Quick thoughts on changing bank accounts linked to partner on IVA

JMWP

Hi, 
Just a quick question really, see if anyone has any thoughts. I have been with my bank for 9 years. I have a regular income. I have no overdraft or credit cards with that bank and never go overdrawn. 
However I did have a joint account with my husband, (that mainly was never used) He is now on an IVA one year in! (which we sorely regret, the worst dissision ever to agree to I wish we had gone down a different route as his debt was low!)  and because we shared a joint account and married its linked me too and I never seem to get approved anything with my bank. 
So is it better to change banks for my main bank account? or stick with the same bank because I have a long history of banking with them, which I know looks better on a credit score. I really want to improve my credit score! 
What would you do?! thanks, 

colsten

Ignore your credit score. What counts is whether you have any financial association recorded on your credit files. What does it say there?

afcbanker

Credit scores are meaningless it’s just a number that only you see, i would keep my account with that bank to show your responsible on your Report, but if you want to get a new account it’s up to you. Maybe try to get a credit card. I used capital one and with slowly building i was more trustworthy to better lenders. Have a shop around for what accounts/credit cards suit your needs. 

JMWP

colsten said:

Ignore your credit score. What counts is whether you have any financial association recorded on your credit files. What does it say there?

yes it does say that we are linked, as we are married and had a joint account. I guess we won't be able to buy a house just yet! but i just want my credit score to be as good as it can be in the mean time! thanks for the advice. 

colsten

JMWP said:

colsten said:

Ignore your credit score. What counts is whether you have any financial association recorded on your credit files. What does it say there?

yes it does say that we are linked, as we are married and had a joint account. I guess we won't be able to buy a house just yet! but i just want my credit score to be as good as it can be in the mean time! thanks for the advice. 

That's bad news but not all is lost. You don't have any financial association because you are married / live at the same address. It's the joint account that did it. If you haven't had a joint account, and not applied for one, in the last 6 months, you could try and get the financial association removed. You would have to contact all 3 credit reference agencies and ask them to remove the association.

As soon as you apply for a joint product (current account, mortgage, loan etc) in the future, your financial association will be recreated.

On a general point: your credit score will not be seen by any lender. It is purely an indication of what the credit reference company thinks about your credit worthiness. Lenders will have their own criteria for assessing you.