Joint bank account query
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RubyP
Posts: 4 Newbie
I’ve searched online but can’t seem to get a straight answer so thought I would ask on here, any answers would be appreciated, thank you.
Me and my partner have recently been approved to rent a house which is great. We are looking to set up a joint bank account so we can both transfer the same amount in each month for our rent and bills. My question is do Lloyd’s do a credit check on both of us to open this account? (We wouldn’t need an overdraft of any kind) if they do a credit search, what sort of thing do they check? Thank you
Me and my partner have recently been approved to rent a house which is great. We are looking to set up a joint bank account so we can both transfer the same amount in each month for our rent and bills. My question is do Lloyd’s do a credit check on both of us to open this account? (We wouldn’t need an overdraft of any kind) if they do a credit search, what sort of thing do they check? Thank you
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Comments
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Yes they will.
They will check what a lender usually checks0 -
I haven’t got any CCJ’s but my credit rating isn’t great - currently trying to rebuild it. (This isn’t something I’ve discussed with my partner). Estate agency completed credit checks etc and they all came back fine to rent. Could Lloyd’s possibly turn me down for a joint bank account do you think? Would just be a bit embarrassing if we went in to open one and this happened0
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It depends - the public aren’t privy to a lenders customer criteria.
If you get rejected then just try another bank.
Don’t be embarrassed0 -
Ignore your credit rating as that isn't worth the electric used to display it.
What's the credit history information? Late payments? Defaults? Missed payments?Mortgage started 2020, aiming to clear it in 2026.0 -
PS you should be discussing this with your partner as you are taking the step to move in together, the next step may be a mortgage where everything is scrutinised.Mortgage started 2020, aiming to clear it in 2026.0
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MovingForward - I totally endorsed this.
OP: if I was your partner and later on when I assumed that things as so good that we can apply for a mortgage and then I am hit with a hurricane such as your bad credit history.
Ask yourself this question, how would you feel if your partner kept this from you - I doubt you would be happy about it.
Go into this with 100% honesty upfront, once you start down the deceitful path, it is so easy to continue.0 -
Generally speaking as long as you aren't looking for an overdraft and you don't have CCJ's, insolvency or defaults you'll be fine.
I wouldn't bank (no pun intended) on them giving you a full fat current account if you have any of the above. An old default might be OK, I suspect the rest will result in a decline.0 -
Thank you so much for your responses.
I hand on heart thought we would get rejected from the checks for the house we wanted to rent so I thought I was going to have to own up to my bad credit rating - the stress ate at me for over a week and a half on the wait to hear back. I still don’t know how I passed the checks and didn’t get rejected or need a guarantor!
I got in a payday debt spiral around 8 years ago now which went on for a number of years. I’ve managed to clear all but 2. Over this time I have had defaults and late payments etc. Current score on Experian is 652.
My two last debts are:
Cabot: £482.40 & 118118 (lantern now) £4060
I have a payment set up for both, £20 for Cabot and £50 for lantern, I should be able to pay off Cabot by end of year in full, in regards to 118 I have been advised to email them as I could get this amount written off due as it’s now pure interest, I took this loan out at the time to pay off all the payday loans - I told them this when I done it. Not sure whether to email them or not, if not this will take me another year at least to pay off (I will pay over the set amount each month)
Our plan isn’t to buy for probably another 7 years or so and my thoughts were that in this time I could rebuild my credit score, I believe everything is removed after 6 years so when my bank statements are scrutinised they wouldn’t see anything from before?
I guess my thought process was if I could rebuild my credit by the time we go to buy a house then I could leave them days behind me and wouldn’t have to openly discuss those problems.
Current stress is about being rejected for a joint card though. So sorry for the length of this message, thank you to anyone reading.0 -
I hand on heart thought we would get rejected from the checks for the house we wanted to rent so I thought I was going to have to own up to my bad credit rating - the stress ate at me for over a week and a half on the wait to hear back.
You kinda do need to own up to it though, by getting a joint current account you will be financially linked & anything adverse on your credit history could affect your partner if they apply for credit in the future.
From the details you've given the problem is much bigger in your head than reality. It's hard to own up to mistakes, but carrying that shame around is not good for you. You should give your partner the opportunity to support you emotionally while you sort your finances out.0
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