Question on credit rating and opening a savings account

sjb92sjb

Hi all,

I'm new to this forum so looking forward to learning from everyone.

Essentially. my partner is keen to open a joint savings account which I have been putting off. Unfortunately my credit rating isn't strong, and I wanted to know whether this would make opening a joint savings account difficult with banks? I also don't want my bad credit to affect his. Apologies if this is a stupid question, but I am learning. I am in the process of trying to improve my credit score in various ways, so fingers crossed.

Thank you

MovingForwards

Your score is not seen, or used, by banks, buildings societies or other financial institutions so ignore it.

Do you have defaults? Late payments? CCJ? IVA? Bankruptcy?

Only normally ID checked via a credit reference agency as savings accounts are not credit based, saying that it would potentially create a financial link between you.

Do you already have joint gas/electric/water accounts? If so, you will probably already be financially linked.

Check credit karma, Clearscore and MSE credit Club for your free credit reference agency (CRA) reports.

sjb92sjb

Thank you - this makes a lot of sense. My credit score is bad because I often go over my credit limit. That is the only reason. I will check out those companies

eskbanker

sjb92sjb wrote: »

Essentially. my partner is keen to open a joint savings account which I have been putting off. Unfortunately my credit rating isn't strong, and I wanted to know whether this would make opening a joint savings account difficult with banks? I also don't want my bad credit to affect his.

Opening a savings account doesn't involve a credit check and doesn't create a financial association, i.e. credit files are neither read nor updated when doing this, so no impact....