Will this affect our credit score?

jackie_w

Hi there, I have recently found out my 20 year old son has been going into his unarranged overdraft.

He still lives with us, we don't have any accounts linked with him except I believe an old savings account which we opened for him in trust when he was younger (he doesn't have anything in that account now).

With him going into his unarranged overdraft and being charged by the bank for this, can this affect mine and my husbands credit rating?

I'm so angry with him.

ForeverAwake

An address doesn't have a credit profile, only people do. So this won't effect your credit history in any way.

There's no reason for you to be angry at your son, he's over 18 and responsible for his own finances.

The only way his debt can affect your address is if it goes unpaid, gets picked up by a debt collection agency and then gets a CJJ which could mean potential bailiffs.

binaryuniverse

Instead of being angry, why not give him some useful advice, and help him manage his finances better?

Being angry isn't going to help anything. At 18 you have very little idea about the value of money, and how to manage it. He'll learn.

System

jackie_w wrote: »

I'm so angry with him.

Did you ever take the time to sit down with him and educate him about personal finance?

takman

Tarambor wrote: »

Did you ever take the time to sit down with him and educate him about personal finance?

I hope she didn't; she has been on this forum since 2005 and has over 1000 posts but she doesn't even understand the basics of how credit works.

OP I suggest you spend some more time reading posts on here and understand how credit works. Then check your reports with all three CRA's (Credit Refernce Agencies) so you can see what information they hold on you.

Chrisblue1962

I hope she realises that the so-called scores generated by CRAs are MEANINGLESS -lenders have their own scoring and lending criteria. According to my Omega Scoring System, her score is 26.4.....which is utterly pointless and made up!!!