ChatterBank2 mins ago
Bad credit rating
4 Answers
Apparently I have a bad credit rating and this has affected our ability to get another mortgage. My husband's credit rating is good, but because of mine he was unable to take out an increase on our mortgage. Please advise the best way of sorting this. I did think of just taking my name from the existing mortgage and from our joint bank account (which i never use anyway). Any help appreciated. Thanks.
Answers
Best Answer
No best answer has yet been selected by beckmeghan. Once a best answer has been selected, it will be shown here.
For more on marking an answer as the "Best Answer", please visit our FAQ.Sorry I donly understand, you say "apparently", does that mean you do not think you should have a bad credit rating? Are you asking about correcting your current rating? If so, then it's relatively simple to to resolve. Just get your current credit report see what's doing the damage and contact those concerned and get it corrected.
Send for Credit Report and see if there is anything incorrect on it which could be put right. In case it is correct do not take you name off joint account you may have difficulty in getting another. Your husband could always get a second account in his sole name if it became necessary.
Would he qualify for the mortgage on his own? If yes, that is best way to go. If you are looking to release equity, only take the new part in his name keep yours on the old one. This will go in your favour in the future.
Would he qualify for the mortgage on his own? If yes, that is best way to go. If you are looking to release equity, only take the new part in his name keep yours on the old one. This will go in your favour in the future.