Financial Connection with Bad credit score

LJB290

I am hoping to apply for a 0% balance transfer credit card shortly and although my credit score and information is okay, my husband's credit score is poor with a couple of accounts with defaults.

I assume that credit card agencies will be aware of the financial connection and this will therefore affect my ability to obtain a decent 0% card?

My personal situation is that I have one credit card with £8K (to transfer to 0%) and 4 x mortgages with 3 years left to run.
I am a card-holder on my husband's 3 cards (2 of which are in default).

Do I have any hope this obtaining a 0% balance transfer card?

Many thanks

National_Debtline

Hi LJB290,


Your husbands credit file won't affect yours unless you have an actual financial connection which would to be some form of joint credit, i.e. a joint bank account or debt. Simply being married won't link your credit files. So, unless this link exists, no future lender would be able to see your husbands file.


If you do have a financial connection but don't want it to carry on, then you would need to clear the joint debt/ link in full before you apply for more credit. Make sure you also write to the credit agencies and file a 'disassociation' with them.


Laura
@natdebtline

LJB290

Thanks for the reply Laura,

We have a joint bank account (which is perfectly ok) and joint mortgages (again all perfectly ok).
He has credit cards in his name but I am a card holder. (2 cards have serious payment defaults)
I have a credit card and he is a card holder. (no defaults)

I assume with these financial connections applying for a 0% balance transfer card in my name only is going to be problematic????

Candyapple

LJB290 wrote: »

Thanks for the reply Laura,

We have a joint bank account (which is perfectly ok) and joint mortgages (again all perfectly ok).
He has credit cards in his name but I am a card holder. (2 cards have serious payment defaults)
I have a credit card and he is a card holder. (no defaults)

I assume with these financial connections applying for a 0% balance transfer card in my name only is going to be problematic????

BTW even though you are a second card holder on his credit cards, he is the main account holder and you being an additional card holder makes no difference. You could run up the card and would not be liable for anything. It's why the card will only be reported under his name and not yours.

The problem lies in that as you have joint bank accounts/mortgages you are financially linked so yes, because they will search his credit files as well as yours when you apply for any credit so his defaults will count against you.

LJB290

Thank you for clarifying - I assumed this might be the case.

National_Debtline

Candyapple is right - the joint mortgages and bank account(s) will create the link between the files. Whilst that doesn't mean you can't apply for a 0% card you do have to bear in mind that your OH's credit history will influence yours and that could cause a problem.


Laura
@natdebtline