Joint accounts, more info

**trevwmitchell** · July 21, 2018, 5:56pm

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.

**glasgow** · July 21, 2018, 6:00pm

At the moment monzo is not reporting financial connection to credit agencies but this will likely change in the future.

Not that I’m aware of. This would probably be a KYC/AML nightmare but not outwith the realms of possibility!

Not at present. Unaware of any plans to implement something like this but may come in the future if there’s demand for it

**Jackcrwhitney** · July 21, 2018, 6:12pm

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

See here for more info: https://www.experian.co.uk/consumer/guides/financial-association.html

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.

**trevwmitchell** · July 21, 2018, 7:00pm

Cool, I guess… I very much hope that being part of a shared pot does not carry with it the same negative impacts on credit scores.

**Jackcrwhitney** · July 21, 2018, 7:41pm

From my understanding it won’t as the pot has to have a designated owner whereby the other users have access. This post pay interest you: Shared Pots

And so may this one: Shared Pots

**j06** · July 22, 2018, 12:18am

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.

**trevwmitchell** · July 22, 2018, 12:27am

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.

**j06** · July 22, 2018, 12:30am

Hmm. I’ll say it again.

Forget. About. Your. Score. It. Is. A. Made. Up. Marketing. Tool. And. Doesn’t. Mean. Anything.

Not sure how else I can spell it out more easily.

**system** · January 18, 2019, 1:09am

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