Joint account - 1 flawless credit rating, 1 not so good

betternow8400

My now husband and I have just bought a house together. He had lots of savings and we managed to mainly buy it in cash, with a £30k mortgage (in his name):j

We're expecting our first baby together, but he brings up my other 2 children as well. At the moment, our bank accounts are seperate.

He's keen to get 2 joint accounts now, so I feel secure financially,bless him. One is to be our savings account (about £42,000 to put in it) and a curent account which we'd depost about £6000 in it, plus a montly income of about £2000.

We like the look of the first direct account. However, is my poor credit history likely to affect this, or will his credit rating offset this? I had a DRO but about 3/4 years ago now, but it will obviously still show up. However, I now manage a credit card (very small balance paid off each month), a NExt account (no debt on it) and a contract phone so my credit history must be improving. I have a bank account with Natwest and a visa debit card.

I have said my credit history may affect his but....he doesnt mind because we're going to be settled in our home and no need to get credit or anything.

What do you think chances are of a good current account?

innovate

What do your credit files say? It's essential you know what the banks will see when they do a credit check on you.

They won't add up your hubby's and your credit - - if one of yours is bad, your application won't get processed. Worse still, the 'good' one will probably be marked with an association to a bad credit record.

But don't panic - - get your credit files, and make a decision based on facts.

In any case, for a savings account, banks won't do credit checks. All they will expect is to find your name & address on credit files, and also on the Electoral Roll. Since it sounds you recently moved / changed name, check you are both on the Electoral Roll, and also check that the CRAs have you with the correct name and address.

The very best of luck with your family - - sounds you are all very happy together! Long may it last.

innovate

Checking your credit files:

http://www.moneysavingexpert.com/loans/credit-rating-credit-score

betternow8400

Thank you!

So what would I hope to see on my credit file, or hope not to see should I say!

innovate

You want to see no defaults on any payments - - - each of the CRAs will give you an explanation of what their report means. And the MSE article on the main site explains a lot more.

Each of them will probably also want to sell you something - - don't buy it, you don't need it!

Come back here if you have Qs when you got your reports

innovate

The noddle report seems to be the easiest to get fast

They will pester you with all sorts of sales blurb once you are registered, so be careful.

You don't need any of the stuff they say you need.

InsideInsurance

betternow8400 wrote: »

What do you think chances are of a good current account?

First of all it depends what you define as "good"

Certainly when talking to the "private"/ "premier" people at HSBC, Natwest, Citi etc they all said that as long as one partner is of their required standard the other party doesnt need to be as long as they dont have anything particular adverse (bankruptcy, CIFAS loadings etc)

FD wouldnt tell me when I asked them but they were happy to offer us accounts with my wife having very little credit history and that contained one or two late payments.