Moving bank accounts

Maisiemoos

Very new to using this!
I'd like to close my bank account, saving accounts and move credit balance all over to my husbands bank account (adding my name to it of course;) ) but just so we can keep everything together and have all bills coming out of the one.
My question is would me doing this affect my credit rating?

anoncol

You will affect each others credit rating by having the joint account.

bolzano

What you do with your saving account wont affect your credit rating.

You will probably be credit checked at the new bank, which could affect your credit rating. It shouldn't be a big deal unless you have lots of other checks on your credit report in a short time.

Closing your old account may negatively affect your credit rating as an account open for a long period of time shows consistency.

Do you already have financial ties with your partner - mortgage etc? If so, that wont affect your credit rating any more than it already is. If not, then it will affect your credit rating.

colsten

Joint accounts for current accounts, mortgages, loans etc will create a financial relationship between the account holders for a rolling 6 year period.

You need to be very seriously certain that your partner will live up to your financial standards before you want to enter into shared finances. Being in love isn't a good enough reason to enter into a financial partnership. Search the forum for posts of people who are trying to get their financial relationship annulled - it isn't easy, or even possible for the next 6 years in many cases.

Much easier to just FP each other some money now and then ;-)

Maisiemoos

Thank you all so much, this is great advice/input.

My husband and I recently got turned down for a mortgage application but that was due to not having a big enough deposit! We were just thinking tieing all our accounts together to make everything neater.....if that makes sense! I've a long relationship with my bank and a great credit score so maybe we'll keep things as they are. Thank you again for your input