Joint savings account?

Me and my boyfriend both have separate bank accounts because of his low credit rating, because if we had a joint one his bad credit would automatically be mine too, i was just wondering, if we opened a joint savings account, would this be the same? Would his bad credit automatically be mine too?

Update:

He's paid off all of his debts through an IVA.. He no longer has any debts as it's all be paid off but he's still left with bad credit.

Update 2:

He's paid off all of his debts through an IVA.. He no longer has any debts as it's all be paid off but he's still left with bad credit.

2 Answers

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  • Anonymous
    7 years ago
    Favorite Answer

    That's not really how credit ratings works. Your credit rating is determined based upon your debt to income ratio and your past performance with debtors. Bills in your name or that is "Jointly" in your names will effect both of your credit ratings so if he has a car payment that your a co-signer on then if he misses or makes a late payment that will impact your credit rating to because you co-signed the agreement.

    That being said, having a joint savings or checking account will not impact your credit rating providing that you are ensuring all bills in your name or that you are Co-Signed for are paid on time and at the requested minimum amount. Also worth mentioning, large purchases like car's and houses will also negatively impact your credit rating because it changes your debt to income ratio. A credit rating is simply the systems way of rating your ability to pay back any debts you take out.

    Additionally since this is a "Boyfriend" your speaking about I would like to mention that even though all things are working fine now and you may never have problems ever, that when relationships go bad the first things that get hit up are the bank accounts which usually results in missed or late payments and does a domino effect as it eventually has an impact on your credit. My advice to you would be to handle it like me and my wife do our finances. We each keep separate checking and savings and we have 1 joint checking that we each give equal amounts into to cover our joint cost such as housing & meals. that way no matter what happens with his credit or the relationship you'll be protected by keeping your money separate so you don't have to risk missing payments. Plus it allows each of you to buy presents for one another on special occasions without knowing how much was spent.

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  • 7 years ago

    If you have a joint account, your credit does not become bad.

    What happens:

    When these collection agencies start suing him (and they will), they will go after all his accounts.

    If you are joint, the money would be gone.

    Do not co-mingle your finances until he gets a bit of responsibility under his belt.

    He needs to check his credit reports and pay who he owes.

    Annual Credit Report.com https://www.annualcreditreport.com/cra/index.jsp

    No credit/ debit card required.

    ----

    Any financial advisor will scream at you to keep your finances separate.

    There simply is NO need to go joint.

    Even married couples keep separate checking and savings.

    Better goal: Each of you have a saving account in case you lose your job.

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