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Credit Ratings & Joint Bank Accounts
Catherine11
Posts: 5 Forumite
Hello, hoping someone can help!
I've recently got married and would like to open a joint bank account with my husband - because we have some cheques to 'Mr and Mrs' and because it'll make finances easier to manage.
If he has a bad credit rating will it affect mine opening a joint account with him?
Thank you!
I've recently got married and would like to open a joint bank account with my husband - because we have some cheques to 'Mr and Mrs' and because it'll make finances easier to manage.
If he has a bad credit rating will it affect mine opening a joint account with him?
Thank you!
0
Comments
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Catherine11 wrote: »Hello, hoping someone can help!
I've recently got married and would like to open a joint bank account with my husband - because we have some cheques to 'Mr and Mrs' and because it'll make finances easier to manage.
If he has a bad credit rating will it affect mine opening a joint account with him?
Thank you!
It certantly will effect you if your partner has bad credit, also if you do apply for a joint account he will then be classed as your financial associate which then means if you apply for credit his file will be checked aswell.0 -
Do you already have anything in joint names? Loans? Mortgage? Certain utility companies like British Gas?
If you do then it will already be impacting you as the financial association will be there. If you dont then it will create a financial association and so it will start impacting you0 -
You can simply open a joint savings account to pay in the cheques as this would not create a financial association notice with your husband on your credit file.
Once a financial association notice is created, your husband's credit rating would be taken into consideration and would affect the outcome of any sole credit applications made in your name only.0 -
Thanks everyone for your replies - really helpful!
We have nothing else in joint names at the moment, but will do soon.
He has a debt company chasing him - not for much money but I'm wondering if this debt company can now find me if we set up this account together? Can I now be liable for that debt?0 -
No - if the debt isn't in your name - they can't chase.
*edit: they might try - but they aren't allowed to.0
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