Joint Account Affecting Credit Score?

fuzzypenguins

Hello. I am very unfamiliar with credit and banking and so forth. However, a relative of mine who gets a lien on any bank account she opens asked me to open an account with her and make me the "head" of that account so no money would be taken from it. (I wouldn't even be considering this, obviously, if I were not related to her.) I'm not worried about losing money from this account (as I am not putting anything into it), but is it still possible for this joint account to incur the wrath of a lien? What does being "head" of the account entail? If the account did end up with a lien, would my credit score be at risk? Thank for your help!

fuzzypenguins

Bump (sorry, but I'd really like this answered)!

DocProc

LIEN - "The legal right of a creditor to obtain money owed by forcing sale of property that has been pledged."

If you are the account holder together with this lady relative, then any money in the account belongs to you both. Not just to you and not just to her, either.

The proportion of ownership of any money in the account need not be on a straight 50/50 basis either. Whatever that proportion actually is, well, this is a matter between you both and for you both to agree with each other.

One would suppose a court might instruct you both to divulge this information but this is fairly unlikely, since the court would surely have to be persuaded you were conspiring with the lady debtor to help her evade the clutches of her creditors.

Oh, you are, aren't you? Ah well. There again, who is to know it? Anyway, there you have it.

It's nice to hear of someone helping a lady in distress. Good Luck!

fuzzypenguins

Thanks for shedding some light on this!