Paying in a joint cheque when we don't have a joint account...

red_fraggle_2

My husband and I got married last weekend and have been lucky enough to receive many generous contributions from our friends and family to put towards our honeymoon. However, a few of the cheques we've received are made out to Mr & Mrs Harris (or variations of); as I understand it these cheques need to be paid into an account in these two names. We don't currently have a joint account and don't particularly want to get one as I don't want my poor credit history to be associated with my husband's name, as his credit rating is currently very good, so is there any other way of us being able to cash the cheques we have, rather than having the slight awkward situation of having to ask people to re-issue their cheques in one of our names?

jonesMUFCforever

Joint cheques have to go into a joint account.
Why not open a simple savings account to pay them in and if need by close it in a month or so when you will be free to decide what to do with the money.

red_fraggle_2

My only worry with that is that associating our names financially, even for just a month, might have a negative impact on my husband's credit rating (he's planning to take out a loan in the near future for some home improvements so don't want to scupper our chances). If we open a joint account and then close it once the cheques have cleared will that remove the association between our credit records?

CarolnMalky

Savings accounts are not credit scored/checked, so there should be no negative impact on your husbands rating.

opinions4u

red_fraggle wrote: »

My only worry with that is that associating our names financially, even for just a month, might have a negative impact on my husband's credit rating (he's planning to take out a loan in the near future for some home improvements so don't want to scupper our chances). If we open a joint account and then close it once the cheques have cleared will that remove the association between our credit records?

I'm not aware of a savings account being identified to CRAs in a way that would create a financial relationship.

But a sound plan B would be to contact the cheque issuing individuals/companies and ask them to make it payable to just one of you. Businesses may require something in writing, signed by you both, together with the return of the cheque, but I'm sure it can be done.

Sobraon

DW has been able to pay "Mr & Mrs" cheques into her B/S account in the last year. Seems to depend on the mood of the cashier. I would give it a try without making a fuss and see if they reject them before opening a joint account.

emweaver

im sure your already financially connected as you live together?

red_fraggle_2

As I've understood (from listening to Martin on the radio & whatnot) the fact that we share an address won't connect us for credit purposes, but as soon as we jointly own a financial product (joint account, mortgage, loan, etc) my credit history will be taken into account whenever DH applies for credit, which would not necessarily be a good thing. But if I've got that wrong please do correct me...

Mikeyorks

red_fraggle wrote: »

But if I've got that wrong please do correct me...

OK. For years - opening a Savings account - has been the solution given to this sort of problem. And I've never seen anyone come back and say 'that's caused a problem'.

Just make sure it's one you can directly pay cheques into.