Joint Application Query

Seibel

Hi there, my first time using these forums!

I recently applied for a small loan (£3000) and was turned down. As far as im aware my credit history shouldn't be too bad, i havn't missed payments on things in a good year or so. But i have moved a coule of times in the last 3 years and also changed employer a year ago and understand that these have an effect on my score too. also im a private tenant and not a homeowner.

Basically im just wondering, if i get one of my parents to do a joint application with me, but me still being the main applicant, will me chances be greatly improved? (My parents credit score is pretty much perfect, own a couple of properties and never been turned down for anything ever as far as im aware)

Do you think it is worth me re-applying with my mother as a joint application? or am i wasting my time and just scarring my credit history more with refused applications on it?

Feedback would be greatly appreciated!
x

CLAPTON

you are liable to damage your parents credit rating by them being associated with you

what exactly does your credit rating say

maybe ask your parents to get a loan in their own name and then you pay them back

Seibel

How do you mean damage theirs? you mean if i miss payments or something? which i won't its easily managable money, and i earn more than enough now, i just used to be a barman for 3 years (urghh) and got into a bit of a mess with finances.

Or do you literally just mean them having an application with myself who hasnt good credit dragging their down? I suppose that makes sense. I hoped they would drag mine up, but i guess it could potentially have the opposite effect..

I havnt actually checked my credit rating itself. I just know i got refused a loan. I know i probably should check it at some point to make sure its all true etc.

CLAPTON

having joint credit means a financial association is formed between the two parties.
so if one is searched for credit then so is the other; so indeed one may 'improve ' the other's rating and one can reduce the 'other' too.
best to check your credit records and see what they say;

PNPSUKNET

also if the propertys they own are buy to let, this would be taken into consideration also