Does bad credit history affect a joint bank account

dexterwolf

Me and my partner have set up a joint bank account a few months ago and are looking to buy a house soon. My girlfriend has had a bad credit history in the past few years. My credit history is brilliant and I have never defaulted or paid late for anything.

Will us both having a joint account affect my credit score so that I will not be able to get a mortgage in my name?.

I was accepted for a single mortgage last year but the house fell through and we are now concerned that I will not be able to get another mortgage approved this time because of us having a joint account.

Thanks for any advice.

YorkshireBoy

dexterwolf wrote: »

Will us both having a joint account affect my credit score

Yes, negatively.

so that I will not be able to get a mortgage in my name?.

That's difficult to answer.

However, if it was always your plan to take a mortgage by yourself, why on earth did you link yourself financially to someone with such a poor credit history?

Best course of action?...close the joint account, and sever the link by filing notices of disassociation with all three CRAs...pronto!

dexterwolf

Thanks for the reply Yorkshire boy. Her credit history should be written off after a number of years if I am right in my thinking?.

To be honest I did not think that having a joint account would affect my credit as I have another seperate bank account with various direct debits coming from it.

YorkshireBoy

dexterwolf wrote: »

Her credit history should be written off after a number of years if I am right in my thinking?.

Credit accounts remain on file for 6 years from closure.

The impact of a poor history lessens with the passage of time...unless we're talking defaults and CCJs?...in which case she (and you) may be waiting a while!

Buzby

Information is never 'written off'. It will remain on file at the CRA forever - just that certain elements of it will become time-barred (usually 6 years) so will not be shown to enquirers.

But the data will remain, perhaps only viewable by those with higher security clearances, but 'dropping off' is not an option.

happy_bunny_2

Close your joint account ASAP.

File a notice of disassociation with the 3 CRAs. Both of you should do this. You should then be ok credit reference wise.

Be aware if you are married, some companies, only a few I think, won't give a single mortgage if you are married.

matttye

Buzby wrote: »

Information is never 'written off'. It will remain on file at the CRA forever - just that certain elements of it will become time-barred (usually 6 years) so will not be shown to enquirers.

But the data will remain, perhaps only viewable by those with higher security clearances, but 'dropping off' is not an option.

For all intents and purposes it 'drops off'

The data might technically still exist but no lenders get to see it so it doesn't really matter.