Joint Bank Account

laurajane1982

My partner and i are having a baby and about to move in together. He wants us to get a joint bank account, he has an excellent credit rating where as i dont and i am in ebt management which he doesnt know about.

Will we get accepted for a joint bank account, or will they decline us because of me??

Please could someone help as im panicking about it all!!

izools

If you apply for any joint products not only will your rating affect the application, but your rating will also affect any future applications he makes, dragging down his credit worthiness greatly.

Think very carefully and discuss with him before applying for anything jointly save any future issues arising from your then-joint-financial relationship.

Might be better for just you or him to open an account and simply "refer" to it as the Joint account

noh

Tell him about your financial position now!

tellmeitsfriday

Once you have a joint credit product you are financially linked. He will (probably) find that his ability to get credit diminishes.

You might get declined, it depends whether you apply for an account that offers credit facilites or not. If you have defaults/CCJs etc you will already be finding it hard to get credit personally, and this is likely to be replicated on a joint application.


More importantly - why do you need a joint account? Financially linking yourself is a brave step (IMHO). It's not necessary to have a joint account to live together. (My BF had an appalling credit history when we met, and I declined to open a joint account with him. I think he's sorted now - but as it's worked happily for the past 10 years I don't see the need to change it)

Also, I think you really need to speak to him about your financial issues before you decide to apply..

izools

tellmeitsfriday wrote: »

More importantly - why do you need a joint account? Financially linking yourself is a brave step (IMHO). It's not necessary to have a joint account to live together. (My BF had an appalling credit history when we met, and I declined to open a joint account with him. I think he's sorted now - but as it's worked happily for the past 10 years I don't see the need to change it)

Also, I think you really need to speak to him about your financial issues before you decide to apply..

Agreed, my OH and I have been together for five years and don't hold any joint accounts or joint financial products.

We used to, but we disassociated ourselves from each other and removed any joint financial products a couple of years ago.

We are aware of each others' financial situation and honest about how things progress in that area.

DrSyn

I would avoid a joint account with anyone these days.Even those I love and trust completeley.

There are far more disadvantages than there are advantages.

Does your partner fully understand the dangers of a joint account? If he did he might think again reduce your stress of him finding out!

1. You become "finacially linked". From what you post here I would think his credit rating would reduce.

2. You both will be "own" the debt.

3. If you seperate there can be problems, which might not exsist if you had seperate accounts.


No one knows what the future holds. Even those you love and trust can change. Some examples are what if one of the holders

(a) Has a car accident which changes their personality from honest and careful with money to dishonest and spend thift.

(b) Becomes addicted to drugs or alcohol and gets the account into debt.

(c) Becomes out of work and depressed because of it. Does not tell the other.Getting into debt so as to appear they still have a job.

If he still intends to get a joint account, its only far to tell him of problem.