Joint Account - One with bad Credit

Viki2410

Hi All,

Hoping you can help.

My fiance and I have just secured our first mortgage and are looking to open a joint account to pay the bills from. We don't require any overdraft etc just a basic current account we can both pool money into.

My partners credit history is pretty good (no defaults, CCJ's etc) and he has a credit card with £2.5k on which is reducing monthly (£5.5k limit). I on the other hand have 1 default registered April 2017 from a credit card I could not pay due to a serious accident and being unable to work. There are a few late payments around the same time. I have since cleared the debt in full and have 1 credit card with a limit of £300 which I pay in full each month. I stupidly paid off and closed my older credit cards with higher limits a few months before we applied for our mortgage.

My question is, are there any accounts that would look at the both of us together (like the mortgage) and balance out the good with the bad and offer us a joint account? Or equally is there anyone we should avoid.

Thanks in advance for your help

colsten

Viki2410 wrote: »

I stupidly paid off and closed my older credit cards with higher limits a few months before we applied for our mortgage.

This doesn't strike me as stupid at all - quite the contrary. It probably contributed to you getting your mortgage, and might also make it easier for you to get an additional current account.

Viki2410 wrote: »

My question is, are there any accounts that would look at the both of us together (like the mortgage) and balance out the good with the bad and offer us a joint account? Or equally is there anyone we should avoid.

All current account provider will apply their own credit check and risk assessment. It's a matter of trying. You could start with your existing bank(s).

Viki2410

Thank you Colsten. Will definitely give that a go as we are both currently with different banks

jonnygee2

My partners credit history is pretty good (no defaults, CCJ's etc) and he has a credit card with £2.5k on which is reducing monthly (£5.5k limit). I on the other hand have 1 default registered April 2017 from a credit card I could not pay due to a serious accident and being unable to work. There are a few late payments around the same time. I have since cleared the debt in full and have 1 credit card with a limit of £300 which I pay in full each month. I stupidly paid off and closed my older credit cards with higher limits a few months before we applied for our mortgage

From what you have said, I'd think most banks would offer you a joint account (assuming you are not talking about an overdraft here, just an account?).

It sounds like you have a few hiccups but nothing disastrous, current account applications are normally only denied for serious credit problems. If you can get a mortgage together you can probably open an account together!

Viki2410

Thanks both. Seem's I was panicking over nothing, we opened our Santander 123 Lite account last night with no issues!