Getting daughter better credit report

robti

Hi I bought my daughter an iPhone from apple with Barclays finance in my name and bank, if I change the dd. to her details will it help with her credit file ?
 Thanks 

MattMattMattUK

robti said:

Hi I bought my daughter an iPhone from apple with Barclays finance in my name and bank, if I change the dd. to her details will it help with her credit file ?
 Thanks 

It will make zero difference because the contract, liability and potential debt are with you, not her.

Is she 18+? On the electoral roll? Does she have a mobile contract in her own name, bank account, credit card etc.?

born_again

Credit Report means exactly the same as J Clarksons farms name. To lenders.

CliveOfIndia

robti said:

Hi I bought my daughter an iPhone from apple with Barclays finance in my name and bank, if I change the dd. to her details will it help with her credit file ?

No, it won't have any effect.  What matters is that the finance is in your name.  The finance company doesn't care two hoots about who makes the payments, whether that's you, your daughter or the man in the moon.  All they care about is that the payments are made on time, and the debt and repayment history is recorded on your credit file.

CliveOfIndia

born_again said:

Credit Report means exactly the same as J Clarksons farms name. To lenders.

Not strictly true - depending on what exactly you mean by "credit report".  For sure the credit score generated by the CRA is meaningless, but the data contained within your credit file - particularly data relating to debt and repayment history - is extremely important to a lender.

robti

thanks it was to show she had a dd on her file and it was getting paid every month

Phoenix72

robti said:

thanks it was to show she had a dd on her file and it was getting paid every month

But the credit agreement is in your name. It's the credit agreement that is reported on not where the payment comes from.

CliveOfIndia

robti said:

thanks it was to show she had a dd on her file and it was getting paid every month

But that means absolutely nothing in terms of her credit report.  As noted by the previous poster, the credit agreement is in your name, end of.  A DD has absolutely nothing to do with your credit status.

In terms of building up a credit history, she needs to have some kind of credit product, in her name, which gets paid every month.  A basic credit card is often lauded as the simplest way of achieving this - use it for planned, budgeted purchases (food, petrol, whatever) and always repay in full, every month, without fail when the statement arrives.

Assuming she's 18 or older, this may be one avenue to explore.  It does, however, require an element of discipline - if you start using the card to buy things you can't afford, and you can't repay in full every month, then it will have exactly the opposite effect of what you're trying to achieve, as well as costing you a shed-load in interest charges.

powerful_Rogue

robti said:

thanks it was to show she had a dd on her file and it was getting paid every month

Look at it this way, if she stops paying, it's your credit report that will be tarnished.