How to get credit scored together with partner?

VonMises

I recently ran my personal Experian report & credit score.

Disappointingly, the credit scoring part is more crude than I would have hoped.

I'm getting a credit score based on the following facts:
- have never missed any payments of any sort
- two or fewer credit application in the last 6 months
- registered on the electoral roll
BUT
- several credit agreements and a high outstanding balance

That's true, but my problem with this last point is that 'my' outstanding balance reflects the credit transactions of two people, not one.

I live with my partner and we share all expenses, have a joint account, she's a 'connected' member in my credit cards and she shows as a financial associate on the credit report etc.

So two incomes contribute toward any 'outstanding balances', and no payments have been missed, ever.
We're both professionals, have healthy savings and no debt (and any credit card payments are always done in full and on time).

So if a lender or Experian looks at the credit side only and sees a high outstanding balance but doesn't consider the fact that an additional income will contribute toward clearing it in full (as has happened consistently), then this credit scoring business strikes me as a bit of a farce.

In general, how can I ensure that a lender looks at the full picture (i.e. both me and my partner) and assesses my loan application as a joint one with my partner?

Any insights would be much appreciated.

CHR15

If you two split up tomorrow what would happen to the debt??

IF she stops paying, you will be lumbered with the lot.... so it all sounds correct.

boliston

I think the trouble is that "linking" only works one way, in that your credit record can be "dented" by being financially linked to someone with bad credit, yet if you are linked to someone with exemplary credit then there is no benefit.

Answer: Avoid linking by not having a joint bank account.

VonMises

Thanks boliston.
I think we'll be keeping the joint bank account (see thought (a) below ).


Thanks CHR15.

Though I understand the valid point you're making, I think it's reasonable to expect from lenders/rating agencies that when they're assessing creditworthiness they should consider total joint income against total joint borrowing.
They do see a consistent history of full repayments with balances that seem too high for one income (because of course they're covered by two incomes).
So I'd expect them to be more sophisticated in this respect.

The question remains:
In general, how can I ensure that a lender looks at the full picture (i.e. both me and my partner) and assesses my loan application as a joint one with my partner?

Additional thoughts:
a) we'll be getting married later this year; will this have a positive effect?
b) would it help getting her her own credit cards (rather than having her as a connected member on mine)?

CLAPTON

appy for loans that let you enter both your own income and your OH

VonMises

Thanks CLAPTON.

I tried this earlier today with Zopa, where the loan application actually gives you this possibility, but the result was daft (on a factual basis, not a wishful thinking one).
My current thinking is to avoid getting web quotes and to stick with the bank where we have the joint account as these guys should be able to understand the matter better (they have full visibility of all the info I discussed above).