Post # 1
So husband & I got married a few months ago, we’ve been sharing money decisions for ~2 years now, but have always had to track and even out/pay each other back for expenses. We’d like to open a new joint account to place the majority of our money in. My question is does joint bank accounts tie your credit scores together?
I have a very good credit score & his is not quite perfect. We’re worried if we get a joint bank account if that will diminish my score? You read so much conflicting info about what does and does not affect your credit score – does anyone know a definitive answer on this?
FYI we would not have a credit card together, just a checking & savings account.
Post # 3
It shouldn’t diminish your score when you open an account together unless sometime after one of you bounces your account or otherwise don’t pay your bills in a timely fashion. His credit will increase with your assistance (although, I’m not sure about that now since things have changed–it used to). I piggybacked on my dad’s credit and I have excellent credit b/c of it. I think they may have stopped the piggybacking b/c people were misusing it (i.e. selling it out their own credit but making sure the person they were selling to didn’t get the credit card or other private information).
Post # 4
To add: I’d found something that might be useful to you. It does state that if you’re added to an existing credit card, all of the debt and history attributed will affect you. However, if you’re opening a new account, I do not think that will affect you at all (only if either or one of you default after it’s opened).
Post # 5
Joint bank accounts, no.
But joint credit cards, yes. If both your names are on the credit cards you are both responsible for paying the balance. SO it makes sense that it will affect both your credit scores.
When we combined years back I just added his name to my account because my bank -HSBC- was way better than his crummy bank!
Post # 6
To my knowledge, no. My husband and I have shared a bank account since we moved in with each other five years ago and were only dating. At the time (neither of us knew it) his credit score was in the 400’s (in-laws took our credit cards in his name, without his knowledge- long story). My credit remained high.
Post # 7
As for credit cards, I was told by my bank that when I added my SO to my cards, his credit history with that card would be from the month he was added going forward. That means he wouldn’t be affected by the history of the account before he was added (for better or worse).
Since checking and savings accounts aren’t a form of “credit” I don’t think they would affect your credit report. I don’t see any info of my bank accounts listed on my credit reports.
Post # 8
Banker here–no it doesn’t affect your credit score. However, if he has had negative history with a past bank as far as keeping his accounts in goodstanding this could prevent him from opening a new checking account. Most banks use a network like Chex Systems to run your banking history. If you’ve had bad accounts at an institutions (lots of overdraft activity, having a balance charged off, fraudulent activity that you perpetrated, etc) this will be reported to Chex. It’s not the same as a credit bureau rating but oftentimes people with bad credit will have bad Chex scores just because they haven’t handled finances responsibly across the board. So if he has bad credit but has been ok with his bank accounts, you’re probably good but go in knowing that he could be turned down by Chex or whatever program your bank uses.
Post # 9
@foofie: I’m another banker, well said!
Post # 10
I am in finance. The only time a checking account will affect your credit score is if it goes serious negitive and it gets charged off and you end up owning the bank money. Bounced checks, bank fees and things of that nature are not reported, which is why you get charged mega bucks when it happens. I manage a bank, so I actually get asked this question all the time! No worries about checking accounts and credit scores.
Credit cards are a different story.
Just keep in mind that even in a marital propery state whats yours is still yours untill you get divorced, then the debt is shared.