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Personal Loan- Joint Apllication

mag21
mag21 Posts: 36 Forumite
Hello,

I need some advice...
I have poor credit and I have recently registered on the electoral roll to try to improve it, (which will be published next month).
I have a few debts and have tried to get a personal loan but have been declined a few times...
My husband however has good credit and I was wondering if we apply together, will I a have a better chance of getting a loan?
I work full time and can afford monthly payment so that's not a problem.

I would also like to know, will my husband be able to see my credit report since it's a joint application?
I have debts he doesn't know about and I don't want him to find out. (mostly pay day loans- I know, stupid).

Any help will be greatly appreciated.
Mag

Comments

  • Hi

    Unfortunately having a person with good credit applying jointly doesn't tend to help at all (I tried it, and it ended up affecting their credit report too)

    As far as I'm aware, your husband will not be able to view your credit report, that's just for the banks to check.

    Hope you find a solution :)
    Total Debt - £17,850.57

    Long road to being debt free!
  • mag21 wrote: »
    Hello,

    I need some advice...
    I have poor credit and I have recently registered on the electoral roll to try to improve it, (which will be published next month).
    I have a few debts and have tried to get a personal loan but have been declined a few times...
    My husband however has good credit and I was wondering if we apply together, will I a have a better chance of getting a loan?
    I work full time and can afford monthly payment so that's not a problem.

    I would also like to know, will my husband be able to see my credit report since it's a joint application?
    I have debts he doesn't know about and I don't want him to find out. (mostly pay day loans- I know, stupid).

    Any help will be greatly appreciated.
    Mag

    So you want a joint loan but you don't want the person who will be liable for the debt to know about all your other debts..... will he not ask what the loan is for? Doesn't he deserve to know?

    And you can afford the monthly repayments but need to use payday loans which, from what you've said, are still outstanding?

    I'm not being judgemental here but you need to get your finances in order and you need to come clean with your husband so that you deal with it together. Having this sort of secret can wreck marriages/relationships.
    ....Practically Perfect in Every Way......:grinheart
  • Apples2
    Apples2 Posts: 6,442 Forumite
    edited 6 September 2012 pm30 2:16PM
    If you join forces to apply, they will credit check both of you.

    You will both end up with the score of the lowest, i.e you will both be rejected.

    To further compound things, as he would then be financially linked with you, he would also have a poor credit file.
  • mag21 wrote: »
    I work full time and can afford monthly payment so that's not a problem.

    I have debts he doesn't know about and I don't want him to find out. (mostly pay day loans- I know, stupid).

    The above two lines of your OP totally contradict each other!

    If you are using payday loans you are already living beyond your means.

    Madness to think you can afford an additional loan!!
  • mag21 wrote: »

    I would also like to know, will my husband be able to see my credit report since it's a joint application?

    My partner and I have Joint Mortgage, on my Experian Credit report I am able to see recent searches/applications made by 'persons I am associated with' therefore I saw his searches all of 3 when he recently switched cc to a 0% deal so its quite possible making a joint application any previous searches on your credit report will also appear on his credit report.
    On the road to financial freedom.... one MSE penny at a time....:T
  • on looking at your previous posts the one below in particular am assuming you did not contact the free DMP companies.... this really would be ur best option rather that looking to take out more debt to pay debt and wrecking husbands credit rating in the process...

    https://forums.moneysavingexpert.com/discussion/3581981
    On the road to financial freedom.... one MSE penny at a time....:T
  • Have you tried relate? If you cannot tell the truth to your husband perhaps you should seek help on this.
    Thinking critically since 1996....
  • mag21
    mag21 Posts: 36 Forumite
    Thanks for your replies.
    I just thought a loan would help me get rid of the payday loans quicker and save me paying the high interest.
    I'm a bit scared of asking for a payment plan with a payday company as I've heard they can clear your account even when you have a repayment agreement plan with them.

    Will have to think about it though as it looks like I don't have much choice. :(

    Thanks again.
  • DCFC79
    DCFC79 Posts: 40,614 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    mag21 wrote: »
    I'm a bit scared of asking for a payment plan with a payday company as I've heard they can clear your account even when you have a repayment agreement plan with them.

    Well a way to beat that is to open an account ( even a basic account would do ) with an unrelated bank and have your money, direct debits etc transfered and set up an SO for an amount for the pay day loan co to take from your account but do not tell the pdl of the new account.

    You should tell your husband of the debts, aren't you meant to share stuff when in a relationship ? Why dont you want him to know about the debts ?
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