An individual account that you can have when you are either married or
single. You may authorize others to use the account but you are solely
responsible for paying the debt. The record of the account will be on your
credit record and may also show up on the reports for the other authorized
users. For accounts opened after June 1, 1977, the record must also be in the
credit file of an authorized user, if the person is your spouse.
Auto lenders: Auto scores, on the other hand, focus on "deal characteristics" in much the same way the mortgage scores do, David Shellenberger, product manager at Fair, Isaac and Co., says. They take into account things such as the amount a customer puts down, for example, as well as a borrower's debt-to-income ratio, length of time at one job and the like. As with credit card lending, information about past performance on similar types of loans is weighted, so a missed Nissan payment might be more important than an overdue Visa bill.
Because of the deduction and the fact that housing prices have gone through the roof in recent years, home equity lending is at an all time high. People are borrowing against their homes and using the money for all manner of things - boats, recreational vehicles, cars, medical expenses and even debt consolidation. Itís all perfectly legal and quite sensible, provided that you acknowledge that you are putting your property up as collateral. Should you default on your loan, you could lose your house in a foreclosure.