Credit score affecting boyfriends if we get joint account

happybunny86

Hi,
I'm in a bit of a predicament. My boyfriend and I are moving in together in June. He thinks the easiest way to control our finances is to get a joint bank account. However my credit score is very low and I was recently refused one level up from a basic bank account. Therefore I am worried we won't be able to get one and most importantly that I will affect his credit score.
Has anyone had similar problems. He does know I have a low credit score but I don't think he understands the depths of the issue. He did have problems with a previous girlfriend where by all the bills came out his account and when they broke up she refused to pay so i can see why he would prefer joint responsibility.
I'm not sure I trust myself to look solely after our bills considering my terrible past in money management but perhaps it would be a good challenge!
Thanks in advance.

~Beanie~

Yes, if you get a joint account then any adverse information on your credit file will affect him. Have you had a look at your file to see what is on it?

themarsbargirl

If you don't want a joint account why not look at half the bills coming from your account and half from his?

happybunny86

Yes I've looked at my credit file on noddle and experian. I go 1/5 on noddle and 347 on experian which are both in the very poor area.

Out of interest does anyone know how long it takes to move out of these brackets if you do everything correctly?

In terms of the entries on the reports they seem very accurate. I did have a discrepancy with one on my noddle account which they have amended. Its mainly a history of defaulting. There are a lot of satisfied and settled defaults on there.

amr547

Credit scores are pointless, its what your file says.

Personally I wouldn't get a joint account. My O/H has 4 defaults so we keep our finances separate. I control the bulk of the bills, he transfers a set amount over to my account via standing order each month to cover his half. Now he has settled all of his defaults we are moving some bills over to him so that can build up his credit history again.

poppasmurf_bewdley

Keep your accounts separate until you have lived together for at least a year, and then consider it.

In that time, you will have gotten to know each other financially as well as personally.

I'm speaking from personal experience.

Experian_company_representative

If it helps I answered a question on this issue not long ago.

James

JizzleMonkey

Another way you could possibly play this, is for him to open another account in his sole name (as he has the better credit rating) which is to be used solely for joint expenditure.

Then to give him the reassurance he wants write out an agreement that spells out that you both acknowledge that
- this is joint money to be used for joint spending only
- sets out how much and how often you both are both going to contribute to this account
- that the account will be converted into a joint account when your credit rating has improved
- that you will have access to statements and account balances whenever you wish
then both sign and date it

I am not sure how such a document would stand up legally but would show a clear intent about responsibility towards the joint bills and the account that he has opened.

Also if you are at the point in your relationship where you are considering joint finances it is probably time to have the full disclosure conversation about what both your finances look like.

National_Debtline

Hello there,

There is some useful information about credit referencing - including joint financial associations within our credit referencing fact sheets.

http://www.nationaldebtline.co.uk/england_wales/factsheet.php?page=05_credit_reference_agencies

Best wishes,

David @ NDL

happybunny86

JizzleMonkey wrote: »

Also if you are at the point in your relationship where you are considering joint finances it is probably time to have the full disclosure conversation about what both your finances look like.

Thanks for the advice - think this is a good idea. I have had the conversation on the finances. I'm just not sure he understands I could damage his credit rating. He's from the I'm sure it will be okay stop worrying about it school of life