Joint Account and a Default?

schuey87

My wife has a default on her credit file that went on in Januray 2009 (and is due to come off January 2015).

We don't have a joint account yet, reasoning being for me to not get associated with the default.... But we have (for the last 9 months) had a mortgage together, been married for 6 months, and live together.

If we were to make a joint account together before the default disappears would it any way harm my credit rating (and maybe stay on our file longer than 6 years because a new association was made with me), or if it was going to harm it to be associated would I already have done that because of our mortgage/marriage/living arrangements?

It would be much easier logistically if we could just get a joint account, but I don't want to do it if it is going to adversely affect us in future and those adverse affects could be avoided by waiting another few months. Can anyone who knows about these things help!? Thanks!!

Tixy

A joint bank account is no different to the mortgage in terms of financial association.

Having a joint mortgage means you will be shown as financially associated on your credit files from whichever of the 3 credit reference agencies your mortgage company report to.

schuey87

So essentially there should be no adverse effect to making account joint now rather than waiting? Does any negative effect shared by mortgage/joint account disappear once the default disappears?

Tixy

schuey87 wrote: »

So essentially there should be no adverse effect to making account joint now rather than waiting? Does any negative effect shared by mortgage/joint account disappear once the default disappears?

Once the default disappears it will no longer affect a potential lender's decision for you or your wife, as they will no longer be able to see it.
Your ability to get credit can still be affected by anything on the other person's file.