Hi,

I am considering opening a joint bank accout with my daughter as we have a combined interest which we both contribute to.
However although I have an excellent credit rating, she does not - having had a few problems in the past . Now resolved.
My question is, would the proposed joint accpont have a detrimental effect on my credit rating or would it improve hers? Or would it affect neither?
Many thanks

a joint account should have no effect on either one of you, detrimental or otherwise, but be aware, you each will be held responsible for any debts the other accrues.

Thanks for that _ very reassuring.
We understand about the new debts, just didn't want to be affected by the existing position
thanks again

Hi.
One other thing to consider is that the credit referance agencies will register on each of your credit files the financial connection between the two of you so that if you apply for credit they can then search your daughters record, which may influence their lending decision.

This will not happen if the bank do not register the fact of the account with the credit agencies which they normaly don't unless ther is some default.
Ask the bank if they intend to register and that will tell you what you want to know.
problems

Hi,
Thanks - didn,t think of that one ! Shouldn`t be a problem for the purposes of this account if they don't pre register. Will check before proceding, thanks again