Should I let my partner with poor credit be additional card holder on my bankaccount?

tindari2003

Hello all,
I'm in the process of talking about letting my boyfriend move into my house. I have really good credit, he has really poor (partly self-employed, partly just bad with money in the past) He has just started a new job now (as an employee) and is working hard to get himself financially stable, but I'm wary of linking my credit record to his just yet. Would this happen if I opened a personal current account for the bills/mortgage which he paid into and I just had him as an additional card holder? What would happen if he was paying by standing order into one of my accounts? I understand not to open a joint account until he has repaired his credit a bit. Would the very fact he is going to be living here affect my score? many thanks in advance

cheeeky_monkey

Well I wouldn't dream of doing so. I have these awful visions of you coming back in a year or so and posting for help about the awful mess you've got yourself in.
Think very carefully is all I am saying.

tindari2003

Hmm so is the best way just to get him to set up a standing order with a set amount each month for bills and mortgage into my personal current account, and maybe take turns to pay for the shopping, each from our own accounts (or maybe have a cash kitty)? At the risk of sounding naive, I know that he is working hard and taking advice to sort his budgeting out (1 credit card maxed out, £4.5k), but yes I know what you're saying, have been in the same position with a previous boyfriend, hence my wariness now!

jen245

You can't have an additional card holder on a bank account. It's either a joint account, or a sole account, and I would never advise having a joint account with someone who is bad with money, and has poor credit, as being linked financially with that person, will ruin your own credit worthiness, and if he runs up a huge overdraft on the account, you are also liable for the debt. Don't do it.

chexum

Relationwise, it's hard to say - sharing your finances can make or break your future, just as well *not* sharing it. However, if it's important to you, but not to him, I'd wait

But just to make it clear - there's no additional cardholder on a bank account.

You can have additional cardholders for credit card accounts - which doesn't share the debt at all. The other party can run up a debt overnight, and disappear, and it's all yours to sort out.

Or you can have joint current accounts, which make all your financial life connected in the eyes of any creditor, future and past - until you together close all such accounts, and file a notice of disassociation to the credit agencies. The responsibility is shared somewhat more, but the other party still can withdraw whatever's in the account, do a runner, and you're still left with the debt - but they *will* have a marker on their file as well, so it's a bit more difficult for them to start anew.

tindari2003

many thanks for the responses- I didn't know that about the current account. Right, set standing order it is with everything else remaining the same i.e. in my name only. I only thought it would be more convenient to pay for groceries if we both had cards, but I'm not going to ruin my credit rating that I spent years building up. What about the voters roll?

HappyMJ

You can have a joint "savings account" i.e one without any chance of overdraft facilities and you won't be financially connected as no credit check is required to open the account. You could then get a card that can be used in the bank's own machines or shops such as a Natwest Basic bank account. That does not appear on my credit file.

Financial connections

Details of who you share a financial connection with.
You have no financial connections on your report.

jonesMUFCforever

OP is assuming that the bank will let him be an account holder. If his credit rating is that bad he won't get through the credit score.
IMO you should keep your finances separate.

chexum

Others' electoral registration won't affect your credit file. But if anyone new is going to be registered/living at your address, don't forget to tell the council if you used the single occupancy discount.

Not to flog a dead horse, but I just remembered someone pointing out that using a joint current account with two cards is the worst idea. Even when nothing's wrong, it can take 3-5 days for a purchase to show up, so no one will know the real available balance unless you both keep a record of all payments, and, say, file all the receipts...

Good points though about the credit check necessary and the joint savings account.

debrag

me & my partner don't have joint accounts. he transfers his share of rent into my account and we share out the rest of the bills so I pay some and he pays some. When we go shopping one of us pays then the next time the other one does etc.

heloid

In my flatshare we have a halifax £5 reward account under my name which everyone transfers the money for rent/bills in to (separate from my finances). Obviously they trust me, and I trust them enough to leave the debit card in the kitchen. But generally everything is done via direct debit/internet banking when bills come in.