Like a lot of things in life, you might not be an expert on something as you attempt it for the first time. Joint accounts are often one of those items for many who are unsure about the fine details of operation and reporting. Like cosigning - another two-person enterprise in credit - the information about how you keep up with your account responsibilities can impact both parties. Confirm that you know what the operation of the account will be like for you and the other party so you'll be as knowledgeable about it at the beginning as you can be. Joint accounts in many parts of your finances can work differently, so be sure you have your information straight before things go off-course unexpectedly and your credit takes a hit.