Credit Card Glossary

Letter J

Joint Account

A bank account or credit card account with two or more individuals who share the responsibilities and in the case of credit cards, are responsible for the purchases made on the account. They are bound by law and the most common examples are married couples in the case of personal accounts and with S-corporations for business credit cards, officers of the corporation.

Joint and Several Liability

When multiple parties are responsible for a debt the creditor has the ability to approach any one of the parties individually for the entire debt. If that party opts to pay the full amount owed, they are then able to approach the other individuals in the group for payment but they are not legally obligated to contribute. From a creditor's standpoint, this allows them to cut down on legal fees and go after the individual who they feel is in the best position financially to repay the debt.

Joint Credit

When two or more people share credit as in the case of a car loan, mortgage, or credit card account. For larger loans it allows people in most cases to get approved for more money, or the chance of more money as total combined assets and incomes are used when filling out a dual application.

Judgment Proof

When a consumer's assets cannot be taken in a court of law they are said to be judgment proof. This is a very rare case when the person in fact has assets but in some jurisdictions there can be situations where state laws can allow for those even with assets to be judgment proof.