Redundancy & Credit Report

xyz123

Hi

I and OH have been with Abbey for last 12 months and had 8% interest current account. Now is time to switch. Only top option left is first direct (as we have another A/C with A+L). To get the £100 we would have to switch our direct debits and standing orders.

Now OH was made redundant 6 months ago. Thankfully i still have my job and we do not owe any thing to anyone. we have enough savings to cover ourselves.

Questions are:

1) Do we have an obligation to let our current credit card company know that OH has lost the job?

2)When we apply for the account we will have to delcare that OH is unemployed. Will this go on credit report? and if yes is there any harm in it. We are sure that we will not go for a mortgage or any other loan until she gets a job. So i cant see a big problem in this. or am i missiing something?

Thanks
J

Debt_Free_Chick

xyz123 wrote: »

1) Do we have an obligation to let our current credit card company know that OH has lost the job?

No. For so long as you meet at least the min payments, there is no issue.

2)When we apply for the account we will have to delcare that OH is unemployed. Will this go on credit report? and if yes is there any harm in it. We are sure that we will not go for a mortgage or any other loan until she gets a job. So i cant see a big problem in this. or am i missiing something?

Credit reports don't record your employment status, so there's no issue with your OH being unemployed.

However, some banks/lenders will score you lower for a credit application if you are not employed. Nothing to do with your credit report, just the way that they score the customers they want and weed out the ones they don't want.