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Joint Basic Bank Account
jacktajackson95
Posts: 5 Forumite
Hi All,
The OH and I are moving in together at the end of this month after a few months of planning. I am currently on a DMP (around 6 months in) with ~£12k of debt to ~£27k income per year. As part of the moving in procedure we want a joint account. I almost definitely wont be accepted for a bank account with any kind of overdraft.
My OH knows about the debt, the DMP and my situation. My question is that if we get a joint basic bank account, will she then become financially linked to me? As you would with a normal overdraft account? The account we are looking at is the Nationwide Flex Basic which we can open joint.
We're not planning on using any real credit facility in the next 2/3 years whilst I pay off the DMP and we save for a mortgage. Therefore the next question is that if she is linked financially to me, how badly does that affect her ability to obtain credit? She has an account with an overdraft, a phone contract and other than that, she's had very little credit. She's always paid in full therefore she has no credit issues?
TYIA
The OH and I are moving in together at the end of this month after a few months of planning. I am currently on a DMP (around 6 months in) with ~£12k of debt to ~£27k income per year. As part of the moving in procedure we want a joint account. I almost definitely wont be accepted for a bank account with any kind of overdraft.
My OH knows about the debt, the DMP and my situation. My question is that if we get a joint basic bank account, will she then become financially linked to me? As you would with a normal overdraft account? The account we are looking at is the Nationwide Flex Basic which we can open joint.
We're not planning on using any real credit facility in the next 2/3 years whilst I pay off the DMP and we save for a mortgage. Therefore the next question is that if she is linked financially to me, how badly does that affect her ability to obtain credit? She has an account with an overdraft, a phone contract and other than that, she's had very little credit. She's always paid in full therefore she has no credit issues?
TYIA
0
Comments
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Why should a joint account be part of the 'moving in procedure'? Once she is financially associated with you, any potential lender will be able to see this.
You say that you won't be using any credit for the next 2/3 years, yet you are worried that being linked to you will affect her ability to get credit.I came into this world with nothing and I've got most of it left.0 -
Would the basic bank account link us financially? I am obviously worried in case it doesn't work out (I am expecting it to however who knows...) If the account was then subsequently closed would her score still suffer?0
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What's to be gained by opening a joint account? A basic bank account shows up on a credit report just like any other account so, yes, you would be linked.I came into this world with nothing and I've got most of it left.0
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I have a basic bank account and there is no record of it on my credit report - should there be? And if it doesn't show on the report, would it still create a financial link?0
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You still have to answer the question, at least to yourself:
Why can it not be a sole account, possibly combined with a credit card (with a second cardholder) and/or a prepaid card, e.g. Pockit?Shakin_Steve wrote: »What's to be gained by opening a joint account?0
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