Improving My Credit Rating

Fergie76

Hi all, I'm new the forum, so I am not sure if this is the right place to post this?

I'm looking for some advice regarding Credit Ratings.

Most of the time when I apply for credit, I am either refused or get the higher interest rate deals (lucky me).

I pay all my bills on time every month and have no outstanding accounts. When I was younger, I did get in a bit of bother, but I have paid them all back and they were over 6 years ago, so longer appear on my credit file. I don't overly apply for credit, I think I have had one search in the last year (new phone contract, which was approved).

However, I think it is my wife's credit rating that is killing mine. She has run up a bit of a bad rating, although we are working on it. Reading a different part of this site I found this:

• Marriage doesn't hurt, joint finances do.
  Simply marrying or living with someone with a bad credit score shouldn't impact your finances, as third-party data (ie, someone else's info) doesn't appear on your file.
  Yet if you're 'financially linked' to someone on any product, it can have an impact. Even just a joint bills account for flat sharers can mean you are co-scored. If one partner has a poor history, keep your finances rigidly separate, and it should maintain access to good credit for the other.
  In fact, there are only two common products that can infer financial linking: mortgages and joint bank accounts. As a note, there's no such thing as a ‘joint' credit card. Technically, it's one person's account and the other just has access to it. It is technically possible that joint utility bills could be reported on credit files, though current practice is not to do so.
  If you split up with someone you've joint finances with, once the accounts are separated or no longer active, always write to the credit reference agencies and ask for a notice of 'disassociation', to stop their credit history affecting yours in future.

We don't have joint bank accounts or have any joint bills or credit agreements. Although we have had in the past. On checking my credit file under 'Financial Associates' there are two entry's for my wife, one dating back to 2001 and the other 2005.

My question is, while we are getting my wife's credit rating back in order, how do we dis-associate ourselves (can we?), so I can get the better credit deals, if required (I'm looking at buying a new car on finance, but know I'll either be refused or ripped off, with higher interest rates).

I also forgot mention I don't have an excessive amount of credit accounts and I work full time and am on a decent wage.

Thanks in advance.

Fergie76

Bump?

Can anybody help?

Fergie76

Bump.

anyone???

DarkConvict

Hi Fergie76.

Having a previous joint account would create the link, that link means they search her file when you apply for credit, if she has a bad rating you get a bad rating. Basically they work on the worse risks they find.

Anyways, once you have closed all joint credit accounts, bank accounts, mortgages, credit cards etc, although it may apply to rental/service agreements as well im not sure. Anyway. Once you have done that you need to contact the 3 credit reference agencies to get her removed from your report. Each one has there own process.


Experian - Link

Equilfax - http://www.equifax.com/help/q11/en_uk#d

CallCredit - Ring them http://www.callcredit.co.uk/contact.aspx

Fergie76

DarkConvict wrote: »

Hi Fergie76.

Having a previous joint account would create the link, that link means they search her file when you apply for credit, if she has a bad rating you get a bad rating. Basically they work on the worse risks they find.

Anyways, once you have closed all joint credit accounts, bank accounts, mortgages, credit cards etc, although it may apply to rental/service agreements as well im not sure. Anyway. Once you have done that you need to contact the 3 credit reference agencies to get her removed from your report. Each one has there own process.


Experian -

Equilfax -

CallCredit - Ring them

Thanks for the reply.

But as we are married, does that not mean we are still financially associated even though we have no joint accounts? I would like her removed from my file, but don't want to break the law by giving false information? :laugh:

Cheers.

DarkConvict

Marriage does not affect it, only joint accounts.

If you are married but never share a mortgage, bank account etc you will never be linked together. Your not breaking the law and when you inform the credit agencies they will say whether or not the link can be broken i.e. if any outstanding products are still open.

Fergie76

DarkConvict wrote: »

Marriage does not affect it, only joint accounts.

If you are married but never share a mortgage, bank account etc you will never be linked together. Your not breaking the law and when you inform the credit agencies they will say whether or not the link can be broken i.e. if any outstanding products are still open.

Thanks.

We have no joint accounts or credit agreements, so I will contact the relevant agencies and take it from there.