Q: About daughter's spending?

cheghead

If she was to default on a store card while still living at home would it affect our credit rating?

miss_lisalou

If she was shown to be 'financially linked' to yourselves on the credit files then yes it could. She or you would have to write to Experian/Equifax and explain that there are no financial ties, but I'm not sure how that stands if it's a child living with you. Maybe they consider age, incomes etc

Robert_Sterling_3

Normally a child would not have a credit card.
I think I remember that each of my children got a card and a bank account when they were 16.
I wrote to the bank in advance of their applications to say that I would guarantee both their credit card and their bank account until they were 18.

miss_lisalou

oops sorry, when I said child I mean offspring still living in the family home, no matter what age they are

cheghead

miss_lisalou wrote:

If she was shown to be 'financially linked' to yourselves on the credit files then yes it could. She or you would have to write to Experian/Equifax and explain that there are no financial ties, but I'm not sure how that stands if it's a child living with you. Maybe they consider age, incomes etc

what is meant by financially linked? She is 18 btw and not very good with money which is why i am asking! I am concerned that if she forgets to pay a month on her store card it will affect our credit rating?

xlt_hunter

Consider this, I had number of mortages refused because my mum made a payment via cheque to a credit card firm by post - it arrived a little late (was sent 2 weeks in advanced) this gave my parents a late payment strike and mucked everything up for me. Suppose it will effect you as you live at the same address with the same surname.

Martinslovechild

Check out this article from Experian which shows that the rules changed last year.

The headline says it all - "From November 2004, consumers applying for their credit reports will only see information relating to themselves and not any other family members".

xlt_hunter

ah, thats great Martinslovechild - the post I made above happened to me between jan-april 03, so this is good news when I renew my Mortage in the spring