Financial link

hodge263 wrote: »

Hi all,

My fiance and I have been saving to buy a house soon. I have a previous bankruptcy and repossession but he has a great credit history. We had considered getting a mortgage in his name only so that my history doesn't adversely affect him. However the mortgage advisor we have been dealing with thinks we may be accepted by Nationwide. My concern is that if we are declined will we then be financially linked or does this only happen when you actually open a joint account/Mortgage?

If we are declined together we would go back to the original plan of him applying on his own but I don't want to ruin his chances!

Thanks in advance,
Anna

If you've been living together you also need to ensure a utility or phone company hasn't created an illegal association. They are well-known for doing so.

National_Debtline wrote: »

Hi

A financial association is only made on your credit files when you actually hold a joint account or mortgage, not purely from attempting an application.

James
@natdebtline

this is incorrect a joint application would create a financial association

hodge263 wrote: »

Ah, now I'm very confused! Can anyone else shed any light on this please?

have a look here https://help.creditexpert.co.uk/help/sv635/Credit_report/financial_associations

It beggars belief. This from the Experian website:


Examples of a financial associate:

A person you have a joint credit card with

There is no such thing as a joint credit card. And yet, here we have the self-appointed custodians of your personal financial data thinking that there is. The website also states that two names on a utility account doesn't create a financial association. Well Experian, if this is true why do you let these companies create them?


As for a joint application creating an association, I must admit I didn't know about that scandal, but, according to Experian, yes it does.


Of course, from the above, it appears we can't rely on anything Experian says, which is not surprising since a large part of their business revolves around pedalling lies (bogus financial links, bogus address links, collection of financial records without consent, libellous credit data, etc etc.).


OP, perhaps you should ask Nationwide if they'll file a (bogus) association if, or when, you make a joint application.