partners poor credit ... Help

thomson_adam

Recently me and my partner applied for a mortgage in princible to find it been rejected because her credit score was too low.

I was told the company the lender checked with was Equifax so i did a report on there and checked it.

She doesnt have any credit at all other than a mobile phone, she never has had a credit card , loan etc the only thing was a next account which has been settled for a year.

granted she does have some late payments on the form on things like her phone bill dating back to 2013 but nothing in the last year.

i know we can magically make this go away but i was wondering what is the quickest way to improve things. we have had an offer on a house and are hoping the seller would be willing to wait a couple of months.

i did notice she isnt on the electoral roll which she has now applied for an this should be updated on the first of march.

is it worth getting her a credit card to use and pay off or is it just a matter or sitting tight?

happy_bunny_2

Sounds like a credit card will be a good option for the future.

Try posting on the mortgage board. They can suggest if a broker may be a better option, as they can get mortgages for folks with defaults, so better than that ought to be ok.

thomson_adam

happy_bunny wrote: »

Sounds like a credit card will be a good option for the future.

Try posting on the mortgage board. They can suggest if a broker may be a better option, as they can get mortgages for folks with defaults, so better than that ought to be ok.

How soon would a credit card change things ? Would it be up to a year ?

Tixy

Getting a credit card wouldn't have an impact within a few months. After a year it might help, possibly even after 6months it would start to improve things coupled with the fact that the missed payments will be a little older.

thomson_adam

Tixy wrote: »

Getting a credit card wouldn't have an impact within a few months. After a year it might help, possibly even after 6months it would start to improve things coupled with the fact that the missed payments will be a little older.

So if we are looking at re applying in say 6 months are we better just sitting tight , get my partner on the electoral roll ( already applied ) she also has a phone contract that finished this month two other than that there is nothing

thebritishbloke

Credit cards are also handy tools for budgeting. And if you get her one now, it'll help you get a better mortgage deal when you do decide to try again.

thomson_adam

thebritishbloke wrote: »

Credit cards are also handy tools for budgeting. And if you get her one now, it'll help you get a better mortgage deal when you do decide to try again.

how long before we see any improvment ? she rang up equifax today and they told her once she gets on the electoral roll that will improve things and she needs to close down some old accounts

DCFC79

thomson_adam wrote: »

how long before we see any improvment ? she rang up equifax today and they told her once she gets on the electoral roll that will improve things and she needs to close down some old accounts

Give it at least a few months as per Tixys reply earlier.

thebritishbloke

DCFC79 wrote: »

Give it at least a few months as per Tixys reply earlier.

Yeah, 6 months should be enough. But I guess even with only 3 statements paid it'd still make an effect.