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Will a default affect my credit rating?
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coastiefrank
Posts: 5 Forumite
Hi,
My partners son intends taking out a 25K loan and uses my address as his mailing address because he lives in a caravan. If he defaults on the loan, will this affect my credit rating which is currently V Good?
My partners son intends taking out a 25K loan and uses my address as his mailing address because he lives in a caravan. If he defaults on the loan, will this affect my credit rating which is currently V Good?
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Comments
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No. Credit ratings are connected to individuals, not addresses.0
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Nope.
Is he on the electoral roll at your address? If not, there's no way he's going to get approved for a 25k loan. He must also have amazingly good credit to get any sensible lender to give them the money.Credit 'Score' - Don't buy the credit 'score' that Experian, Equifax and Noddle want to sell you. It's an arbitrary number that means nothing when it comes to applying for credit.
ALWAYS HAVE A DIRECT DEBIT SET UP FOR THE MINIMUM PAYMENT ON YOUR CREDIT CARDS, REGARDLESS OF WHETHER YOU PLAN TO LOGIN AND PAY EACH MONTH.0 -
I suspect if he lives in a caravan, it's unlikely he's going to find anyone willing to give him 25K of their money, whatever address he uses.0
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If he's not on the Electoral Register for your address, it won't matter as he'll not be seen as being resident.0
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He'll need to be on at least £50k to borrow that amount and that's if he has no existing debt.0
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coastiefrank wrote: »Hi,
will this affect my credit rating which is currently V Good?
You don't have a credit rating. I assume you're believing the non existent Experian or Equifax 'scores' which are random made up numbers.0 -
Thanks for all your answers, they have set my mind at rest.0
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yes it will affect it.0
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