Joint accounts and credit scores

Opening a joint account may impact your credit score.

When two people open a joint account, this is reported to credit reference agencies to let them know that two people are jointly liable for the account. This creates a financial link between the two account owners.

When carrying out credit searches, some lenders will also credit search an applicant's financial link. If you have a joint account with someone with a very low credit score, you might be denied credit. In the same way, if you have a joint account with someone with a very high credit score, you might be offered credit.