Joint accounts and credit scores

When you open a joint account, it can affect your credit score.

That’s because credit reference agencies know that two people are responsible for that account. So there’s a link between the two owners.

That means if that person’s credit score is very low, a lender might turn you down for credit. But, if you’re a glass half-full kind of person - if you have a joint account with someone with a high credit score, they might offer you credit.