Can you lend your credit rating?

kazd

Ok its not as bad as it sounds. I want to try and help my sister get back her bank charges back but initially she needs to set up a new bank account. We have been wanting to move her for years to no avail.

Things have changed slightly now as I have been looking after her money, she was repossesed years ago (approx 10) but this was settled about three years ago. She has then settled another debt and has one left that she has been paying off by monthly direct debit with no missed payments. She has recently been able to get a mortgage with Northern Rock. Her bank account is with the Halifax and she has a solo card.

My idea is to set up a joint account with her with Nationwide who I have both bank account, mortgage and credit card with a perfect credit history. Then after six months I would take my name off the account and hopefully leave her with a decent bank account and a visa debit card.

The problem for her is that not many places take the solo card and so if she wants to make a purchase she has to first withdraw the cash. When she approaches the Halifax they always tell her she does not meet the credit criteria.

Thanks for your input

PoorDave

Astonished that she can get a mortgage, but not a better bank account!

I would think that trying to associate two people together might only drag your credit down, not push hers up.

Why does she need a better account before reclaiming the charges? Have i missed something?

kazd

That was one of the first steps that martin suggests. Open up a new bank account. She has tried to get a credit card since getting her morgage and the halifax told her it was a lot easier to get a mortgage then a credit card.

Rex_Mundi

Hi kazd

I've moved your thread over to the Budgeting and Current Accounts board. You'll get better advice with this topic on this board.

dexters_mum_2

If she has had poor credit in the past, by setting up a joint account you'd be setting up a financial association between the two of you, which could impact on your credit rating.

System

I agree with the other posters that a joint account between you two would cause a financial association, which would damage your credit rating.

Probably the best solution would be an account with a debit card, similar to her setup with the Halifax.
Halifax would issue her a Visa Electron if her Solo was reported "damaged" btw.

Some people have reported getting a Visa Debit from CitiBank whilst having credit problems, and quidco cashback.

Other avenues include a Clydesdale Bank (Yorkshire Bank in England) cashmaster account as they come with a Maestro card rather than solo.

Otherwise the Co-Op have the Cashmaster Account with a Visa Electron which i found to have good acceptance, and cheap to use on Ryanair/Easyjet

Best of luck :rudolf:

regularsaver1

Yeah they have not done solo for so long now - ask for it to be changed

I'd be careful of going onto an account with her as they may not agree for her to have an account in her sole name later, hence not being able to remove you