Share a credit account? Then you share credit report information too. Sharing finances can mean you’re more linked than you think, as lenders will often look at both of your credit reports when assessing your credit.
If and when you apply for credit together, lenders will be able to see your partner’s financial information too and may use this when they make a decision about you when you next apply for credit. So we’ve put some tips to help you get up to speed with shared finances and credit.
Five top things you need to know about love and money
Financial association means thatyour credit reportcan become linked to someone else’s through joint financial activity. This could be applying for a mortgage, opening a joint credit account, or in some cases even being on the same broadband or utility contract.
Your credit report will only contain your financial information, but will show the name of anyone you share a financial connection with. If you share a credit application, each of you would see the other’s name in the section of your Experian Credit Report entitled ‘Financial Associations’.
The Office For National Statistics estimates that a basket of goods and services that cost £100 in December 2015 would have cost £101.60 in December 2016. They put the rise down to “Price movements for the majority of the broad groups of goods and services.”
These no-frills cards are aimed at people who need to help build their credit history. They often have low credit limits to start with and a high APR, but paying off the bill each month can help show lenders that you’re reliable. Applying for too many cards at once can hurt your credit score even more, so it’s an idea to choose a credit card you’re more likely to get, and one that suits your needs best.
It is quite common now to move credit card debt to another card to help give yourself more time to pay it off at a cheaper rate.
A balance transfer is when you choose to move your credit card debt to another card with a lower or 0% interest rate.
How do they work?
With a 0% balance transfer credit cardyou can potentially give yourself longer to pay off an existing credit card debt, without having to pay interest. Some 0% rates last for 3 months, some for up to 24 months, one or two even longer.
It can work almost like an interest-free loan, but only if you make sure you plan well and pay it back within the period of the 0% promotional rate, and as long as you make the minimum monthly payment, and stick to any other terms and conditions the card might have. If you don’t make the minimum monthly payment, or you miss the pay date entirely, you run the risk of losing the promotional 0% deal as well.
Now is a good a time as any to clear out your financial clutter, especially with – for many – January’s salary feeling a long way off after the festive blowout.
So to get 2017 off to a bright new start and set yourself some achievable financial goals, we’ve got 5 simple tips.
1. Check out your ins and outs Even small changes can help you balancing your income against your outgoings, which can often help you feel more in control of your finances.
It can help you work out when to allow room for certain annual essentials, for example direct debits like a TV licence, one-off annual charges like home or car insurance, or things like birthdays or special events – as well as stopping outgoings you may no longer need or use, like a gym membership you forgot you had.
When it’s time for the New Year sales, shops and suppliers are extra keen for our custom.
And there could be some room for a bit of give and take, with shops probably having plentiful stock to shift in the face of the boom in online discounts.
There isn’t much that cannot be discounted, so it’s up to you to persuade them to do it. Remember that you have nothing to lose, as all retailers ultimately want your custom.
Four quick haggling tips:
Before you venture into a shop, find out what the best price is online so you can ask the seller to match or better it. Doing your homework could help you get in a position where you can negotiate a happy middle ground. Continue reading →
Depending on the size of your family and friends, and on how generous you are, it’s quite possible that you spend more than this every Christmas. And this doesn’t even take into account the cost of going out, and the endless round of parties. Continue reading →
What’s your Experian Credit Score? We wanted to see if there were any significant differences in the average Experian Credit Score in different UK cities – from a variety of locations.
The Experian Credit Score runs from 0-999, and usually a higher score means you’re seen as lower risk, which means you could be more likely to get a credit card, a loan or a mortgage, and at better rates too.
You may have seen some of our posters beside major roads, or if you’re in London, on tube platforms. If you have, I hope you saw your local area listed!
We looked at the average Experian Credit Score in ten of the largest local authority areas outside of London, based on Experian customers who joined between January and September 2016. Continue reading →