Joint Bank Account

brillo_2

Hi

I have been recently discharged and have had a basic bank account with the co-op for quite a while. I am looking at setting up a joint account with my partner who has never been bankrupt or had any credit problems. I know the co-op provides a basic joint account facility, however will it cause by partner any issues in the future in securing credit if she become finacially linked with me on the basic joint account?

Thanks

tigerfeet2006

Unfortunatly with the BR still on your credit file if she is financially linked with you then it will cause her problems. Best to try and keep things seperate until it drops off the file.

brillo_2

Thanks Tiger feet

Mentioned this to my OH this morning, only to find out that she actually applied for the account yesterday:(

When do we become financially linked, when they do a credit search on both of us, or only when and if the account was opened? Do you think it will be to late to cancel the application?

Thanks

philnicandamy

if its a co-op basic "joint" account your opening then they are NOT credit checked...they will look at your credit files purely for ID verification only...although with it creating a link between the two of you then any future credit she tried to apply for could be affected....

my OH had a M&S credit card which i'd been linked to..soon as I went BR she started a few months after looking around for a balance transfer card for herslef..nothing to do with me..various places refused her all because I'd been linked...we approached the credit file companies and filed a dissasociation since thats gone through she's getting all the credit she needed and o/d limits increased as well

Mayday

I asked about this after my OH was discharged from his BR last year.

Barclays told me in no uncertain terms (to warn me) that if I added my OH to my current a/c, I would be dragged down and the account would become a basic CashCard a/c - and it would affect my credit file.

So he opened the basic CashCard account, and I still have my current a/c out of which all the bills are paid He just transfers money in by S/O each time he gets paid. I gather we have to stay like this until his BR drops off his credit file - i.e. 6 years.

It works for us - until I get knocked down by a car and he needs to sort out the bills!

brillo_2

Thanks

Spoke to the co op today who have said the application to open the account has been accepted and the account has now been set up.

How long will it take to show up on the credit files that me and my partner are !financially linked and how do I go about us getting disassociated?

If I cancel the account, I take it that it will still show that we were linked albeit only for a few days.

Realise that we have made a mistake in getting a joint account with the br still on my file, but worried now that I would have burdened my partner with my past history.

brillo_2

Hi Guys

Further to my last post, who do I contact about getting me and my partner disassociated and how easy is it to do so?

Also how long does it take for the association to go on file? If I cancel the account tomorrow, would the Co - op have sent the details to the credit ref agencies already? Also how long does it tale for the disassociation to happen?

Thanks

philnicandamy

its pretty simple....you need to contact the 3 credit file agencies and ask for a file of dissasociation

how long ? hmm how longs a bit of string...usually pretty quick I filed a while ago for something...problem was though experian seemed to have forgot even though they send both parties confirmation in writing..it'll probably appear on credit files very quickly as it's all computerised