So, I was thinking about going for a joint account but stopped at the last minute as I’d like to know a little more,
1, do the joint accounts have an impact on my credit score, assuming my score is 999 and I get a joint account with someone at credit score 6 will this list me and the joint person as being in a financial relationship?
2, can or will it be possible to have a joint account with a group of people, example being a group holiday or a student flat share account whereby everyone puts in £500 for which all costs are to come out of, so 6 people having a joint account for a set time period and then all connections could be deleted or would this be more an option for a shared pot.
3, is it possible to have both the solo account and joint account accessed from the 1 monzo card.
It will yes. Although not currently reported to the reference agencies. It will be, likely when it leaves labs. Having a financial association with someone who has a bad score could effect yours due to that link
Monzo are looking to make this more clear on sign up.
Your second point sounds like shared pots would be more beneficial. These are on the roadmap Keep your eyes peeled. As @glasgow mentions it seems like a bit of a nightmare from various aspects .
I have a feeling point 3 has been answered by Monzo somewhere… (if I find it I’ll update this post) I understood that it’s not something they are looking into currently due to the confusion it could cause some users as to which account was currently connected and the ability to swap accounts wouldn’t work without a connection to the internet.
Stop worrying about your ‘score’. Monzo can’t see it, the Credit Reference Agencies pluck a number out of thin air, and it doesn’t mean anything. At all.
But you’re right, having a financial connection on a joint product (account, mortgage) does link the two people’s credit files and one person’s credit history will have a bearing on the file of the other.
Hi, I’m not concerned about anyone knowing my score more the impact it may have. Fortunately I don’t need any credit so currently the impact would be minimal but I’m aware you score can tumble over night and it thereafter takes time to rebuild it.