Tag Archives: how joint accounts affect credit rating

How could joint finances affect your credit rating?

Share a credit account? Then you share credit report information too.  Sharing finances can mean you’re more linked than you think, as lenders will often look at both of your credit reports when assessing your credit. 

If and when you apply for credit together, lenders will be able to see your partner’s financial information too and may use this when they make a decision about you when you next apply for credit. So we’ve put some tips to help you get up to speed with shared finances and credit.

Five top things you need to know about love and money

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  • Financial association means that your credit report can become linked to someone else’s through joint financial activity. This could be applying for a mortgage, opening a joint credit account, or in some cases even being on the same broadband or utility contract.

 

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  • Your credit report will only contain your financial information, but will show the name of anyone you share a financial connection with. If you share a credit application, each of you would see the other’s name in the section of your Experian Credit Report entitled ‘Financial Associations’.

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Love and money: do couples see it differently?

scales-image-300x200Weddings are expensive, there’s no getting away from it. While “the happiest day of your life” can be memorable, it can also put a strain on the wallet. Before and after marriage, there are often a few disagreements on personal finance, but what are they and why do they happen?

People pair up with their partner for all sorts of reasons – and one of the biggest is finances. A nationwide Experian survey of couples in relationships* asked if financial responsibility would make someone more attractive, 29% said it would, while 35% of women said this would make a male ‘much more attractive’. Continue reading