2nd Card holder in current account- credit history linked?

londoner1998

Hello
forgive me if this is a very bsic qeusiton and there is an answer elsewhere...

OP and I are 'streamlining' our finances. At the moment they are separate as his credit history wasn't brilliant to begin with, (although it has improved). We have opened a joint saving account to start putting money in towards a house (in the long distance future).

Due to CSA payments and irregular income he is finding it hard to budget- we have discussed briefly the idea of getting a joint account to pay for the house food bills and basic expenditure: I don't want to link our credit histories, but would it be ok for one of us to get the other as 2nd card holder of a current account just for the bills' purpose without mseeing up our crredit files?

Many thanks

YorkshireBoy

A joint current account will create a financial association at the credit reference agencies.

londoner1998

Thanks Yorkshireboy- how about the seoncd cardholder? Are there any repercusions?

YorkshireBoy

londoner1998 wrote: »

Thanks Yorkshireboy- how about the seoncd cardholder? Are there any repercusions?

There isn't a "second card holder" (like there is with credit cards)...with a current account both are joint card holders.

If you don't want to link your credit histories don't open a joint current account.

scottishblondie

You can't get a second card holder on a current account - that's a credit card thing. The only way for you both to be able to access the account would be to have a joint account, which would create the association.

Would it suffice to have an account in your name that you both contribute to, and have all bills etc out of there? There would only be one debit card, which I suppose could make things tricky tho if you both need to pay for things out and about.

brian_723

Just keep the money in a savings account ,or one each, but you manage them ,take advantage of the tax free benefits of an Isa .Now just get a credit card for every day spend and pay off in full bt DD every month ,then you can get a second card h but it will not be financially associated as the responsibility will lie with the main card holder .

londoner1998

Thanks - I thought the 2nd card holder applied to current accounts as well. I have a Clarity CC, may be we could be both holders and use it for everyday stuff... although that sounds slightly dangerous.
I think the savings account will be a better option.

Thanks

jen245

Natwest do a savings account called First Reserve, which comes with a Visa Debit card. You could open a joint account, and each have a debit card and avoid being financially associated.

http://www.natwest.com/personal/savings/g1/instant-access/first-reserve.ashx#tabs=section1

You cant have direct debits or standing orders on the account, but its a good account for everyday spends/savings

Toe-Jam

jen245 wrote: »

Natwest do a savings account called First Reserve, which comes with a Visa Debit card. You could open a joint account, and each have a debit card and avoid being financially associated.

http://www.natwest.com/personal/savings/g1/instant-access/first-reserve.ashx#tabs=section1

You cant have direct debits or standing orders on the account, but its a good account for everyday spends/savings

This will also financially assoicate your credit histories.

It is not only the accounts that will link you together. All that needs to happen is for 2 names to be on the same application and you will have a financial association with that person, even for a savings account.

londoner1998

Toe-Jam wrote: »

This will also financially assoicate your credit histories.

It is not only the accounts that will link you together. All that needs to happen is for 2 names to be on the same application and you will have a financial association with that person, even for a savings account.

Is this so? I thought this only apploed to current accounts... (ie credit commitments)?

Thanks

jen245

Toe-Jam wrote: »

This will also financially assoicate your credit histories.

It is not only the accounts that will link you together. All that needs to happen is for 2 names to be on the same application and you will have a financial association with that person, even for a savings account.

How, when savings accounts arent credit scored, and the account wouldnt even show on a credit report?