Joint Bank Account

Hughesy84

Ok me and the girlfriend are soon moving into our 1st house......so we need a joint account for all the bills to be paid from.

Which is the best account for this? I currently bank with Santander, she banks with Lloyds TSB.

We applied for the Santander preferred account, with her as main applicant, but for some reason we got rejected (not sure why?!).

We have a decent combined salary, minimal debts and would have 2 wages going in....Any ideas why we got rejected? And also where would take us?

Thanks Y'all!! :T

thomasdown

You probably got rejected because as you have just moved into a house, you might not be on the electoral register yet? So when the bank done a credit search they couldn't find you basically resided at your new address? OBviously its not your credit histories because you've just got a mortgage together?

thomasdown

Sorry only just realised you said you are soon to move in. The question then is, which address did you put down on application?

Hughesy84

We put our current addy.

No thats the thing....my credit history is good and iv just got a mortage on it

GF's history isnt great, so wasnt on the mortgage.

Would I be best getting an account in my name & then add her after to make it joint? Will they allow that?

blueberrypie

Hughesy84 wrote: »

Ok me and the girlfriend are soon moving into our 1st house......so we need a joint account for all the bills to be paid from.

You don't *need* a joint account to pay bills with. There are lots of other ways to manage the finances associated with running a household.

And given this:

Hughesy84 wrote: »

....my credit history is good and iv just got a mortage on it

GF's history isnt great

...you would be foolish to open a joint account, as it will create a financial link, and your girlfriend's poor credit history will drag yours down.

thomasdown

As blueberrypie has already stated, if your girlfriend has a poor history it will drag your's down. She must have a pretty bad one too if you have both been refused a joint account.

This has done you a favour I feel, get your girlfriend to order a copy of her credit report from all 3 credit reference agencies and address the issues on there. Bare in mind defaults are bad, so to are late payments but defaults are the worse? They each take 6 years to come off her files but late payments are seen different by every lender? Some say no late payments in the last year, some say 2 years? Each to there own.

You will probably be able to get an account but when you go to add her they will credit check her and refuse anyway so theres no point.

So get your girlfriend to address whats on the credit reports and then its a waiting game (6 Years), in a year or so if she's sorted things out, tell her to apply for a credit building card (Aqua, Vanquis or Capital One) she will get a low credit limit, make sure she pays off monthly to clear the balance because APR is ridiculous. It will show to lenders that she can re-pay debt ok and they will start to see her as a good risk?

Hughesy84

blueberrypie wrote: »

You don't *need* a joint account to pay bills with. There are lots of other ways to manage the finances associated with running a household.


...you would be foolish to open a joint account, as it will create a financial link, and your girlfriend's poor credit history will drag yours down.

I was wondering if we became financial linked, if it would affect me....which in 2 years time when I want a new mortgage rate wouldnt be the best thing. So thanks. :T

What if she pays a set amount into my account by standing order, would that financially link us?

What other ways is there to do it, other than splitting bills?

Hughesy84

thomasdown wrote: »

As blueberrypie has already stated, if your girlfriend has a poor history it will drag your's down. She must have a pretty bad one too if you have both been refused a joint account.

She is aware of the problem, its for one £250 store card that went to default. The balance is still unsettled.

thomasdown

Hughesy84 wrote: »

I was wondering if we became financial linked, if it would affect me....which in 2 years time when I want a new mortgage rate wouldnt be the best thing. So thanks. :T

What if she pays a set amount into my account by standing order, would that financially link us?

What other ways is there to do it, other than splitting bills?

No thats fine you can pay what you want to who you want, it won't make you financially linked? You only get financially linked if you were to take some form of credit together i.e. mortgage, joint account etc? Which in your case you have not yet?

Hughesy84 wrote: »

She is aware of the problem, its for one £250 store card that went to default. The balance is still unsettled.

She needs to settle the balance, that will work in her favour? But it will take 6 years from date the lender put the default on her file to clear.

If it is a authentic mis-understanding like you moved address and all correspondance they were sending out for the debt was going to another address? Then get her to ask the store card company to remove from her file if she pays the debt? Worth a shot? But if its her own fault like she didn't pay because she couldn't be bothered to then I'm afraid its going to be another 6 years before she gets any decent rates on credit?

Hughesy84

The issue (default) is with the ombudsman as its been sold on to a debt collection company but she will clear the balance also.

Ok so if she pays in say £1000 a month by standing order, and someone else pays me £400 a month the same way, it wont link me to them?

blueberrypie

Hughesy84 wrote: »

Ok so if she pays in say £1000 a month by standing order, and someone else pays me £400 a month the same way, it wont link me to them?

Receiving payments from someone, or making payments to someone, does not create a financial link.