Bad Credit and Good Credit?

[LittleRascal]

Hi,

I'm hoping someone will be able to advise me. I have been with my partner for a few years and we often talk about buying a house together, however there is one problem that neither of us are sure on.

My partners credit is very very good and has no trouble obtaining credit, however mine isn't, it's better than it was but my partner is worried that having a mortgage together that their credit will be affected?

I can understand this but I don't know if this is right or not?

And what would be a way round it?

Thanks in advance :)

[Gok Wan]

If you don't have a particularly good credit records, you may not get accepted for a mortgage anyway so there will be no problem.

If you do get a joint mortgage, that will create a financial link between you and your partner and so your adverse credit could potentially damage his good credit.

[R1Geezer]

as Gok says you won't get a mortgage anyway, a potential lender may lend to your partner alone if he/she satisfy their lending criteria. You may be able to mend your duff credit rating by cultivating a clean record over some years, the best way to do this is to get a credit card and buy something each month and pay it off each month, this will create a good credit history over time. If you do this while you wait for property prices to reach rock bottom you should be ok.The only problem is going to be getting any credit at all initially, lenders are very weary of bad debtors.

[LittleRascal]

Thankyou both for your helpful advice. Funnily enough that's just what I have done. Got a credit card and am making small purchases and am paying them off in full each month.

Thanks gain both :)