Joint Loans - How is Decisin made

michael1983l

Ok let me run through a little scenario,

Joint Applicant 1 - low credit score but no missed payments for longer than 12 months, no over limit, but searches and number of accounts lowering score. using less than 70% of available credit. Total debt outstanding 13k (9k of that PCP car plan). 40k a year income. Fair credit score of 600 according to call credit 999 according to scammers equifax (got refund as it is clearly made up)

Joint applicant 2 - Homemaker, perfect credit file, no missed payments ever, no debt outstanding. 3 credit accounts 1 x Current account 2 x credit card accounts. £1600 available credit 0% used. No physical single income.

Applicant 1 cannot get any credit alone for reasons above, would making a joint application neuteralise the bad aspects due to the second applicant? Would it make a difference applying or do they take the worse credit file as the reference and make the decision based on that alone?

The loan is required for essential work that needs doing on our home. and would be around 7.5k

Any advice would be greatfully appreciated as we do not want to apply if we know we are unlikely to get accepted.

Thanks

jon_boy75

you are more likely to be accepted for a joint loan, so i would try 2 or 3 applications on the same day and leave it at that

try your bank first, if you have a joint account, and then it may be wise to look at who does quotation searches (nationwide, experian, moneyextra etc), so as not to waste too many searches...but speak with someone to confirm that they do

experians is easy if youre a subscriber, but i'm not sure how reliable it is to be honest

michael1983l

Thanks for the great reply, that is very useful. Was beginning to think nobody knew the answer :j