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I am currently living in a rented house with my partner, and am working full time in the same job for the last 4 years. I have bad credit due to defaults that occurred a few years ago. I am struggling to get any form of credit. My partner has 'fair' credit according to Equifax and TransUnion, although he is currently unemployed.
We are looking forward to buying a new car and so would want to know the best options. Is my partner likely to get credit without a long job history? Should we try a joint loan to boost chances?
Thanks.
How to repair my bad credit
Hi Lisa,
Can you give details on your credit? That is do you have any collections, delinquencies, bankruptcies, repossession? How much are you in debt? If you are trying to get a credit card to improve your credit, you can get hold of a secured credit card. Secured cards are easy to get with low scores. You can then make small purchases, within your limit using this card. Then make on-time payments on these. This will help in improving your credit.
As for your partner, job and income doesn't get reported on the credit report. Thus, if he has good credit history, and a good credit score, he may get new credit. However, remember that applying for new card or loan can hurt your credit score, because the creditors/lenders will pull your credit report to check how much creditworthy you are.
Thanks,
Aaron
repairing credit
Hi,
Aaron is right. Job details does not get reported on the credit reported. It is not used to calculate the FICO score. Thus, if your partner is without a job, this won't affect his ability to get new credit. What matters is the credit history.
Thanks,
Langdon