I have bad credit will this effect my partner?

Dickiecarter

Ok so I have bad credit which is all now being sorted through a DMP. My partner has ok credit 632 with a few discrepancies which are being delt with my Barclays and a mail order catalogue. He recently applied for a tesco loan but was declined and in the letter it said it could be due to one of there financial assosicates. We have a joint account but this is all. Would it be wise to cancel this and not be associated with each other as I think my mistakes are effecting him and its not fair. Help please!!!!

matttye

Yes, you'd need to disassociate from him if your bad credit is affecting his.

Please don't pay any attention to the so called scores given by the credit agencies; they don't mean anything. That 632 doesn't mean his credit is good/bad, it's no more meaningful than any other random number.

It's the information in his credit report he needs to look at. What are the discrepancies you refer to?

Dickiecarter

He had a loan with Barclays and was off work for 5 months and he claimed through is PPi so they were paying it but they marked it as 5 late payments and also there was a littlewoods catalogue that was opened in 2006 that wasn't by him which was on there showing as a outstanding balance of 433. They are now being rectified but I am an associate so I should probably get that removed and revert back to our own separate accounts.

happy_bunny_2

PPI shouldn't show as late payments unless it was with an independent provider and the payments were late. Was it with the loan provider? If so, complain, otherwise what's the point in having insurance?

Caladan

It may also be worth him writing a notice of correction to the CRA explaining why his payments were late and that the insurance should have been covering it. It doesn't remove the late payments but it does explain them and underwriters will look at it instead of immediately declining an app.