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Better with or w/o partner?
Special_K10
Posts: 31 Forumite
in Loans
Hello.
My fiancee and I want to apply for a loan of £6000. My credit record is very good but my fiancee suspected that hers was not so good after more than one missed payment on a credit card (a couple of hundred pounds on it so she's annoyed that she missed the small payments).
She earns +£26,000, I earn £21,000.
We have both used the loan eligibility calculator separately and I scored 60% (Pretty decent chance) of getting it and she scored 70%.
Please can I verify that the calculator actually checks one's credit record? If so, other than the higher wage, why would my fiancee score higher?
Also, would it be beneficial to apply as a joint application?
My fiancee and I want to apply for a loan of £6000. My credit record is very good but my fiancee suspected that hers was not so good after more than one missed payment on a credit card (a couple of hundred pounds on it so she's annoyed that she missed the small payments).
She earns +£26,000, I earn £21,000.
We have both used the loan eligibility calculator separately and I scored 60% (Pretty decent chance) of getting it and she scored 70%.
Please can I verify that the calculator actually checks one's credit record? If so, other than the higher wage, why would my fiancee score higher?
Also, would it be beneficial to apply as a joint application?
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Comments
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what do her credit files actually say?0
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Oh...I'm not sure. We have a limited amount of time to apply (less than a week) so I guess it would be too late to write to Experian?0
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Why would you write?0
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Special_K10 wrote: »Oh...I'm not sure. We have a limited amount of time to apply (less than a week) so I guess it would be too late to write to Experian?
the internet is your friend0 -
Damn it!! You mean do it online...0
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Special_K10 wrote: »Damn it!! You mean do it online...
there are three credit reference agencies
they must provide a statutory report for £2
they may well try to get you to sign up to a free trial : that's OK as long as you cancel before the 30 days are up0 -
Thank you so much for that.
At this point, though, can someone advise whether a joint application is more likely to succeed than a single?0 -
with that level of joint earnings and i assume not much debt? then your bank is your friend, see what they will offer, although to be honest you may get a better apr on a loan of 7.5k v 6k0
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Bumpy anyone, please?0
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do you currently have any financial association with her? Joint account or mortgage? If not, and she may have bad credit markers, then maybe it would not be in your interest to get associated now.I’m a Senior Forum Ambassador and I support the Forum Team on the Pensions, Annuities & Retirement Planning, Loans
& Credit Cards boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com.
All views are my own and not the official line of MoneySavingExpert.0
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