What happens when someone with good credit meets someone with bad credit!

RubyShoes

And then they get a joint account together?!
I have extremely good credit rating, no issues getting credit, no current debts. No missed payments. No defaults. No ccjs. I have a mortgage. All good. 
My partner moves in next week after 7 years together. He has 2 defaults and a ccj. 1x Ccj from 2021, 2x defaults from 2019, I believe the defaults drop off in June this year. 
We need a joint account going forward. We get married this summer so we've decided that from now on in, we pool resources. He has no issues getting finance at good rates currently. He has a car on a high st rate of finance, taken out a year ago. He gets 0% credit cards which he uses for purchases and pays in full each month. He's worked on improving his rating since the ccj, and no missed payments ever since.
I'm just worried about the impact he may have on my creditworthiness. My car is getting on now, and although I've no plans to replace - when it becomes unreliable, I will buy something on finance as my work is community based and a reliable car is an essential (I'd be getting a 1-2 year old car btw, not brand new). Everything I've read says it will impact me. But how? Can I find out now before we are linked? It's keeping me a little stressed not knowing the impact.

Jami74

RubyShoes said:

We need a joint account going forward. 

You don't. You don't need a joint account, although I can see why it might be nice to have one if you are pooling resources.

I don't know the answer to your question. However, if you have a good credit history, would it not make sense to preserve that by not making a financial connection? It might mean if credit is needed, you could get better rates than if you applied for credit jointly or if his circumstances were taken into account as well.

RubyShoes

Unfortunately,  we do need it. I'm not going to go in to the reasons. But we do need it. 
I just want to know the impact on me. 

Emmia

RubyShoes said:

Unfortunately,  we do need it. I'm not going to go in to the reasons. But we do need it. 
I just want to know the impact on me. 

I would (in addition to a joint account) retain your own sole current account and have separate savings... A running away fund if you will.

We have our salaries paid into our sole accounts and then fund a joint account to pay the mortgage, bills, groceries etc. We did this before we married, and carried on after - I personally have no desire to go "all in", and pool everything as I like control of the money I earn.

I ran a mile from the guy who was in debt and wildly keen we pooled everything, for this (and other) reason(s). He would have financially bled me dry, and I had a lucky escape. 

Your credit fille will be affected by the connection unfortunately. How much is difficult to say.

Martin_the_Unjust

You have been together 7 years and in that time he has had one ccj and two defaults (that you know of) and you want to link finances?

Seems crazy to me but it’s your money and yes it will affect your credit rating but not as bad as the next default or ccj will.

FlorayG

I think you would be best with three accounts; one personal for him, one personal for you and one joint into which you each put an agreed amount every month. He may be 'clean' now but people who easily get into debt easily get into debt again, whatever their good intentions and a joint account will mean his creditworthyness will be linked to yours

Devongardener

On your other thread you seem to be having difficulty merging your accounts anyway, so follow the advice here and just have one joint account you pay equal funds into for everyday living expenses and each keep your own individual accounts.   Do you really want to have a joint account with all your personal funds in that you will probably end up scrutinising to check his outgoings?   Been there, done that, it destroyed our marriage.

ManyWays

To answer your question, a joint account will hurt your credit score and not help your partner's. Wait until the CCJ goes. 

Why does this have to be a joint account? It could be a new account you open for the bills, you each contribute whatever percentages you think works for you both and you have a monthly review of the account together, so it feels like a joint account, they can see where all the money is going and you discuss the next month coming up. 

And for spending on groceries, you could get a credit card and he could be a secondary card holder. 

Barkin

ManyWays said:

And for spending on groceries, you could get a credit card and he could be a secondary card holder. 

On the face of it that sounds, to me, like a really bad idea.

JadedAngel88

You absolutely do not need a joint account.

If you need a joint account to pay bills then do so. By each putting your half in monthly. 

Many, many people come on here complaining that they've had a joint account with partner, husband's, wives etc and the other person has completely emptied the account, which they have every right to do, when things turn sour. Not saying this could happen to you but you never know.

Better to be safe than not.

Emmia

OP, are either of you really pushing for the joint account and the pooling of finances? If so who, and why? 

Are you pushing for it, so you can "control" the finances and stop him returning to his bad ways? Is he pushing for it for other reasons?

Do you have some notion that a married couple must only have a single joint account?

You don't need to answer any of this, but you should think about why, (given his recent history) you want to move to completely pooled finances. What's the benefit?