My Partner refused a loan because he is financially linked with me.. help!

Hollypop_2

Hello All,

I am after some advise please.

My Partner and I have a joint bank account that we only use for direct debits and all the house hold bills, which each month we both pay the same amount in to.

My partner has a credit score of 999, and has never had a missed payment or any arrears or anything. I on the other hand have a CCJ that i pay my county court each month for with just 12 more payments till it is satisfied.
This hasnt really cause me any problems as i rent privatley and i havent needed credit for anything, and there is no way i could afford the deposit for a mortgage!

Anyway... my partner is after a small loan (5k) to buy himself a car with (the old one has had it!) so he went to his bank (Nationwide) and applied for the loan (he has had loans with them in the past and always been paid on time) the loan was declined!
He called Nationwide and spoke to a really nice guy who looked through all the reports and couldnt understand why it has been denied, as his credit score is perfect.... then it became apparent it was denied because of me! because we have a joint bank account. :mad:

He is absolutly gutted, and i feel so terrible. We only got the joint account 18 months ago so that we could pay for everything house wise equally.

Basically my question is now.. is there a bank / lender that will only look at HIS credit score / account and not my alias too?

Many thanks in advance for all your help guys!

Holly

zppp

That 999 credit score means absolutely nothing. It's like putting a finger in the air and saying anything. The credit reference agency will not lend funds to you, so it is very much pointless to ask for a score. It is likely that no-one is perfect in the eyes of all lenders. This is because different lenders have different lending criteria, and it is not as easy as a score. Lenders assess affordability, account conduct, internal scoring etc - these are generally not picked up by CRAs.

Because you have a joint bank account, you have a joint financial link, so your unsatisfied CCJ is likely to be affecting his credit. The only thing I can suggest is that you close your joint accounts etc and file a notice of dissassociation at each of the credit reference agencies. I then suggest he waits 3 months after this, and then reapply or apply elsewhere.

Hax

Unfortunately, whilst you are financially linked, then your credit report will always be searched by lenders when he applies for credit.

You could close down the joint account and financially disassociate yourselves on the CRA records - but this will take a little bit of time until the records are updated. And remember, there are three CRAs: Experian, Equifax and CallCredit.

hollypop

if my partners own bank (who admit he has the perfect credit score) wont lend to him then i doubt anyone else will in that case!

I dont want to close the joint bank account, as then we are stuck for who pay for what household bill wise. It works well the way it is now.

I think we will just have to come to terms with that neither of us can get credit untill my CCJ is removed.

zppp

hollypop wrote: »

I dont want to close the joint bank account, as then we are stuck for who pay for what household bill wise. It works well the way it is now.

You could ask the bank to remove a party from your joint account, and you can always have the joint party put back on in the future. That way you don't need to physically close the account as such.

Emmzi

he can open a bills account in his name only. you can still pay into it. Not sure what the problem is.

andy.m_2

Emmzi wrote: »

he can open a bills account in his name only. you can still pay into it. Not sure what the problem is.

The problem is that Hollypop is a girl, and girl's see a joint account as a concrete footing for an inexplicably linked future together.
It's like a financial engagement ring.

I hate joint accounts with a passion, no good comes from them.

You could, as mentioned above, just move the account to a single name and still both pay into it no problems.

twistedhazel

What a ridiculous statement andy.m - I'm a girl, I have a joint account with my partner who I'm not married to and it hasn't caused us any problems in the 12 years we've been together. It may be the case that SOME girls see it as "financial engagement ring" but to make such a sweeping statement is uncalled for and frankly shows you in a pretty poor light. Perhaps you've had your fingers burned in the past but please don't make such prejudicial all-inclusive statements - it's not helpful.

thefishdude

you dont need a joint account. i just get my wages paid into my gf account i know what the bills are gonna be they are all set a direct debits on her account from when she was alone. soo basicallu my wage goes in her account and she just trasnfer over the excess over my share of the direct debits to my own account same day.

iolanthe07

I hate joint accounts with a passion, no good comes from them.


I have had a joint account with my wife for 41 years and it has worked perfectly - no problems at all.

EB69

andy.m wrote: »

The problem is that Hollypop is a girl, and girl's see a joint account as a concrete footing for an inexplicably linked future together.

What an incredibly stupid, ignorant thing to say.