Joint account and mortgage after bankruptcy

ld1978

Hi all,

My husband went bankrupt in 2008 and was discharged in 2009. I manage all the money so all the accounts are in my name and he doesn't use his coop one (has a vanquis credit card). We weren't married when he went bankrupt so no financial associations however we have a baby now and I'm going part time so would like to add him to mortgage in the future (just bought a new house on my salary and mortgage in my name) so we have options to re mortgage. Also I have a very good credit rating so my account has a 2500 overdraft (which I don't use) and all his business accounts are also in my name (as when he went self employed he couldn't get the accounts)

My question is if I take the overdraft off would he likely be added to the account (next oct is 6 years discharged) and what would the effect be to my credit rating (as I have very good credit) As I'm going to work part time I'm worried my affordability on paper for the mortgage (which we can afford as we have his salary which isn't being taken into account) and what may happen when the fix runs out in two years (going to overpay too)

I really want to try and help rebuild his credit and thought the joint account could be a good start. I don't want a basic account for him as it means me managing and transferring money from his business account to my account (bills) and then his basic. He can't get paid into his coop as needs to be a business account.

Sorry for the waffle but any advice appreciated (especially re future mortgage and joint)

Thanks

debt_doctor

Hi,

If I were you, I wouldn't do any such thing!
Creating a financial association with someone with a poor rating will do you no favours.
I suggest that he cleans up his own credit files (see stickies on this board) and then applies for high end interest credit cards, maintaining, then applying for the 'next one up' and cancelling the more expensive card.
A couple of years doing that should get him in to the 'good' rating for Experian.

DD

ld1978

Thanks but we've done all the clean up several years ago and he's had his credit card a few years now. The only thing we haven't done is the next one up.

Is it really a bad thing to add him to my account after all these years. I'm not sure what else we could do to help rebuild him?

ld1978

Thanks but we've done all the clean up several years ago and he's had his credit card a few years now. The only thing we haven't done is the next one up.

Is it really a bad thing to add him to my account after all these years. I'm not sure what else we could do to help rebuild him?

ld1978

Hi again,

Just to add to this I have just signed up for the months trial with Equifax and Experian and the Experian credit rating for hubby was 999 and excellent but with equifax was poor at 366. Why would they both be so very different? The only issue with equifax was that it didnt accept our new address (moved in July) so is still showing old address. would this make a difference?

Any advice on best moves for us next would be great. I know debt doctor asked why I want to do this and its due to wanting to support hubby and build his credit rating. With me going part time Id love to get him on the mortgage in the future and I thought a joint account may help. Am a bit confused with the major discrepancy in credit scores!!

Any help or advice greatly appreciated

Experian_company_representative

Hi ld1978

ld1978 wrote: »

Hi again,

Just to add to this I have just signed up for the months trial with Equifax and Experian and the Experian credit rating for hubby was 999 and excellent but with equifax was poor at 366. Why would they both be so very different? The only issue with equifax was that it didnt accept our new address (moved in July) so is still showing old address. would this make a difference?

Good question and great to have you with us, you may well find a lot of similarities between your Experian credit report and one produced by another credit reference agency (CRA), but there are likely to be differences too.

In answer to your question, yes it could make a difference as not all lenders share details about their customers with all three CRAs, this information can differ between the CRAs.

If you husband feels if information is missing from his Credit Report generated by the CRA's he has joined, he might want to contact them directly, our contact details can be found here

Hope this helps,
Kind Regards
James Jarvis

ld1978

Thanks for the reply. The report looks the same (as we did a clean up on all of them years ago) apart from it not taking our new address (I've sent a question to equifax as Experian was fine)

It's just strange as a massive difference in credit ratings between the two despite the info being the same.

Does anyone have any advice re adding him to my account now he is 5 years discharged with a credit card and cleaned up files?

Thanks again for all the help