joint account with poor creditor

slockt

I wish to help my partner regain there credit rating.
My question being, If i was to open a bank account in joint names would it effect my credit rating? Would I be judged on their history as our names would now be linked financially?
Many thanks in advance.

UsetheFORCE

slockt wrote: »

I wish to help my partner regain there credit rating.
My question being, If i was to open a bank account in joint names would it effect my credit rating? Would I be judged on their history as our names would now be linked financially?
Many thanks in advance.

YES, it would affect your credit rating and probably a hell of a lot more than helping your partner.

I wouldn't suggest you do it!

slockt

Appreciate your swift response. Worst case scenario, What else could it effect?

MrSilk

slockt wrote: »

Appreciate your swift response. Worst case scenario, What else could it effect?

Your ability to obtain credit

bargainbetty

It would actively damage you and do them no good anyway. If your partner wishes to repair their credit rating, get them to get a copy of their credit report from Noddle (£2) and go through ti to see where the damage is and to check that there is nothing on there that shouldn't be.

Make sure that all existing agreements are paid on time and that your partner learns how to manage their money effectively. Help them with budgeting and support them in getting straight by offering the occasional treat when they hit a target, and not making them feel bad for not having money to spend (I know you might not, but some people do it unconsciously - we never go out to dinner etc).

Don't wreck your own credit or take out a loan/card etc in your name. Don't countersign for anything. Let them get straight on their own two feet. Sorry, massively harsh lessons here, but you don't need it wrecking your credit too.