Will a Joint Bank Account Ruin My Credit Rating? Trust Deed

LiClark

Hi,

This is my first post, so apologies if this is not the best place for it.

My husband and I are struggling financially and want to budget our money better. In the past he had a Trust Deed, but it was paid off two years ago.

I have a loan from the bank, but no other debts. We currently have two accounts and want to get a joint account, but are worried that it will affect my credit rating and ability to get a loan in the future (this is in NO WAY a plan, but I like knowing in case of an absolute emergency the option is there).

Will it be a problem, or will it be ok because it has been paid off for a couple of years?

Anthorn

In most cases, when you open the joint account you will be financially linked to your husband so that your CRA credit report will be linked to that of your husband and vice versa and each affects the other. So accounts and how those accounts are operated are virtually merged.

But it could be that you are already financially linked. The only way to find out is to get your credit reports from the three CRAs.

PhenoM

I'd never recommend a joint account if either partner's credit history is even a bit dodgy.

YorkshireBoy

I know nothing about Trust Deeds, but a quick google seems to suggest a default is placed on the credit file of anyone entering such an agreement.

This will last for 6 years (from placement), so it's not important when the Trust Deed was "paid off" but when it was first registered.

Therefore it doesn't seem wise to link yourself financially to him via a joint current account.