Current Account - Second Card Holder?

dibba66

I'm moving in with my fiancee this weekend: I have a significant amount of debt; she doesn't. With the money we each earn, we reckon we'll be free of this debt within 2 years.

In the meantime however, we'd like to open a joint current account but have a concern. As I have been turned down for credit recently, I assume I have a poor credit score, not because I have not made payments on time, but because of the amount of debt against my name. Would opening a joint account create a financial link to me and therefore make it difficult for my fiancee to get credit in future (we have plans for example to extend the house - mortgage currently £70 000; market value £250 000 - in my fiancee's name)?

If it would be impossible to open a joint account at the moment without any adverse effect on my fiancee's credit worthiness, would it be an option for me to be a second card holder on an account held in her name? Does such a thing exist and if so, through which banks?

If the above approaches would not work, I wondered whether it would be possible instead to open the account in my fiancee's name and share the card? The logistics could be difficult but is it legal in any case?

Any help gratefully received.

fistfullofdollars

A joint account would link you both on each others credit file. So yes, it could affect her ability to get credit.

All current accounts (correct me if I'm wrong) are the responsibility of all names on the account. I think you are getting confused with credit cards. With a credit card you could have a credit card in Mr X's name and give Mrs X a card for that account but Mr X is financially responsible for all of the account.

dibba66

Okay, thanks for that. Any idea re the legality of just sharing the one card if, for example, I'm using her card and pin, with her permission, at the till in ASDA?

fiveyearplan

Also, you wouldn't be able to use her card legally. Why don't you get a credit report on yourself then you can see if you have a bad credit file. Who were you recently denied credit from? There may be nothing wrong with your credit history and you won't know until you get your report.

LindseyBluff

you can't use her card even with her permission. If her card became lost or anything she would be liable for any money used on it as she has not kepth the pin secret (yes even from you). My husband and I asked the bank and that is what we were told as they won't give him a card for our account even though its his wages that go into it!