Financial Associations & Joint Bank Account

sharpeye

My wife and I are wanting to open a joint bank account, but looking around it looks like a negative aspect of this would be that we would be co-scored in terms of credit reporting.

My question is, if we already have a joint mortgage, aren't we already 'financially associated', and so would a joint account make any material negative difference? My feeling is we are already financially associated through the joint mortgage, and so nothing would change.

Or would opening a joint account somehow tie our credit scores together in a way that the mortgage doesn't?

Any advice appreciated!

[Deleted User]

Yes, you are.

However, it's possible that the joint account would appear on a different CRA(s).

It doesn't tie the scores together, but it means that the other may be searched when you apply for credit.

sharpeye

Thanks

I personally cant see an issue with joint account if we already have a joint mortgage but wanted to make sure there wasn't any additional negative impact that I wasn't aware of

PRAISETHESUN

As far as I'm aware, there should be no real difference - you are already linked through your mortgage so a second link with a joint bank should make little to no difference in my mind.

[Deleted User]

As above - and move your focus away from your "scores" as they are not a thing lenders use.

If anything they will drop a couple hundred points each upon the application and opening of the joint account.

But fear not