financial disassosiation?!?

mr_clarkson

Hi....
My wife has just applied for a loan of 7500 from sainsburys bank online and was unfortunatly declined. she earns 30k has debts of 16k but always pays on time and generally more than minimum on credit cards. as such she immediatly got a report from credit expert and also a credit score off them (wich was 940 ish - good) the only obvious thing (other than 1 missed payment in last 12 months) is that she has a financial link to me. i do have a bad credit score (defaults ect ect)

now, the reason we have the assosiation (i think) is because we applied for a mortgage together a couple of years ago (but was declined) so..... technically although we are married we have no joint financial commitments, so can we/are we allowed to get dissasociated?

i am convinced it is because of me being on there that they have refused so would like to alter this if we can/are allowed/ and if there is any point? as we are both same initial and surname living at same address.


many thanks in advance for any help
jon

zppp

mr_clarkson wrote: »

Hi....
My wife has just applied for a loan of 7500 from sainsburys bank online and was unfortunatly declined. she earns 30k has debts of 16k but always pays on time and generally more than minimum on credit cards. as such she immediatly got a report from credit expert and also a credit score off them (wich was 940 ish - good) the only obvious thing (other than 1 missed payment in last 12 months) is that she has a financial link to me. i do have a bad credit score (defaults ect ect)

now, the reason we have the assosiation (i think) is because we applied for a mortgage together a couple of years ago (but was declined) so..... technically although we are married we have no joint financial commitments, so can we/are we allowed to get dissasociated?

i am convinced it is because of me being on there that they have refused so would like to alter this if we can/are allowed/ and if there is any point? as we are both same initial and surname living at same address.


many thanks in advance for any help
jon

Making an application together will create a joint financial link yes.

Further details about financial disassociations can be found here;

http://www.experian.co.uk/consumer/faq/AR3.html#q519

Each CRA wil need you to go through their procedure, where a joint financial link appears on your credit file.

ILW

The fact that she already has outstanding credit of more than 50% of her gross earnings is most likely the reason.

nicolascowen

Firstly it may be nothing to do with your credit or financial association. Banks are being incredibly fussy who they lend to and it may be simply that they feel she would be overcommitted or that they are only lending to those with a squeaky record.
You are right the application for finance together does associate you together and it would be difficult to get this removed as there is no change in your circumstances, also this is done as an override of the system and so most credit searches wouldn't take it into account.
The Credit bureaus are also very good at sussing who is who as they use DOB's and NI numbers to help for same initials same address. I would ask Sainsburys why and they should tell you, wait until you know as you don't want to be applying for finance all over the place as that will negatively impact on your ability to borrow.
If you wife has a good relationship with her bank it may be wise to approach them.

CLAPTON

your wife has debts of 16k and wants to borrow 7.5k more making her debts 23.5k on a salary of 30k
it's very unlikely that anyone will lend that on the fgounds of affordability
being associated with some-one with poor credit record makes it even more unlikely