Credit Score Affordability Should Include joint income

cool_creature

My Experian credit score shows my affordability as very poor but it doesn't take account of the fact that my wife and I have joint accounts/income and can easily afford outgoings.  Is there a way to get Experian to us joint income rather than mine alone?

Michael 

MattMattMattUK

cool_creature said:

My Experian credit score shows my affordability as very poor but it doesn't take account of the fact that my wife and I have joint accounts/income and can easily afford outgoings.  Is there a way to get Experian to us joint income rather than mine alone?

Michael 

The good news is that your credit score is meaningless and no lender ever sees it. Your individual lending is based on your income and affordability, for individual lending, lenders will assess your income and current borrowing, for joint borrowing they will assess that based on both parties. 

cool_creature

Hopefully that's the case but to me it seems strange that they make observations about your financial ability to pay your way...

MorningcoffeeIV

cool_creature said:

Hopefully that's the case but to me it seems strange that they make observations about your financial ability to pay your way...

Not really. It's just a gimmick to keep you coming back.

Credit scores are a great way of enticing the hard of understanding.

cool_creature

"Credit scores are a great way of enticing the hard of understanding" - hope you didn't mean me...

400ixl

The only reason (and a good one) to keep going back is to make sure everything being reported is correct. Ignore the score, it is there for them to drive their marketing and selling their affiliated products.

MorningcoffeeIV

cool_creature said:

"Credit scores are a great way of enticing the hard of understanding" - hope you didn't mean me...

Nope. Just people who believe in credit scores.

amanda1024

I think for joint credit products, like a shared mortgage, it is joint income that’s taken into account. But things like credit cards aren’t joint, it’s the account holder who’s personally liable, even with an additional cardholder. So if one of a couple has a higher income it might make sense for them to be the one to apply?