Loan needed, question to do with credit rating

Mummytobe

Hi, I am after a loan for a second family car. I am planning to apply for a loan and ideally wanted my boyfriend to be a joint applicant however i know he hasnt got the best credit rating. Not sure whether i should apply for it myself. It is a for a second car, i already have a loan with BMW for my car. (which will be shown on my credit rating) I am planning to apply with tesco which i currently have a loan with and will pay the rest of that loan approx 1 year left and 2000k and apply with an extra 8000k. Also on his credit rating he has a default with a Natwest current account which states current balance is £1085, start date is 2002, default date is aug 2005 and the default balance is £1244, with an update of sept 2007. When will this be erased from his credit report?

[Deleted User]

2000k 8000k your post makes no sense sorry

bouncydog1

Has your boyfriend paid off his debt - if not then this should be a priority before even thinking about buying another car.

From your post do you mean you still have outstanding finance of £2k on your car and will settle this from a further loan of £8k? You say you also have a loan with BMW and Tesco.

Sorry but I think you should be trying to sort yourself out with budgeting not further loans. Your posting name also indicates a happy event - have you taken all of these extra costs into account? From the details it looks as if you already have a lot of credit arrangements in place and in the current climate this puts lenders off.

Emmzi

defaults usuallly stay on for 6 years so I doubt he will get credit unless he goes for dealer finance at an astronomical rate

however given the number of tales from people who have bought their partners a car then partner has left and they have debts (and sometimes no car) I might be inclined to let him do that. At least a couple of posts a month on this topic.

Good luck!

Mummytobe

I meant i had a loan of 2k outstanding with tesco with 1 year left and wanted to topp this up, ie extend it. I have credit cards which will be paid off with money i have saved up, they will all be clear in a week with about 500 left on one, and apart from my BMW loan for my car i dont have any other debts. I earn a very good wage, we both do so budgeting isnt really an issue. I was mainly asking when my boyfriends default will be clear from his credit report. he has already just got a capital one credit card and is spending on that and then paying it off each month. (to build his credit rating up for the future)

Tixy

I wouldn't get a joint loan or any joint financial product with him until his default has cleared (as others have said 6years from the default date).
If you did become financially associated before then his bad credit file could hamper any applications for credit you make.

27col

Mummytobe wrote: »

I meant i had a loan of 2k outstanding with tesco with 1 year left and wanted to topp this up, ie extend it. I have credit cards which will be paid off with money i have saved up, they will all be clear in a week with about 500 left on one, and apart from my BMW loan for my car i dont have any other debts. I earn a very good wage, we both do so budgeting isn't really an issue. I was mainly asking when my boyfriends default will be clear from his credit report. he has already just got a capital one credit card and is spending on that and then paying it off each month. (to build his credit rating up for the future)

Budgeting is always an issue. Or it should be. That's what money management is all about.

KingElvis

Woahhhhh, sounds like you could be digging a hole down to Debtland here.....I would be very careful.

Mummytobe

Digging a hole down to debtland....are you joking?!!!! seriously!

bouncydog1

Don't think anyone on here jokes about being in debt - read the stores on the DFW Board!

The responses are because you don't seem to have a very good attitude to money and want to tie youself in to a joint loan with someone who has already proven they don't always pay back.

You don't think you need to budget, yet can't clear your cards and want to accrue more money by borrowing. Have you seriously thought about what might happen if one of you loses your job or you can't return to work when you have your baby? People aren't scaremongering they are just trying to help you.

KingElvis

Mummytobe wrote: »

Digging a hole down to debtland....are you joking?!!!! seriously!

Nope, your attitude to money, loans and finance leads me to think you're heading for a financial cropper.....if I'm wrong then accept my apologies.