Advice

Yvo

Hello,

I am new to this forum and I am in need of dire advise! I think we have a special situation on our hands.

Me and my fiance want to buy a house. Problem is, we do not pass the credit check. I have checked my credit check; I score excellent.

My lovely fiance does however not. She has very bad credit due to an irresponsible past and was too ashamed to ask for help, spiraling every debt out of control. She has had a CCJ issued against her July 2015, but that one is now marked as satisfied from September 2015. She has several payday loans from the past (last one in January) that weren't paid on time. Her last payday loan application in January was rejected. Then she had one more debt collector chasing her that we paid off 2 weeks ago, and now she is debt free.

Back in January, she applied for a capital one credit card and was accepted. Because I didn't really know how the system worked and I knew she was terrible with money, I advised her against taking the card and chucked the contracts in the bin.

Now that I learned more about credit scores we planned on getting out a credit card. However she is not eligible to take out a capital one credit card anymore and I am not sure why. We did the soft check. She wanted one so we can start building op credit again. I was planning on her spending like 5 pounds on it every month and linking it with a direct debit set up from my bank account, so it's guaranteed paid off every month.

Is it possible somewhere for her to apply for a credit card and to have me guarantee the credit card? So a credit card company is sure it will be paid off with my excellent credit rating? But will positive affect her credit rating?

I am reluctant to get our credit scores linked up, because that will probably have a terrible influence on my rating. Or will it have a more positive on hers?

Also, will one of these prepaid cards help?

We are able to get a 25 % deposit for a future home. I am aware this will be a very long process of at least 1 year if not longer.

And please do not judge. She was naive at the time, now she is trying to sort it out.

Many thanks

Yvo

[Deleted User]

1. Get her to try either aqua or Vanquis.
2. You can't guarantee her credit card.
3. Don't financially associate with her.
4. Ignore your credit score.

DCFC79

Read the thread that's first on the page, it might answer a few questions.

The credit scores/ratings are just baloney, they mean nothing.

As long as the data on the reports are fine that's all lenders care about, it's all they can see.

Get her to apply for a card in her name but pick a suitable limit eg £250 and setup the direct debit.

National_Debtline

Hi Yvo,


If there are a few recent searches (i.e. for the card and the payday loan) but they were rejected that may be contributing to a decline in her credit eligibility; because applications for credit where no credit is given can be damaging. But these searches will come off after 12months so that should help but be careful how many more applications she puts in at the moment - it could make things worse.


Make sure she is on the electoral role, and keeps any future credit up to date. The older the information gets on her file the less impact it normally has. Settling the debts will help in the long run but as you know, this could just be a matter of time. Good Luck,


Laura
@natdebtline

20aday

Hi Yvo,

Did your OH get the Capital One credit card through the post? Just wondering as when I've applied in the past I've checked a box on the application form to electronically sign the credit agreement.