Impact of partner with little credit history

Windofchange

Hi again,

Quick question. Mortgage application about to be submitted for 90% LTV on circa 400k of borrowing. Joint income just north of 100k. Partner is very credit averse, and as such, has only ever had 1 credit card in her adult life which she only took out about a year ago because she was told she should build some credit history. She spends 50 - 100 a month on it on bits and bobs, and pays off fully with the bill at month end. I have years of multiple loans, credit cards etc, all serviced and neither of us have any defaults on file.

Will her lack of credit history be a problem with the bank? For me, I score excellent on my credit report, but I'm worried she will look like a bad risk due to her not really having much of a credit history. Worrying for no reason, or will this be an issue?

Whats_your_forte

I personally wouldn't worry too much about this on the basis that if you have such a good credit score and your partner is registered at the property and on the voters roll, this should be enough information between the two of you to get you over the finishing line.

The only times I've had issues with little credit history was actually my brother-in-law who had never borrowed a penny in his life. Running a small credit card as you have described would have increased the score but the rest of the case should be strong enough as you are sitting at four times income with one applicant running a excellent credit score

Good luck

ACG

It shouldnt be. She will have a bank account, the credit card, mobile phone maybe? That should be more than enough. Have a look at her credit report if you have not already, you might be surprised just how much is on there.

Windofchange

Great, cheers guys. She has a mobile phone contract yes, but that and the credit card is it. I've asked her about checking her credit file, but she isn't that bothered and doesn't see the need. We apply in full first thing tomorrow, so I guess I'll know the answer soon enough.

ACG

I cant see any problems personally. I think you will be fine.