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Hausofhana

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Okay I'm a student and I've recently trained in hair extensions, so im really needing a credit account.

RBS won't let me increase my overdraft, and I can't get a credit card ANYWHERE.

I've never been in any debt, I've missed one payment on my phone but I doubt this is it..

I opened a joint bank account with my partner, who regularly misses payments on his car, mortgage and is in a large overdraft. Is this the reason I can't get any credit applications?!

It seems to have all started since we opened the account.

If so, I will close the account, but how long before my credit rating levels put?!

I'm so stuck right now, this is killing me as I'm only 18 and terrified of all things financial or numerical!

Thanks x
 

Lynne Baker

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You need to disassociate yourself from your financially irresponsible partner. His bad credit rating will follow you around. As you have a joint account you may well find yourself jointly and severally liable for his debt.
Now is the time to get sensible about "all things financial".
If you don't know how to do this go get some unbiased advice from the citizens advice bureau, or from your own bank.
 

shedunlop

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If you have no income, proven income, you are a student and you are 18 then it is unlikely that you have enough points on a credit score to qualify for credit at the moment. All the banks have tightened their lending, they have to know that you have a comfortable income to make regular repayments.

You can ask which credit reference agency was used by each lender who has refused you and you can then pay a couple of quid to check that they have all the correct details for you.

I agree with Lynne that you need to get wise about your finances and not have a joint account with anyone at your age really, in my opinion. Keep your finances separate that way you will have more control. :green:
 

Rubytues

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Go to experian.co.uk (credit check file) and I think it's £2 to get your credit report.
You may find it's your partners discrepancies that are causing this affect on your file.
If that's the case you will have the option to disassociate yourself, financially. I think, as long as you're not living together and have no joint financial commitments.

Oh, and cancel the joint bank account!

Hope this helps x
 

Hausofhana

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If you have no income, proven income, you are a student and you are 18 then it is unlikely that you have enough points on a credit score to qualify for credit at the moment. All the banks have tightened their lending, they have to know that you have a comfortable income to make regular repayments.

You can ask which credit reference agency was used by each lender who has refused you and you can then pay a couple of quid to check that they have all the correct details for you.

I agree with Lynne that you need to get wise about your finances and not have a joint account with anyone at your age really, in my opinion. Keep your finances separate that way you will have more control. :green:
I have regular income as I work in a care home. I was granted an overdraft on my student account but te now won't let me increase it even though I still have £1000 I can increase by x
 

Hausofhana

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If you have no income, proven income, you are a student and you are 18 then it is unlikely that you have enough points on a credit score to qualify for credit at the moment. All the banks have tightened their lending, they have to know that you have a comfortable income to make regular repayments.

You can ask which credit reference agency was used by each lender who has refused you and you can then pay a couple of quid to check that they have all the correct details for you.

I agree with Lynne that you need to get wise about your finances and not have a joint account with anyone at your age really, in my opinion. Keep your finances separate that way you will have more control. :green:
Also, the reason I have a joint account is so that I have proof to the student loads people that I live with my partner and am therefore entitled to a bursary from the university. I had a consultation before I opened the account and was not informed that I would bear the brunt of my idiot boyfriends stupid credit rating.
 

stephanie_87

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I read on a business forum which I cannot remember the name of that if you have a joint account with a partner who has bad credit rating you will be associated with it too. You must must must keep your finances separate. I hope there is a way you can sort it all out and build upon your credit rating.
 

stephanie_87

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Oh and just as a little side note. I'm pretty sure all you would need to have done is changed your address on your existing personal account and used a paper statement as proof of address for the student loan people. I hope you can sort it out :)
 

Tinxy

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Firstly CLOSE that joint account - you need to financially disassociate yourself ASAP. Any joint financial products you would be jointly liable for so if that account has an overdraft that he ran up YOU would be fully liable if he legged it (You would not be liable for any debts only in his name).

At 18 the credit available to you is rightly limited - you have no credit history and you are an unknown risk to creditors who have had to tighten their lending immensely in recent years.

You need to get over on to moneysavingexpert.com and look at cards for building your credit file - that may mean getting a rubbish APR card for a few years - use it once a month, pay off immediately etc - you need to be able to prove you can responsibly manage having credit available to you.
 

