Joint accounts for me and fiance after wedding

Gaz84

Guys, I need some advice, Me and my fianc! are getting married in 3 months. We are both gonna be moving into a small flat. She is a trainee teacher and I work for a manufacturing firm. My pay is approx. 40k before deductions. She wants to get a joint bank account for joint bills, I am ok with this. I would like to however ask how this would affect credit history/score? If I have a poor history would this be reflected on both of us and vice versa? Or if we both have a good history would that look even better for say future credit? what about any potential debt does that become joint? I have non, and she has 3.5k on credit cards but is paying them off regularly. Thanks

TBagpuss

Having a joint account means that you will be linked financially, so if one of you has bad credit it might not be the best idea if you anticipate wanting o get borrowing in the near future.

It might be worth getting copies of both of your credit reports and then making a decision.

However, unless one of you has really terrible credit it may well be that the positives (pooling resources, having a shared account for bills etc) may outweigh any disadvantages.

However,

lika_86

Do you need a joint account? You sound unsure. I live with my boyfriend and our bills come out of an account in my name (solely designated as a bill account) and we both pay into it.

punk84

lika_86 wrote: »

Do you need a joint account? You sound unsure. I live with my boyfriend and our bills come out of an account in my name (solely designated as a bill account) and we both pay into it.

I am unsure as i so not fully understand the implications of what it means? My credit is almost non existant.( one default that falls off in 2 months) and thats it. she has good credit but more debt than me at 3.5k.

boliston

Why anyone would get a joint account is beyond me - there are many many disadvantages but few if any advantages.

pphillips

boliston wrote: »

Why anyone would get a joint account is beyond me - there are many many disadvantages but few if any advantages.

1. Joint accounts help couples keep track of their household expenditure.
2. Joint accounts allow couples to open an additional high interest current account.
3. Joint account enable financial transparency and accountability.

punk84

boliston wrote: »

Why anyone would get a joint account is beyond me - there are many many disadvantages but few if any advantages.

can you elaborate?

Keep_pedalling

pphillips wrote: »

1. Joint accounts help couples keep track of their household expenditure.
2. Joint accounts allow couples to open an additional high interest current account.
3. Joint account enable financial transparency and accountability.

And they are very useful if one partner becomes incapacitated through accident or illness.

pphillips

Keep_pedalling wrote: »

And they are very useful if one partner becomes incapacitated through accident or illness.

Although this is true, a joint account should not be used as a substitute for a power of attorney.

Keep_pedalling

pphillips wrote: »

Although this is true, a joint account should not be used as a substitute for a power of attorney.

True, and we have both but most don't, and I doubt any do who have trust issues that stop them having joint accounts.

NBLondon

Maybe punk84 and Gaz84 can get a joint account together...


TBagpuss has the answer - get both credit reports and see how far apart they are. Having debts and managing them may be better than having none current but past defaults and managing that joint account well builds up both.


lika_86 has a workable solution - whichever of you has the better position opens the best account you can and you both fund it and only use it for joint expenditure. It does require you to trust each other (or share the logon details and check each other) though and only affects the credit score of one.


Are you planning to need credit (for home improvements?) in the near future? Or will you be saving jointly? That's a factor too.