Joint account and linked credit

woolythoughts

hi

i'm a long time lurker so please be gentle if I'm asking an obvious question.

My husband has a perfect credit rating - no blemishes at all.

I was declared bankrupt in 2012 and discharged in 2013 however now that is all behind me, we are starting to amass significant savings. Ultimately it will be for house deposit but that is several years away since I'm the main earner but am self employed and with the BR I know we won't be getting a mortgage any time soon. Husband is too old to get a decent repayment term in his own name (55) - the best a broker can do is a 9-10 year repayment term which makes it unaffordable on his salary alone.

We are approaching his 20K Santander account limit and were considering going for a joint account with them (if santander would even consider us - which would be the next hurdle). We have no need for any credit in the near future as we have a 22K credit card in his name with me as an additional card holder (balance never goes over 2K and its always cleared every month).

We would like a joint account just for convenience reasons and to stop the concept of his money and my money.

IF we were to get a joint account, if we then needed to disassociate for whatever reason, would it be possible by closing the account and filing a notice of disassociation with the credit agencies, or would it be stuck there because we are married.

grumbler

Don't do this. If you think that they let you have a joint account, open a sole account on your name instead.
Also there are other options like, say, Lloyds Club.

Sam112_2

grumbler wrote: »

Don't do this. If you think that they let you have a joint account, open a sole account on your name instead.
Also there are other options like, say, Lloyds Club.

Hi I am in the same situation and don't understand why it would be bad if neither of us will be looking for credit in the next 12+ months and even then if we close the account after 12+ months and disassociate before applying for credit how would it have an effect?

grumbler

What's the point? A joint account creates problems, but doesn't benefit you in any way. And do you know how easy it is to remove the association from all CRAs and how long it takes?

Also, you don't have to apply for a credit to face the problems. E.g. current account applications or mobile contracts involve credit scoring too.

woolythoughts

We want to take advantage of the interest on two santander accounts and one of them has to be joint.

Also, I earn 4 times what he does and that sometimes causes him to feel as though he's always asking me for money - so I want to pool the job lot so its all in one pot

grumbler

woolythoughts wrote: »

We want to take advantage of the interest on two santander accounts and one of them has to be joint.

No, one has to be joint only if you want three accounts, not two. And as I said, Santander isn't the only one and not the best in terms of the interest rate.

Also, I earn 4 times what he does and that sometimes causes him to feel as though he's always asking me for money - ...

How come if S123 account is in his name and is below the limit?

Also, you can get a credit card on his name with you being the second cardholder. This doesn't create an association. Set a DD on your current account or on S123.

woolythoughts

Because I haven't been able to get access to the best accounts so at the moment, I transfer all my income into his account

grumbler

Well, go ahead then with a joint account, but read this thread first: Joint Bank Account Disassociation

That said, I still don't understand why this situation "sometimes causes him to feel as though he's always asking ... for money" and how a joint account can help. Is he not a sole account holder of S123 account with almost £20K in it?