the cosigner to be aware of: If any applicant defaults on a payment or the debt, any cosigner on the account assumes full responsibility. Similarly, any late payments affect not only the primary applicant, but any and all others jointly responsible for the debt. Late payments affect 33 percent of a person's credit score, so any late payment anytime, can have implications. But this is even more so when a debt is jointly owned, even if one of the signers had nothing to do with the purchase. In other words, cosigner beware!
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