Does my credit affect the house 21 February at 9:42AM in Loans 22 replies 825 views

Tini1212

I have a very bad credit rating. I have a joint current account and a joint credit card with my husband. He is looking at taking a loan out to cover some bills as we are falling behind. Will my bad credit affect his application? He has been accepted for a credit card recently so i'm thinking it should be okay, but the fact we have two joint accounts worries me.

Emmia

If you're already struggling to pay the bills, do you have a plan to pay the loan/credit card and the bills once the arrears are sorted? 

If you have joint accounts, then you are already financially linked together - but you can check this by looking at your credit file from any of the key providers - e.g.  Credit Karma, Experian (don't do that ridiculous boost thing) or Clearscore - the number scores they'll show you are meaningless, it's the entries within the report which are important.

If you've never checked your file / not done it for a while then it's a good idea to do it, to ensure the information is accurate and there are no nasty surprises lurking.

You might find heading over to the Debt Free Wannabe board helpful - lots of great advice over there.

sourcrates

Much better to tackle the debts using traditional methods that do not involve further borrowing.
By taking out loans to pay existing bills, your just prolonging the inevitable, rather than tacking the actual problem.
Advice to pop over to the Debt Free Wannabe Board is good, you should do so.

Farfetch

If you can afford to pay off a monthly loan, you can afford to put the money towards fighting your debts, don't try and borrow your way out of debt

The_Real_Cheddar_Bob

How much debt do you have in comparison to your incomes? How likely is it you will continue to fall further behind? If the answer is likely, DFW forum the place to be. 

Emmia

The_Real_Cheddar_Bob said:

How much debt do you have in comparison to your incomes? How likely is it you will continue to fall further behind? If the answer is likely, DFW forum the place to be. 

According to the other thread, debts are £50k income is £11k but the OP has two properties worth £340k combined that are mortgage free. 

https://forums.moneysavingexpert.com/discussion/5996117/mortgage-on-low-income#latest

The OP wants to sell a £100k property in order to purchase a £140k property for their brother.

DCFC79

OP I echo the advice already posted.

DCFC79

Emmia said:

The_Real_Cheddar_Bob said:

How much debt do you have in comparison to your incomes? How likely is it you will continue to fall further behind? If the answer is likely, DFW forum the place to be. 

According to the other thread, debts are £50k income is £11k but the OP has two properties worth £340k combined that are mortgage free. 

https://forums.moneysavingexpert.com/discussion/5996117/mortgage-on-low-income#latest

The OP wants to sell a £100k property in order to purchase a £140k property for their brother.

That is from 2019, maybe has shelved them plans.

Emmia

DCFC79 said:

Emmia said:

The_Real_Cheddar_Bob said:

How much debt do you have in comparison to your incomes? How likely is it you will continue to fall further behind? If the answer is likely, DFW forum the place to be. 

According to the other thread, debts are £50k income is £11k but the OP has two properties worth £340k combined that are mortgage free. 

https://forums.moneysavingexpert.com/discussion/5996117/mortgage-on-low-income#latest

The OP wants to sell a £100k property in order to purchase a £140k property for their brother.

That is from 2019, maybe has shelved them plans.

Perhaps the OP could return to give us a reply to the questions?

pecuniam_hominem

Emmia said:

- the number scores they'll show you are meaningless,

Just stop with this absolute trash.

The scores are *not* meaningless. They give you an indicated, based on your history, how likely you are to be accepted for credit.  No, it isn't guaranteed, but the idea that the scores is *meainginless* is absolute nonsense.

2021BJ

pecuniam_hominem said:

Emmia said:

- the number scores they'll show you are meaningless,

Just stop with this absolute trash.

The scores are *not* meaningless. They give you an indicated, based on your history, how likely you are to be accepted for credit.  No, it isn't guaranteed, but the idea that the scores is *meainginless* is absolute nonsense.

No, they don't.