Joint Account & Credit Rating

xxSaffronxx

Hi
I recently got married and would like to add my husband onto our house bank account.
However he has a bad credit rating, will it impact mine if we do this?

BugsyBrowne

xxSaffronxx wrote: »

Hi
I recently got married and would like to add my husband onto our house bank account.
However he has a bad credit rating, will it impact mine if we do this?

Yes it will and will effect you everytime you apply for credit as they will automatically check his at the same time.

xxSaffronxx

I have a joint account with my Mum though and on my credit report it doesnt state her as one of my financial associations?

BugsyBrowne

xxSaffronxx wrote: »

I have a joint account with my Mum though and on my credit report it doesnt state her as one of my financial associations?

On all 3 reports or just 1 as a joint account will most defiantly put a financial associate on someone's credit file, even a joint application can aswell.
Not sure if joint basic accounts are any different to current accounts when CRA's use financial association.

MoneySaverLog

Joint Bank Account = Financial Association as it's a credit product and possible to go overdrawn.

Joint Savings Account = No Financial Association as not a credit product cannot go overdrawn.

cottager

Could the a/c with Mum be long-standing? Our joint current a/c and the one in my own name are not reported at all as they've been held for so long -- I think if they were opened before about the mid-late 1990s (??) they aren't, and ours are many years older than that. Current accounts opened more recently by both of us are reported, though none are joint.

xxSaffronxx

cottager wrote: »

Could the a/c with Mum be long-standing? Our joint current a/c and the one in my own name are not reported at all as they've been held for so long -- I think if they were opened before about the mid-late 1990s (??) they aren't, and ours are many years older than that. Current accounts opened more recently by both of us are reported, though none are joint.

The account with my mum is a few years old (2008). So is the account that I want to put my husband on (2007).
So by your theory he could go on it without it being mentioned on my credit report?

YorkshireBoy

cottager wrote: »

I think if they were opened before about the mid-late 1990s (??)

Close enough! 1998, coinciding with the DPA revamp.

JuicyJesus

xxSaffronxx wrote: »

The account with my mum is a few years old (2008). So is the account that I want to put my husband on (2007).
So by your theory he could go on it without it being mentioned on my credit report?

It'd have to be longer ago than that. We're talking decades here.

If the joint account with your mum is a savings account, it won't show on your credit file.

cottager

xxSaffronxx wrote: »

The account with my mum is a few years old (2008). So is the account that I want to put my husband on (2007).
So by your theory he could go on it without it being mentioned on my credit report?

No, I think you misunderstood my 'theory'. It's as JuicyJesus says: there is no financial association on my file as our (only) joint current a/c was opened many years before 1998 (thanks Yorkshire Boy!). Before then AFAIK no process existed for customers to give consent for their information -- positive or negative -- to be shared with CRAs, so old accounts like our joint one aren't reported because we had no "box to tick" when they were opened. In the same way, even though it didn't end till 2009 (i.e. well into the "reporting era") neither was our joint mortgage, as it was taken out in 1984.

xxSaffronxx

Ok cheers guys