Caution on Credit File?!

donnap83

Checked my file yesterday using the 30 days free thing. It has a 'dashboard' giving a summary of your file. Mine is Yellow, for caution. I have no defaults etc, or late payments, but I do have several dormant bank accounts that i no longer use. I did go to the banks in question last year to close them, but after checking the credit file, they appear to still be open. Will this affect my CF? Also, thinking about it, I have a joint bank account with my mum, who has really bad credit. We have it because my mum is disabled so can't always get out, so she will transfer money into the account so i can get her shopping. We've since discovered that we can do a bank to bank tranfer instantly (it used to take 4 days) so will be closing that account. As it stands, will being financially linked to my mum with this account affect my credit rating?Thanks in advance!

donnap83

Anyone...?

natsplatnat

Hi!

I believe that your rating can be influenced by the amount of credit available to you. I tend to close old 'standard' bank accounts, but keep credit card active but with a very low limit (eg £50) just incase something goes seriously wrong at some point.
I believe that the joint account with your mum will mean that you are financially linked and as such her history/rating will affect yours. Closing that account will definitely help. I am not sure if you have to advise anyone that you are no longer 'linked' or if that is just for people like those getting divorced.... hopefully someone will be along with more info later for you!

Nats x

donnap83

I'm in the process of getting all the old accounts closed, and the joint account. Once thats done, theres a questionaire i need to complete on the experian site that will remove any 'link' from my credit file. Once all thats done, i'll still have the accounts showing on my credit file, albeit satisfied. It will leave the following active accounts:Bank account,Cap One CC,Barclaycard,Small bank loan,mobile contract,Catalogue acc,The only concern is that in total i have 14 credit agreements showing, which are all settled/closed (or will be) with the exception of the above. Will that affect my credit file? For example, a couple are old CC's that i paid off and cancelled as I got a better deal.

Tixy

Old settled accounts shouldnt be bad for your file (unless they show lots of missed payments of course).
Sounds like a good idea to file a notice of disassociation from mum once the account is closed. You'll need to do this with the other credit reference agencies as well.

donnap83

So, I've now closed the dormant bank accounts, and closed the joint account with my mum. What do i need to do now? Contact the CRA's?

How long will it take for my file to be updated to reflect these changes? My free trials are due to finish in the next couple of weeks.

rising_from_the_ashes

Hi, you'll need to complete Financial Disassociation forms to remove the link with your mum.

The forms for the credit agencies are all on this link (near the bottom) http://www.thecreditagency.co.uk/credit-report/check-my/financial-disassociation.html

donnap83

rising_from_the_ashes wrote: »

Hi, you'll need to complete Financial Disassociation forms to remove the link with your mum.

The forms for the credit agencies are all on this link (near the bottom) http://www.thecreditagency.co.uk/credit-report/check-my/financial-disassociation.html

Thanks. Will sort them out on Monday.

My mums credit was shockingly bad, so once ive got rid of any connection to her on my files, my crefit file/rating should improve 10 fold? I tried to apply for a new CC the other week but was declined. The only thing i can think of was the association my her.

InDeepDebt

donnap83 wrote: »

We've since discovered that we can do a bank to bank tranfer instantly (it used to take 4 days) so will be closing that account.

Which bank is she with and which are you with?

Most banks use sometyhing called 'Faster Payments' which, although usually instant - has an SLA (service level agreement) of 2 hours. However, some banks have not opted into this scheme. I know when I make internet payments, most state that they will transfer within 2 hours (and actually go immediately). Some though advise that they will take three days - something to check with your bank just how quick the transfer will be between your mother's account and yours.

yellow3

Sorry to hijack your thread! But I have a similar question.
I have a joint mortgage and secured loan with my mum.
I have moved out and now rent my own place, can I be financially disassociated from mum so our finances do not affect each other or not because we are still keeping the mortgage joint?

Hope that makes sense!

immoral_angeluk

yellow3 wrote: »

Sorry to hijack your thread! But I have a similar question.
I have a joint mortgage and secured loan with my mum.
I have moved out and now rent my own place, can I be financially disassociated from mum so our finances do not affect each other or not because we are still keeping the mortgage joint?

Hope that makes sense!

While you have any joint accounts still open and active you won't be allowed to disassociate yourself from your mum, because even though you don't share finances and she's paying it, the joint loans DO affect you both.