Experian Report: Hubby's Bad Credit Not Mine!

Danny02_2

Recently refused credit so got Experian report which shows the bad credit is my hubby's! It's a Nationwide bank account that was opened in joint names but I NEVER used it, not once. (Opened in both names because he couldn't get a bank account years ago, and I could!) He defaulted on the account when the bank decided to claw back the overdraft so he owes just over a grand on it which he's paying back at £60 a month! My name's on the account so I too get lumbered! Am trying desperately to get rid of credit card bills and wanted a 0% balance transfer card which I can't now get. Do I have to wait until he pays back the entire amount before my credit is any good again, or is that it now for 6 years - he's bad, so I'm bad!!:mad: Should get rid of the hubby shouldn't I !!

Moggles_2

No need to do anything that drastic!

If you have an otherwise unblemished credit report, it would be worth separating your financial affairs. Whilst you remain linked, lenders are likely to view you as too great a risk, as I think you realise.

Once your accounts were separated, you could write to the credit reference agencies and ask for a notice of disassociation, to stop his credit history affecting yours in future (and vice versa.)

JohalaReewi

Danny02 wrote: »

Should get rid of the hubby shouldn't I !!

That won't make your credit rating any better because you will still be financially linked. Unfortunately, you are likely to affected for 6 years because of the default. If possible, get the joint account closed. Might be worth posting in the debt free wannabe forum. They know a fair bit about defaults and the like.

Danny02_2

Virtually everything is in our joint names now, but all coming out of my account! (because of his bad handling of finances!). The default account was in his name and my maiden name. It's pretty much impossible to disassociate myself from him seeing as we are married - won't they just see us as a married couple and say that's just too bad?

lisyloo

If you have joint accounts then you are definitely financially associated.

Only when you have no joint accounts can you claim to be dissassociated.
I don't know for sure but you might find it difficult to get yourself off joint accounts that are in debt. The lender may still want you to remain liable until the debt is settled.

I'm not sure John is right because you can put a "notice of disassocaition" on your file (once the time comes). So although the history is there, lenders know your not assocaited anymore. This happens all the time when people get divorced or split up.
But you will have to come off joint accounts FIRST.

Moggles_2

It's pretty much impossible to disassociate myself from him seeing as we are married. Won't they just see us as a married couple and say that's just too bad?

If you share a financial product (eg. joint bank a/c) with someone else, then you are financially linked to them and their affairs could affect your credit worthiness, but simply being married to somebody or occupying the same home, has no effect whatever

Danny02_2

OK, thanks. Well, seeing as I can't get a 0% credit card right now thanks to hubby I'll just have to pay off the debts as quick as poss by throwing extra money at them as and when I can. Actually transferred high interest cards to Barclaycard this afternoon for 6.9% of life of balance transfer, so that's at least more acceptable than Santander's 21.9% that they decided to up my card to!!! Thanks all for advice!