Hausofhana

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Oh and just as a little side note. I'm pretty sure all you would need to have done is changed your address on your existing personal account and used a paper statement as proof of address for the student loan people. I hope you can sort it out :)
You would think so but no. It had to be a joint bank statement or a tenancy agreement and as he owns his property, it had to be a bank statement. I looked into it. x
 

Janie

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I have regular income as I work in a care home. I was granted an overdraft on my student account but te now won't let me increase it even though I still have £1000 I can increase by x
also if you already in your overdraft the bank won't increase the one you already have as they like to see you are managing your account well and won't do anything if you are regularly overdrawn, i had this problem a few years ago, i was less than £10 over drawn four times in 6 months and apparently this meant i didnt Keep my account in good order, basically computer says no! xXx

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Charlee-c

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I can't get a credit card I'm 21 self employed,had a regular income since I was 16 always worked never been to uni only debt I have is paying my car monthly and store cards that get paid off monthly,never in my overdraft,the woman in the bank couldn't understand why I wasn't accepted,I think it's because I'm young too,unfortunately not a lot you can do,banks are tightening up on things now
Xx
 

Lynne Baker

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He owns his own property until the mortgage company gets peed off with him missing payments. Are you sure you should be allying yourself with someone as irresponsible as this?
 

Nailjems

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Get your equifax report as another post suggested, then you will know what credit information is held on you. A missed phone payment will be on there and that, along with the other factors you have mentioned
ie: Full utilisation of your current overdraft would warrant a decline with the suggestion to revisit the application in 3-6 months.
 

Hausofhana

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He owns his own property until the mortgage company gets peed off with him missing payments. Are you sure you should be allying yourself with someone as irresponsible as this?
He's just got a new job and is settling into getting paid on a different schedule :) I came on here for advice about my credit, not his mortgage.

Also it's a bit late now as I have already 'allied' myself with him, and was not informed that I would get his bad credit.
 

Hausofhana

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He owns his own property until the mortgage company gets peed off with him missing payments. Are you sure you should be allying yourself with someone as irresponsible as this?

He's owned his property for 8 years and has missed payments due to being made redundant through no fault of his own. Irresponsible and unlucky are completely different things.
 

linzi

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He's just got a new job and is settling into getting paid on a different schedule :) I came on here for advice about my credit, not his mortgage.

Also it's a bit late now as I have already 'allied' myself with him, and was not informed that I would get his bad credit.
The fact is that now you have a fiscal alliance, his mortgage IS your problem. We're not being nasty in pointing out that his lax attitude to ensuring bills are paid (redundant or not, it's good practice to have a few months in savings to cover situations like these) is affecting YOU and YOUR ability to get credit.

It's not too late - you can close the account. Whether or not you want to is another story, but your rating will not improve as long as you do not.




Also,
I opened a joint bank account with my partner, who regularly misses payments on his car, mortgage and is in a large overdraft. Is this the reason I can't get any credit applications?!
I would bear the brunt of my idiot boyfriends stupid credit rating.
He's owned his property for 8 years and has missed payments due to being made redundant through no fault of his own. Irresponsible and unlucky are completely different things.
Regardless of whether or not you think he is an 'idiot boyfriend with a stupid credit rating' or just plain 'unlucky', he IS affecting you.

If you really want to improve the situation, then you need to start taking notice of that.
 

Hausofhana

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The fact is that now you have a fiscal alliance, his mortgage IS your problem. We're not being nasty in pointing out that his lax attitude to ensuring bills are paid (redundant or not, it's good practice to have a few months in savings to cover situations like these) is affecting YOU and YOUR ability to get credit.

It's not too late - you can close the account. Whether or not you want to is another story, but your rating will not improve as long as you do not.
.
I've been informed that if I close the account, I will still be associated with him for the next 6 years. So in the short term, it's no use to me.

In the long term, I opened the account to receive bursary from the Scottish Awards Agency, and will be receiving £2,000 a year support for being a poor student.

Swings and roundabouts I suppose. Defiantly need to get the credit business sorted out. So, I'm going to close the account and request a credit check. This would never have been an issue had my adviser just told me I'd be associated with my partner before I opened the account!

Grrr x
 

Lynne Baker

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Did you advise the adviser of your boyfriend's credit history?
I suspect that the advisor possibly didn't ask you about it, but it does, I'm afraid to say, and I'm not being nasty either about you or to you, behove you to get knowledgable about this stuff.
I do appreciate your tender years and the distinct possibility that such crucial matters are not taught in school.
There is a lot about the world we all have to learn; use this and other sites to ask of those of us who have made the mistakes before you, before you do!
Don't take offence. Truly we're all just trying to advise you, not berate you.
 

lillamy

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Did you advise the adviser of your boyfriend's credit history?
I suspect that the advisor possibly didn't ask you about it, but it does, I'm afraid to say, and I'm not being nasty either about you or to you, behove you to get knowledgable about this stuff.
I do appreciate your tender years and the distinct possibility that such crucial matters are not taught in school.
There is a lot about the world we all have to learn; use this and other sites to ask of those of us who have made the mistakes before you, before you do!
Don't take offence. Truly we're all just trying to advise you, not berate you.
I must agree on this one. We all learn from our mistakes and although it is easy to blame others, the responsibility lies with you to investigate matters like this but something that is easily overlooked if you haven't been in a similar situation before. We all learn by doing and by experiencing how else would be learn. Hope you get things sorted and best of luck x
 

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