Me and my husband are about to sell the house to rent so we can release the equity for our new business and rent a bigger house as we both work from home. We currently have seperate accounts as my husband has perfect credit but I have a couple of defaults from a couple of years ago and on a dmp. First of all, will I need to declare this or will it not be detected in the credit search as I have perfect public report credit score. Also, if we rent together but have seperate bank accounts, will it mean that my husband will then have my bad credit?
Any advice will be appreciated!
Renting a property together affects your credit rating no more than owning a property together, so I would not have thought that you have any worse a problem with credit rating associations that you do at the moment.
If you have a joint account, you become finanicially linked by the Credit Reference Agencies. At which point you both will affect each others credit files.
We're willing to wipe the slate clean, give you a fresh start. All that we're asking in return is your cooperation.
I forgot to mention that I am not on the house as I met my husband after we bought it so everything is in his name. I wondered if it would be classed as joint if I was on the lease but he was paying the bills?
