Joint Bank Account- Bad Credit Question

Yellow_Jersey

I have a poor credit rating and looking to set up a joint bank account with my girlfriend who has an excellent credit rating.

I don't want to have an adverse effect on her rating.

Will this happen if we get the joint account?

It is just so that we can deposit money from our accounts for direct debits to be covered.

No debit cards etc.

Thanks

chambta

You will create a financial association and your poor credit can adversely affect her.

innovate

Either of you can set up (in their own name) a separate bank account from which you pay the bills with direct debits. The other one can pay their contribution into this account.

Or one of you just pays the bills from their existing account, and the other one pays their share into that account.

Both these options won't create an association.

innovate

NB. If you set up a new account, try to take the opportunity to make some money in the process. E.g.

• Santander 123 will give you cashback on certain direct debits, and you can get around £55 cashback from Quidco/Topcashback to set up the account to start with. It costs £2/mth though
• First Direct pays £100 for opening an account (must continue to pay in £1.5K/mth for at least 6 mths), and then you have access to their 8% Regular Saver
• Halifax pay you £5/mth for paying in £1K/mth
• there may be others of interest to you - you need to do your own research, e.g. by reading through relevant posts on MSE

The ongoing paying-in requirements of the above can be met by cycling the same money through a number of accounts