joint account

debtblonde

Are situation is we both live together, joint mortgage and have a 3 year old daughter and expecting another child at christmas, we currently both have bank accounts with barclays, lee has 2 accounts his own and one that we class as the joint but actually in his name, ruth has her own, we both pay money into the one account to cover mortgage bills ect, we are thinking of just having the one account to have better control of our finances, question is what happens to each others credit rating does it change, for example lee has a good credit rating and can easily get low intrest loans, ruth would struggle to get a loan. obviosly from now on if we got a loan it would be in both of our names, are there any things we should be thinking about? once we would merged the accounts we would be looking at getting our outgoings down as we think we could be make savings but this may involve merging debt for example.

YorkshireBoy

The mortgage will have created a financial association, which will be recorded with the credit reference agencies, so any 'damage' has already been done to the one with the (previously) better credit rating.

A key stability indicator in credit scoring is 'time with bank', so I wouldn't close down a long held current account. Either open a new joint account, or make an existing sole account a joint account by adding a second name.

debtblonde

YorkshireBoy wrote: »

The mortgage will have created a financial association, which will be recorded with the credit reference agencies, so any 'damage' has already been done to the one with the (previously) better credit rating.

A key stability indicator in credit scoring is 'time with bank', so I wouldn't close down a long held current account. Either open a new joint account, or make an existing sole account a joint account by adding a second name.

cheers the plan would be, the one we actually class as a joint account put ruths names on, and then still keep both our current acounts change our wages so there paid into the joint and transfer any remaining bills from our current to the joint, set up 2 standing orders from the joint to our currents so we both have a certain amount of cash to spend how we like.

ViolaLass

YorkshireBoy wrote: »

The mortgage will have created a financial association, which will be recorded with the credit reference agencies, so any 'damage' has already been done to the one with the (previously) better credit rating.

Not unless they have an account in joint names, which it seems they don't (yet).

YorkshireBoy

ViolaLass wrote: »

Not unless they have an account in joint names, which it seems they don't (yet).

From the OP...

we both live together, joint mortgage

ViolaLass

YorkshireBoy wrote: »

From the OP...

D'oh, I might read the whole thing next time!