Joint Account Credit Check

Comfy_Slippers

My partner and I are considering opening a basic joint account, she has a very good credit rating and mine is very poor. The account would purely be for shared household bills, food shopping etc. We would not be financially linked in any other way.

We are both aware that by opening a joint account our credit files will be linked and her good score will be affected by my poor score. I am a reluctant to do so in case it affects us in the future but she is adamant that this what she wants to do, and is happy to take that risk.

I have a lapsed debt on my credit file that I am about to start the process of getting it removed, my partner doesn't know about this previous debt and I am too ashamed to admit it to her.

If we do go ahead with this and our accounts are linked would she be able to see this when she logs in to see her credit file?

Once this lapsed debt is removed, it is my understanding that it will disappear from my file completely? Ie,when I log in to check it it won't be there.

Thanks in advance.

YorkshireBoy

Comfy_Slippers wrote: »

If we do go ahead with this and our accounts are linked would she be able to see this when she logs in to see her credit file?

No.

Once this lapsed debt is removed, it is my understanding that it will disappear from my file completely? Ie,when I log in to check it it won't be there.

What do you mean by a "lapsed debt"?

[Deleted User]

You don't have a credit rating or a score.

You will see the linked persons on each others credit files.

What debt do you have and how are you getting it "removed"?

If you can't tell your partner about it I'd advise not to get a joint account as it shows a lack of trust when it comes to money

aninvasion

Comfy_Slippers wrote: »

I am a reluctant to do so in case it affects us in the future but she is adamant that this what she wants to do, and is happy to take that risk..

Tell her the complete truth and then let her make her final decision, it sounds like she doesn't mind anyway.

My credit is good, my husband's is crap and we have a joint account. I can still get credit in my name and my rating/score didn't take a nosedive because we wanted to share the bills.

Basically, don't panic. Having a non-perfect credit score isn't the end of the world.

[Deleted User]

Mainly because the scores and ratings are made up and are not a judge on ones credit worthiness

davethorp

Once you open a joint account your credit files will become linked. So anything bad on your file will affect them. You would become financially linked as far as the credit rating agencies are concerned regardless of whether you are or not

If that!!!8217;s something they are prepared to accept along with the negaitive consequences it would have for their credit rating then that is something for the two of you to decide and if she is happy with that then that is a decision down to the two of you

To answer your actual question, no they cant see your credit file just because you are linked. But any time either one of you applies for credit the opposing credit file may be searched as well as your own

Comfy_Slippers

YorkshireBoy wrote: »

No.What do you mean by a "lapsed debt"?

Sorry, Im unsure of the correct terminology for a lot of this. The debt it over 5 years old (I am in Scotland) and it is my understanding it is time barred.

!!! wrote: »

What debt do you have and how are you getting it "removed"?

It is an old credit card debt from my mis-spent youth. Various life circumstances have meant I have had my head firmly in the sand until now. The debt is time barred as of Feb 2018 but is still showing on my report. I believe I can write a letter either to the credit reference agency (or the debt collection company it was referred to) to have it removed?? I am still researching the correct process, so any advice would be appreciated.

Thank you everyone for all the replies. I know I should come clean and be honest, we are very honest and open about everything else, but this feels very much like my dark secret from a very unhappy former life so coming clean is not easy. I am working on it!

Thanks again.

PeacefulWaters

If you don't come clean and your poor credit file reflects on your partner's credit worthiness due to taking on a joint account, there'll be hell to pay.

Dobbibill

Comfy_Slippers wrote: »

Sorry, Im unsure of the correct terminology for a lot of this. The debt it over 5 years old (I am in Scotland) and it is my understanding it is time barred.

This applies assuming you have not acknowledged the debt for 5 yrs.

It is an old credit card debt from my mis-spent youth. Various life circumstances have meant I have had my head firmly in the sand until now. The debt is time barred as of Feb 2018 but is still showing on my report. I believe I can write a letter either to the credit reference agency (or the debt collection company it was referred to) to have it removed?? I am still researching the correct process, so any advice would be appreciated.

This thread may help answer your query and point you in the right direction.

https://forums.moneysavingexpert.com/discussion/5639774