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Added July 2, 2010 from: Mike Killian
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 Mike Killian
Answered By Mike Killian:
If you are applying for a credit card on your own, only your income is considered. If you are seeking a joint application, both incomes are included, along with the other person's credit report. The same applies to others living with you. Their income and credit report is considered only if they are a joint applicant.

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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