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Fiancee Has Bad Credit

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  • 22-10-2014 1:10pm
    #1
    elgrande
    Registered Users Posts: 7 ✭


    Hi All,

    I was hoping for some advice here regarding what myself and my fiancee should do.

    My fiancee has some debt from when she was a student, she tok out some student loans, and then lost her job and was unable to pay them back.

    She has subsequently begun repaying these, and according to her ICB report these are due to expire in a few years. I know that it will still take five years before any of these will dissapear from her credit report.

    I, on the other hand have good credit, i have no outstanding loans and have a credit card that i pay off in full every month. I have never had any debt or late payments etc.

    Now, i know that her bad credit can not effect my credit rating as long as we have individual banking accounts. However, recently we opened a joint account in order to save for our wedding. We have both been very good, and for the past 8 months have been putting €900 each into this account. I thought that this would be a good idea, as it shows the banks that we can save regularly and also survive on our wages (after savings).
    Although after doing some reading recently i think this may have been a mistake, as now we have shared financials.

    Does this mean that my credit rating will suffer, as i am now associated with someone with bad credit?
    Should we close the joint account and save all of our wedding money in one of our individual accounts? or has the damage already been done?

    Basically the questions i am asking are what is our best plan of action for the future in regards getting a mortgage.

    Sorry if any of this doesn't make sense, I hope it does and someone her can provide me with some advice.

    Thanks


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    #2
    BazzaDP
    Registered Users Posts: 69 ✭✭BazzaDP


    elgrande wrote: »
    She has subsequently begun repaying these, and according to her ICB report these are due to expire in a few years. I know that it will still take five years before any of these will dissapear from her credit report.

    What does "due to expire" mean? They'll be paid off then? Has she considered using her €900 a month to repay these off quicker so she's out of the red as soon as possible? Surely that's the best way of improving her credit rating?


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    #3
    elgrande
    Registered Users Posts: 7 ✭elgrande


    On the credit report it has a list of the debts and with each one there is a 'scheduled removal date'.

    im not sure what this date means to be honest.


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