Credit File - Financial Association

lhwrandal

I moved back to the UK recently.  I lived in the UK previously and have a long and good credit history with active accounts and credit cards.  On the other hand, my wife is completely new to the UK and only has a basic current account which was opened recently.

For my wife, instead of building a new credit history from the beginning, if I add her to one my of current account and create a financial link in my credit file, does it mean that she could ‘use’ my credit history when she applies for credit on her own in the future?  Could this be a fast track?

marcia_

lhwrandal said:

I moved back to the UK recently.  I lived in the UK previously and have a long and good credit history with active accounts and credit cards.  On the other hand, my wife is completely new to the UK and only has a basic current account which was opened recently.

For my wife, instead of building a new credit history from the beginning, if I add her to one my of current account and create a financial link in my credit file, does it mean that she could ‘use’ my credit history when she applies for credit on her own in the future?  Could this be a fast track?

 No she can not rely on your history she needs to build her own. I suggest getting a phone contact or a credit building credit card in her name. 

tls123

I took a credit building card with Barclays (Barclay card forward) when I split with my partner and had no history of real credit. I made sure I paid off in full every month and soon had a good credit history. When then gave me better access to other offers. You can have joint accounts with your wife as well which I assume you understand creates a link between you. 

MEM62

lhwrandal said:

Could this be a fast track?

There is no fast track.  Time and prudent management of credit facilities are the only way to build a positive history.  

Descrabled

Interesting that my wife has our joint account on her file that I opened 55 years before we met; there is, of course, no date when it was opened. I am shown as being on another joint account as being opened 5 years before we met and doesn't indicate that she opened as a solo account.

So as far as I can see a joint account does automatically show on each others file and contains details of the allowable and used overdraft facilities.

PRAISETHESUN

Regardless if you and your wife have live in the UK before or not, only the last 6 years of credit history matter as this is what is reported on your files. Have you maintained your accounts during this period? If not, you could potentially find yourself in a similar situation.

As others have said, there's no way to fast-track things. If anything, linking your finances could be detrimental as her lack of credit history might prevent you from accessing credit as she will be searched alongside yourself when you make an application.

I was in a very similar boat when I first moved to the UK. Best way forward would be for her to get some credit in her own name and use it in a responsible manner. I used a credit building card at first (initial limit of £250!), but I had some issues with lenders requiring 3 years UK address history (which I didn't have) which limited the providers I could access. If you need some recommendations let me know. Otherwise, after a year or two or using credit responsibly (staying within her limits and paying her bills on time) she should be eligible for mainstream credit with minimal issues.