Joint account credit woes

evmundo

Hi all
Me and my partner have a joint account she has very good credit score 900s and I am around 350 on Experian. We are wanting a bank loan to consolidate my credit cards and over draft, form my separate account from before we met. What is the best way to apply for a loan.

I am concerned my credit will effect hers as we have a mortgage and a joint account together.

Please HELP!!!!!!

HopeAndDriftWood

Your credit will affect hers, as you now have combined finances. She needs to check her score, and see what it is. If it has drastically lowered, you may need to close all joint credit accounts and keep them seperate until you have sorted out your own rating. She'll have to write to the credit agencies to disassociate herself from you, and that could take a while.

Then if you still want a loan, you'll have to take it out in her name, or wait until your credit is good enough to not affect hers, when the debt will probably be gone.

Edit - I guess the mortgage means you can't cancel all credit together. In that case, you'll just have to improve your own credit, and neither of you apply for any in the meantime.

CLAPTON

your poor credit history will adversely affect her but there is little that can be done about it.


whether or not 'consolidating' CC and OD is a good idea depends upon the debt details and whether you have addressed the causes of these debts. (have you stopped over spending?)
you may wish to post your full details on the debt free wannabe board.


in any event, making a couple or so loan applications will make no difference to her credit rating.
however a credit search or two will do no harm so she may as well apply for a loan.

evmundo

Thanks for your help
My credit is well in hand. I know it sounds like a cop-out. but the only reason my credit score is bad is because Halifax bank failed to set up Direct debits to my credit cards and as a result I have left them.
The reason i want the loan is so I can pay off my cards. Now that my score is low I cant shift them to a 0% and a loan sounds like the best option.