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Should I or should'nt I?

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neildonn
neildonn Posts: 19 Forumite
in Loans
Hi folks,

I need a newer car so i'm after a loan. I don't have a bank account but my wife does. her credit score is poor as for mine it's fair/good.

Should I open a new bank account in my name only? Or should I join her account?

Comments

  • Tixy
    Tixy Posts: 31,455 Forumite
    What makes you say your credit rating is good? Do you have any existing credit accounts on your credit report? Why don't you have a bank account currently?

    Do you have any joint financial products with your wife currently? If not then don't get yourselves financially associated if she has a poor credit history.
    A smile enriches those who receive without making poorer those who give
    or "It costs nowt to be nice"
  • neildonn
    neildonn Posts: 19 Forumite
    Tixy wrote: »
    What makes you say your credit rating is good? Do you have any existing credit accounts on your credit report? Why don't you have a bank account currently?

    Do you have any joint financial products with your wife currently? If not then don't get yourselves financially associated if she has a poor credit history.

    Hi Tixy, ten guesses where I got my credit score ;). I have owned a bank account before, but (it's a long story I wish not to go into right now) I decided to close years ago. The idea was to get a joint account eventually but never really got around to do it.

    I have no financial products joint with my wife currently. My wife has poor history due to the mortgage arears and defaulted. The mortgage was paid off due to selling the house. My name was on the mortgage to but now, like I said we have no joint products.

    So, would be better for us if I opended a seperate bank account to get a loan?
  • CLAPTON
    CLAPTON Posts: 41,865 Forumite
    10,000 Posts Combo Breaker
    open a separate bank account

    get copies of your credit reports and see exactly what they say.
  • neildonn
    neildonn Posts: 19 Forumite
    Thank you for your replies, just one more. Would a joint bank account effect my rating, any chances getting a loan?
  • the_insider
    the_insider Posts: 795 Forumite
    A defaulted mortgage and the fact that you have no bank account will affect your chances of getting a loan.
    Getting married 02.08.14
    Wins for the wedding: membership for a 'wedsite' and app, £35 gift voucher for party supplies shop, £50 worth of hand painted signs, 1kg of heart shaped marshmallows :money:
  • PNPSUKNET
    PNPSUKNET Posts: 4,265 Forumite
    I would go for an account on your own
  • Asa
    Asa Posts: 59 Forumite
    open a seperate account, you never know, you might not be with your partner for life.

    Never borrow money you cant afford to pay back, never borrow unless its the VERY last resort.

    is your current car undrivable?
    My only credit: Contract phone for £25 p/m they gave me (no joke!) 3x 8gb micro sd's, 1x extra battery, 1x spare charger, SIXTY QUID CASH!, TWENTY FIVE POUND CHEQUE!, 2x 2gb micro sd's, SE Satio, 300mins, 3000txts, unlimited internet! from P4U too! :beer:
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