How badly will my boyfriend's bad credit rating impact on me?

amylou86

Hi All,
My boyfriend and I are in the process of buying a new property but because his credit rating is bad (due to previous debts and late payments which have now been cleared) the new mortgage is souly in my name.

We are looking to open a joint bank account in order to make the moving process easier and have been advised to open an account which doesn't have the facility of an overdraft such as the Halifax Easy Cash Account.

I am aware that this is going to make me financially linked with my boyfriend which is a worry as my credit score, as far as I am aware from the mortgage in principal application, is perfect.

Does anyone know just how much this will impact on my current rating? Will it affect me going forward in terms of my mortgage application which is currently going through at the moment?

Any advice is gratefully received.

Teqpro

Hi,

Not sure on the rules now, but 10 years ago my wife is with Halifax and i am with Natwest, at the time we both had average credit ratings and was told by an financial advisor not to have joint accounts as we would be sharing any bad debt, also in the future. So we waited for our credit to improve

Tixy

Definitely do not consider opening a joint account with him before your mortgage is completed.

If you do decide to open a joint account after that then it is quite likely to impact your ability to get accepted for new credit or the rates you may be accepted at.

[Deleted User]

If the mortgage is in your name only, I would stay clear of opening any joint accounts with him.

MEM62

amylou86 wrote: »

Hi All,
My boyfriend and I are in the process of buying a new property but because his credit rating is bad (due to previous debts and late payments which have now been cleared) the new mortgage is souly in my name.

Correction, you are buying a house if the mortgage is in your name only. I would say that in your case a joint account is not advisable. You can always reconsider in a few years time.

rockm87

I wouldnt bother opening a joint account, and it doesnt necessarily make things any easier. Just open one account, and get him to create a standing order to pay you a set amount each month for his rent/food/bills etc.

You dont need both names on it.

PaulW922

If a link is created between you - which this new account would - then it will drag your score down to a similar level as his. Try not to take out any products which will cause you to become financially linked.

harryfrombarry_2

If you open a joint account, all that will happen is he will spend your money.

Teqpro

If he open a joint account, all that will happen is she will spend his money shopping. Just kidding