Help - Few Questions please

MrsPitcher2b

Hello everyone

I have a few questions i hope someone can help!

First of all, i have a joint bank account with OH, and i noticed this isnt good for your credit rating. If we got rid of this account, will it automatically improve our rating or not?

OH only has one credit account and that is his car finance, but because of the interest it works out about 7grand so it is seen as a high amount to be borrowin (although he is saving to pay it off in a few months which should only be about 3-4 grand)

Also, i have now cleared 3 credit accounts this month. 2 HFC finance accounts and my nationwide credit card. My nationwide credit card had a limit of £1560, but i have reduced it to the minimum amoutn of £500. But i have just read that this is bad because it shows the percentage of available credit to me as high. i.e. there is £300 on it (which i have paid and shall be clearing hopefully tomorrow) against the £500 limit. Whereas if it was £300 next to the £1560 limit it would have looked alot better. So now i am worrying that this will affect my limit again.

I am just trying to increase my credit rating so that i can get a mortgage in the next 2 years (not before a year but hopefully around 18 months time)

I have one credit account left to clear and that is my Virgin CC. I am also registered at my adddress but have most of my credit accounts at my mums, am i best switching them all over to this address to help improve it too.

Thank you!

dancingfairy

O.K I'm not sure why automatically having a joint account will give you a bad credit rating ? As your OH appears to have (from what you have said) a bad credit rating then yes it will then impact on yours as you are financially linked. I don't know how much impact cancelling will have
1) do you have any other joint associations at all as cancelling one will not necessarily help if you are still linked.
2) I don't know how soon your credit file will be changed and how much impact it will have.

Not sure on the other points. Hope someone can help
df

MrsPitcher2b

Hi Dancing Fairy

Its not that he has a bad credit rating, its just that apart from the car finance he has never had credit. No phone contract nothing. So he hasnt got a rating really. When he does a credit check it just points out that he has a high amount outstanding (the car finance) and so may be seen as a risk.

Apart from the joint account we have nothing in joint names. I just wondered if we got rid of that account if it will rectify this.

But if he can pay the car off in the next few months hopefully that will make it better?

Thank you x