Declined loan due to financial association

MoHunter

Hello everyone,



I was wondering if anyone had experience in this and any advice to offer.

I have recently been declined a personal loan from my bank which was to pay for buying a used car. After several phone conversations with my bank, they actually told me that the sole reason for it being declined was a financial association on my credit report. They even said that if it weren't for that financial link I would be eligible for a loan even twice the size of what I applied for as they had no other concerns with myself!

Now what is upsetting about the whole thing is that up until a week ago I didn't even have any financial association on my credit report. My partner and I have always kept our finances separate. Then a week ago we tried to get the car loan through his bank, which was refused - problem is, that was a joint application.

My partner has a 5 year old default on his credit report from when he was a (young and stupid) student and struggled to pay back a tuition fee loan. This was satisfied within three months but obviously will still be on his report for another year.

Anyway, as the joint loan application was refused, we do not actually have any credit or bank account link. My question is, does anyone know how easy or difficult it would be for me to have him removed as a financial associate from my experian report? Most of what I have read about this seems to be regarding couples who have split up.
Obviously it's slightly different for me - we are still a couple, but have no actual financial link or joint account, so I am hoping this might be possible?

I have submitted a request to Experian explaining the situation, but would like to hear if anyone knows what my chances are of succeeding in having the link removed. I have never had a loan nor applied for one until this past week, and had I known that the joint application would mean I would have a permanent "black mark" on my own report I never would have done it!

We need another car as our current one is falling to bits and we are constantly having to pay for repairs (£600 just last week as it broke down). So gutted to think I could have gotten the loan if I'd just applied solely through my own bank a week ago and not bothered with my partner's bank in the first place.

Tixy

Very easy to get the financial association removed - though it could take a few weeks to process.
You simply complete an online form for each of the 3 credit reference agencies that show the link, explaining that your finances are kept seperate.

MoHunter

Fingers crossed then! I'm not worried about it taking a few weeks, going on holiday soon anyway and not in an extreme rush to get the car. I was worried that this might be permanent and that it would prevent me from getting any credit approved until end of next year when his default comes off his report.

Experian_company_representative

Here's the Experian online disassociation form. If you have no other financial link and confirm to us that the joint application was unsuccessful we should be able to break the link for you. Any disassociation would of course be overwritten were you to apply for credit together after that.

James Jones

Chezza30122007

Sorry to jump in

Hi James

I have a financial associate from a Mortgage that was completely paid off in Feb 2005. Should I still be associated with this person after 8 years? We no longer have any debt together and are registered at different addresses?

Cheers
Cheryl

MoHunter

Many thanks James, that is a relief. I have already submitted the above form, I guess I will know in a few weeks. I will definitely be more careful about making any joint applications in the future!

Tixy

Chezza30122007 wrote: »

Sorry to jump in

Hi James

I have a financial associate from a Mortgage that was completely paid off in Feb 2005. Should I still be associated with this person after 8 years? We no longer have any debt together and are registered at different addresses?

Cheers
Cheryl

You need to file the notice of disassociation. If not the link will remain on your files and potentially affect your ability to get credit.