Joint Savings Account & Credit Record

pickledshark

Hi All,

I have been a reader of the forums for a while but have not had the need to post yet. Thanks to everyone for all the advice on here that I have used so far!

My question is probably more to do with debt than anything else, but appologies if I have posted in the wrong forum.

My girlfriend has had debt problems (now in hand) and has currently got a bad credit rating. We are considering opening a joint savings account for a holiday fund, although I am concerned that this will create a financial link between us and therefore adversely affect my credit rating.

Is this the case or am I being paranoid?

Thanks in advance,
Carey

Mike_St_Helens

Hi there,

It really can depend on the institution. i have issues and have had no problems openiung with Abbey and ING.

Bothe have websites and you can apply online... also you can manage the accounts online too.

Broken_hearted

Purely from a personal point of view, I would put the savings in your name. I have all our savings in my name as all the bad debt is in OHs name. I don't want the bank to suddenly snatch my money.

Donedoingdebt

You will almost certainly form a financial association with your gf. Therefore any future applications that require a credit check will reveal a link between the 2 of you thus affecting your credit worthiness to whatever criteria the prospective lender works to.

Mike_St_Helens

As long as you use an institution that you are not linked with (debt wise) then no one can take anything,

ING - They dont lend = money safe

CLAPTON

saving accounts dont appear on your credit record and so no associations will be established. so unless you open an account with a institution that your OH has debts with, potential creditors wont know of the likage.

however i would err to be on the save side and maintain completely separate accounts.