Changing current account (shared bank account)

cts_casemod

Hi all,

So I have a joint bank account with my partner and I'm now thinking in changing.

1) I own this bank account since August 2011, so will leaving an account that is nearly 5 years old affect my credit rating?

2) My partner was added about a 10 months ago to my account. Can she also benefit from the switching offers or the fact that this is a joint account only count once?

Thanks

badger09

cts_casemod wrote: »

Hi all,

So I have a joint bank account with my partner and I'm now thinking in changing.

1) I own this bank account since August 2011, so will leaving an account that is nearly 5 years old affect my credit rating?

2) My partner was added about a 10 months ago to my account. Can she also benefit from the switching offers or the fact that this is a joint account only count once?

Thanks

1)Switching a current account will not have a negative effect on your credit worthiness.

If this is your only account & you are thinking about applying for any credit (card, loan, mortgage etc) in the next year or so, I would recommend retaining it, as lenders - especially mortgage lenders, like to see stability.

2) It is now a joint account. You can only switch a joint account to another joint account - so one switch incentive only.

There is, however, nothing to stop both of you opening individual accounts if you want to chase multiple incentives;)

cts_casemod

badger09 wrote: »

1)Switching a current account will not have a negative effect on your credit worthiness.

If this is your only account & you are thinking about applying for any credit (card, loan, mortgage etc) in the next year or so, I would recommend retaining it, as lenders - especially mortgage lenders, like to see stability.

2) It is now a joint account. You can only switch a joint account to another joint account - so one switch incentive only.

There is, however, nothing to stop both of you opening individual accounts if you want to chase multiple incentives;)

The joint account was created because no one would offer my OH a bank account, dont ask why...

So would it be possible for her to to keep this account and for me to transfer? Or would I have to take her out of the joint account first so that the new account was only mine?

Thanks

badger09

cts_casemod wrote: »

The joint account was created because no one would offer my OH a bank account, dont ask why...

That's bad news. Now you have a joint account, you are financially linked, so the credit worthiness of one is affected by that of the other.

If it was a problem with OH's credit history, eg no/not much history, a well run current account for 10 months might have improved it. If it was something else, eg late payments or defaults, then 10 months probably isn't long enough to have much effect.

cts_casemod wrote: »

So would it be possible for her to to keep this account and for me to transfer? Or would I have to take her out of the joint account first so that the new account was only mine?

Thanks

I don't know whether your bank will let you change the joint account to sole - you'd have to search their website or phone them.

Perhaps easier, would be to leave the existing joint account running, and apply to open another in your sole name?

cts_casemod

Hum, thanks, will have to look into that with the bank then.

Her case is awkward, to say the least. The credit agencies say they dont have enough history to create a profile for her. It is as if she didn't exist. Shes on the bank account and I got her a Vanquis card at the same time, plus she had a credit for the car insurance a few years ago her name into one of the utility bills.

Vanquis also didn't increase her limit after the 6 months, despite the card being used correctly... I have no idea whats going on.

badger09

cts_casemod wrote: »

Hum, thanks, will have to look into that with the bank then.

Her case is awkward, to say the least. The credit agencies say they dont have enough history to create a profile for her. It is as if she didn't exist. Shes on the bank account and I got her a Vanquis card at the same time, plus she had a credit for the car insurance a few years ago her name into one of the utility bills.

Vanquis also didn't increase her limit after the 6 months, despite the card being used correctly... I have no idea whats going on.

Is she on the Electoral roll? If not, that's a good start.

Has she requested copies of her credit files? If not, I'd suggest she does that. It costs only £2 for the statutory report from all 3 CRAs.(Callcredit, Equifax & Experian). Then you will at least be starting from a known position, rather than what some random lender tells you;)

cts_casemod

Yes, for years.
I ordered one for Experian, didn't knew about the others. Guess now its a good time to take care of that

PS: Just checked this, she has a credit account open from a provider that revoked the card before it was even received, about 6 months ago. Need to call them tomorrow and ask whats happening.

Could an unused credit card on file be driving her credit score low?

badger09

cts_casemod wrote: »

Yes, for years.
I ordered one for Experian, didn't knew about the others. Guess now its a good time to take care of that

PS: Just checked this, she has a credit account open from a provider that revoked the card before it was even received, about 6 months ago. Need to call them tomorrow and ask whats happening.

Could an unused credit card on file be driving her credit score low?

Forget about her 'credit score'. Its a number made up by the CRAs and almost irrelevant, as every potential credit provider will have its own 'scoring' method.

She needs to get to the bottom of the revoked card asap. And yes, now would be a good time for her to get copies of all 3 statutory credit reports.