Help- Got declined for a joint current account!

System

SarahRob wrote: »

The credit score in Equifax is 330 so nearly out of 'poor'.

I'm not sure how the bank could think that, as we both have savings, no credit cards or loans. And its just adding him to a current account?

He has a long history of defaulting on payments so has shown himself to be poor at managing his money. Your account comes with credit facilities so someone with that mindset presents a higher risk to the bank. I would expect that you will experience difficulty getting a mortgage or at least one with a decent interest rate. He is now paying the price for burying his head in the sand and as you're finding out, merely now deciding to repay what is owed in arrears because it's causing difficulties is too little too late.

SnowTiger

SarahRob wrote: »

The credit score in Equifax is 330 so nearly out of 'poor'.

I'm not sure how the bank could think that, as we both have savings, no credit cards or loans. And its just adding him to a current account?

That's a score given to your partner by Equifax, however Halifax seems to have come to a similar conclusion.

As far as the CRAs and Halifax are concerned your partner isn't registered to vote and has a "number of defaults going back years".

Why hasn't he been paying his bills if he has oodles of cash sloshing around in a savings account?

Natwest doesn't suddenly decide to default a credit card account simply because its customer is making minimum payments.

You also wrote "we both have savings, no credit cards or loans".

That Natwest credit card account your partner defaulted on is a, erm, credit card account.

Make a coffee, sit down and have a think about things. Are you really not sure why Halifax rates your partner low?

Smell the coffee?

SarahRob

SnowTiger wrote: »

That's a score given to your partner by Equifax, however Halifax seems to have come to a similar conclusion.

As far as the CRAs and Halifax are concerned your partner isn't registered to vote and has a "number of defaults going back years".

Why hasn't he been paying his bills if he has oodles of cash sloshing around in a savings account?

Natwest doesn't suddenly decide to default a credit card account simply because its customer is making minimum payments.

You also wrote "we both have savings, no credit cards or loans".

That Natwest credit card account your partner defaulted on is a, erm, credit card account.

Make a coffee, sit down and have a think about things. Are you really not sure why Halifax rates your partner low?

Smell the coffee?

Firstly I didn't write this post to get a sarcastic comment. I'm NOT stupid, I KNOW that the debt he owed to Natwest was A CREDIT CARD. I'm saying NOW we don't have any debt! Also the reason why I'm asking is because its a current account, its not a credit facility?

Also I never said we have oodles of cash 'sloshing' around, I said we have savings.. I agree that it should of been paid off and did tell him this however he chose not to.

Anyway, thank you for your not very helpful comment. Next time I would like it if you didn't comment.

Dobbibill

SarahRob wrote: »

Also the reason why I'm asking is because its a current account, its not a credit facility?

OP - a current account is classed as a credit facility.

If you OH was to be added to your account, he could apply for an overdraft for x amount - decide he is going to take it all, do a runner and you could be left to foot the bill as you are equally liable.

I'm not saying he would do that - there are plenty of stories all over these boards about that very scenario playing out in real life though.

Did you/he check what information is being held with regards to defaults and other history on the 3 CRAs?

This doesn't mean you'll never get a mortgage but it may mean that things will run to a different schedule to the way you initially planned.

As a final note - don't get upset or offended at some of the more direct posts - some users need a direct approach, some not so much

SarahRob

Dobbibill wrote: »

OP - a current account is classed as a credit facility.

If you OH was to be added to your account, he could apply for an overdraft for x amount - decide he is going to take it all, do a runner and you could be left to foot the bill as you are equally liable.

I'm not saying he would do that - there are plenty of stories all over these boards about that very scenario playing out in real life though.

Did you/he check what information is being held with regards to defaults and other history on the 3 CRAs?

This doesn't mean you'll never get a mortgage but it may mean that things will run to a different schedule to the way you initially planned.

As a final note - don't get upset or offended at some of the more direct posts - some users need a direct approach, some not so much

Ok I understand, I did cancel the overdraft on the account so it couldn't be accessed. But I guess like you said he could apply.

Don't worry he wouldn't have the guts to do that to me, knows I'd hunt him down :P.

There wasn't any notes as such on Equifax or the other one just saying missed payments. So not sure what they have on him. But it's paid off now, so hoping that helps- even just a little bit.

I also rang the council today, who confirmed he has been on the electoral role since May 2017, so there must be some kind of error which he said is common.

I'll try not to, maybe I bite to easily.

Many thanks for your reply

Dobbibill

SarahRob wrote: »

There wasn't any notes as such on Equifax or the other one just saying missed payments. So not sure what they have on him. But it's paid off now, so hoping that helps- even just a little bit.

Have a look for the dates of the defaults, late payments and what exactly is currently being reported. The dates will help you to understand when the 6 yr period will expire and they'll drop off.

I also rang the council today, who confirmed he has been on the electoral role since May 2017, so there must be some kind of error which he said is common.

Sometimes the ER information takes a little time to filter through.

Check all 3 and if he is on the ER on the other 2 then you will know it's an Equifax delay rather than all of them.

The default may not appear on all 3 files either - it does depend who the lender reports to.

enthusiasticsaver

Whether your boyfriend defaulted or missed payments Nat west does not pass accounts to collection companies if he was making minimum payments so he is not being up front with you. If the account was up to date then I would be moving heaven and earth to make sure that any markers put on his record were removed if I were him. Undoubtedly that and other things he may have been a bit lazy with re finances has cost him a good credit record and this is likely to stay on his record for 6 years after the defaults were registered. Use Noddle to check what is on there as that is free.

Until his record is clear I would not open any joint accounts with him or this will pull your score down as well by association.

cjmillsnun

I'll level with you. In the past I have been the one who acted like your husband and owed upteen people money, then stuck my head in the sand.

I'm still (slightly) suffering 4 years after finally taking control and dealing with the problems properly (paying everyone back) rather than ignoring them and hoping they would go away. It was the threat of a CCJ that did it to me. In just under 2 years time, all will be good for me, but it has been a long road back from the brink.

You need to have a heart to heart with your partner, and get him to open up about everything. There will be some skeletons in the closet. Don't be judgemental. I can imagine how he is feeling. Offer him emotional and moral support that you'll both get through this together. If you can genuinely get through this together it will make you much stronger as a couple.

If he has genuinely paid everything down (and his credit reports will state any outstanding balances along with either "satisfied" - Experian and Noddle, or "Settled" - Equifax if the balance is zero on a default) then you just have to wait it out.

In time, he'll need to take out a small amount of credit and use it responsibly (a sim only mobile contract is good as is a credit builder credit card - although make sure any card is paid off in full every month to avoid interest) to show that he is a reformed character to lenders, otherwise after 6 years, he'll have no history, and that can be as bad as adverse history.

It took 4 years after my last default, but now I have a mortgage with a high street provider at a good fixed rate with my wife. I also have credit cards at reasonable rates. So he can get through this.