Improving a bad credit record

[Eels]

I live with my partner who has had debt problems arising from a shared credit card in his previous marriage.

He believed he had paid off all his debts but unfortunately he was mistaken and still had over �1000 to pay. He came to an agreement with the company and made regular payments until recently when he came into some money, which he used to pay it off completely. He now has no outstanding debts at all, and has got some savings.

The problem is that he can't even get more than a cash-card account at any high street banks (although he still has an overdraft facility with his current one). We'd like to buy a house eventually, as I am in quite a good financial position. I don't want to put him onto the electoral roll and link him with me but I realise this is adversely affecting his credit record.

My credit record is good, and I could almost afford a house myself. He has applied for his credit record. I am considering putting some more of the household bills etc into his name to try and help. Is there anything else we should consider in order to clean up his record?

[arliebarlie]

firstly you should get a copy of his credit rating. get one from both Equifax and Experian as these are the two most common credit scoring companies that are used.

Because you partner had arrears on his credit cards and had to have a payment agrrement unfortunately this will mean his credit score is now low.

The only way to correct this is to sit tight for five years until his score is back to normal. I think by giving him some bills etc this will help but unfortunately these do not show up on his credit score. You could try adding him to your mortgage but this could prove difficult.

Try speaking to the CAB as they will be able to provide more help

Good luck!!

[themas]

Be careful - if you become financially linked with him by having any joint activities (mortgage, loan etc.) it could possibly have an adverse effect on your own credit rating.

He could possibly get a deposit based credit card (you pay a small amount - say �200 - in advance, get a card with that limit and have to pay off any spending regularly. Eventually you can increase the limit & the deposit is returned. I'm told Capital One do this.) Also, if he needed a car he could get one on HP.

Both these things could gradually help build up a better credit rating, but it is bound to take time.