Bad credit?

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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

Thanks, I guess I just didn't realise the severity of it!
But I still think people should be advised that when they open a joint bank account you basically gain half the other person's responsibility and credit, bad or otherwise. It's not common knowledge and I'd hate to think of other people in this situation.

Thanks for all your help and support, I really appreciate it xxx
 
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

Well that's wrong for starters... What WOULD affect you for 6 years is if there was debt on that account that you have jointly and THAT has been badly managed... As soon as you close that account your financial lives will again be separate but you might need to inform the credit rating agencies (all 3) that you are no longer associated - there is a form on all 3 for doing this.

As for your adviser - I don't know if they assumed you knew enough about bank accounts and so forth as this is not something new - maybe naively of them to assume you would know I agree but not really sure it would be their responsibility to check every paragraph of your agreement when you signed up for the account. However the damage is not permanent, not even for 6 years as someone else has mistakenly informed you.
 
Thanks, I guess I just didn't realise the severity of it!
But I still think people should be advised that when they open a joint bank account you basically gain half the other person's responsibility and credit, bad or otherwise. It's not common knowledge and I'd hate to think of other people in this situation.

Thanks for all your help and support, I really appreciate it xxx

You don't - you become "financially associated" with them - you do not magically become liable for half his debts. But having a financial relationship with someone WILL affect your ability to obtain credit - it IS common knowledge and it's also in all the paperwork you would have signed. This is NOT permanent damage for you at the moment (and if your OH starts paying his bills then in 6 years from now he too will have a clean credit file).
 
As others have said, your bad credit rating is due to your joint account.

I almost made my account a joint account but my other half was turned down. It was after this that i was informed that if we had joint accounts or were married, his bad credit score would drag mine down too. I had no idea beforehand.

Like you, i'm in this for the long haul and so getting rid of him isn't an option, lol. I would get a credit report from experion for both of you and then see where you could improve. Mine was good, my OH bad, worse than we realised tbh, but it showed us what we needed to work on and pay off xx
 
As others have said, your bad credit rating is due to your joint account.

I almost made my account a joint account but my other half was turned down. It was after this that i was informed that if we had joint accounts or were married, his bad credit score would drag mine down too. I had no idea beforehand.

Like you, i'm in this for the long haul and so getting rid of him isn't an option, lol. I would get a credit report from experion for both of you and then see where you could improve. Mine was good, my OH bad, worse than we realised tbh, but it showed us what we needed to work on and pay off xx

Being married won't link your financial records either... the only thing that will is joint financial products - mortgage, banks account etc... Always get a credit report from all 3 credit agencies if you think there is something amiss - different companies report to different agencies and they are NOT always good at linking the accounts up correctly so some might appear on 1 but not the other 2. Fine until you apply for credit with someone who uses the 1 of three that holds the wrong info...

All the info on how to get a paper copy of what they hold on you is on moneysavingexpert.com :)


BTW I've spent the last 6 years advising people as a volunteer on how to deal with debts, money, etc etc :) If you don't believe what I'm saying always check the facts yourself :) easily done with the help of google these days :)
 
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.


Hana, you are young and a lot of the posters on your thread are older.

And much wiser. Yes really :wink2:

And most older people will have probably made the wrong financial decisions when they were your age.

Although you are asking about your credit and not his mortgage the two are at the moment intertwined.

If you want a head start in life then getting finances and credit sorted out is a priority.

Don't hitch your financial star to anyone. If you move on from this boyfriend the bad credit will follow you around.

And one missed payment on your phone or visa bill etc will impact on your credit rating.

Lynne Baker and Shedunlop are experienced, successful and older business women (I am also older ladies so we are all in THAT particular boat together lol).

You don't have to listen to anyone on this thread if you don't want to.

But in your everyday life you are not going to have the free and ready access this site provides to the sound advice from sound ladies such as these two.

Don't get tetchy, get smart.

Or smarter. I know you are smart already :hug:

Peace and respect.

Jacqui xx
 
Hiya :)

I was wondering how your student account won't let you increase your overdraft? I went and increased mine to the max 'just incase' lol I suggest speaking to your bank again to ascertain why they won't do it. Also how about a 0% apr credit card? x
 
Thanks everyone, got it sorted now :)
 

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