Credit Checks for Joint Account

MysteryQueue

firefox1956 wrote: »

You are making things complicated ??
Just open another sole account & pay both your monthly amounts into that surely ??

Obviously my understanding doesn't seem to be that great here. Is there a huge difference between opening a new sole bank account and opening a joint bank account?

YorkshireBoy

MysteryQueue wrote: »

Obviously my understanding doesn't seem to be that great here. Is there a huge difference between opening a new sole bank account and opening a joint bank account?

Not "opening", more "applying". If one of you has a poor credit rating then the joint account application will be declined.


There's clearly something wrong with one of you, and I don't expect it to be your levels of debt...at least not for a current account application! Best to obtain your credit files (at least from Experian and Equifax) before making any more applications...even sole applications.


I suspect you'll find an ID issue, ie Electoral Roll, lack of address history, etc.

10pence

grumbler wrote: »

So, do I understand correctly, that if you apply to some(?) banks they report the association and it remains in the file visible to all lenders?

Yes, this is the case regardless of whether successful or not or even taking the product applied for.
First hand experience of applications with HSBC and Barclays, but never took the products the financial association was in place. A notice of correction rectified it.

xylophone

You might each want to consider a "help to buy ISA."

http://www.moneysavingexpert.com/savings/help-to-buy-ISA

For the moment, stick with sole accounts? - Alll the DDs etc could come from one of the sole accounts with the other party paying a set amount into it monthly.

Cashback available on some DDs at Santander 123 and Natwest Reward.



Make sure that you each have the best sole account (s) you can get.

http://www.moneysavingexpert.com/banking/compare-best-bank-accounts#interest

YorkshireBoy

xylophone wrote: »

For the moment, stick with sole accounts? - Alll the DDs etc could come from one of the sole accounts with the other party paying a set amount into it monthly.

There's a possible downside with that approach, in that one party may have difficulty meeting future address related ID requirements for a utility bill in their own name.

grumbler

Bills can be on different names, but the DD usually can be set on other person's sole account.

Tesco saving accounts don't allow this (or require some written confirmation?), but utility providers usually don't care.