First Direct Have Turned me down for Joint Acct with DH....because I am a SAHM?

[BeyondRepair]

I am so upset.

There is nothing adverse on my credit file apparently...I know I have been on electoral role for about 10 years.

They will not tell me what their criteria is.

I can only think its because I have said I will not be paying anything into the account as I am A SAHM, but DH pays into the account....

I feel like utter crap.

I am married to DH his wage is our wage....he is supporting me whilst I rear our baby FFS.

Yes, get some of the bills in your name.
Do you have a mobile on contract? That needs to go in your name.

Do you get any child benefit? Or tax credits etc? Make sure those are in your name, and declare them as income.

Is this a case of adding you on to an existing account of DH's? or are you trying to set up a brand new account? If the second, try the first option!

Its unclear, did you apply to be added using the same name as you have on the electoral register? You talk about maiden name and if you're using two names that could cause problems

I think it's a combination of things. They kind of explained that in the letter with the total score across the sections.

Even though I agree that your husband's money is also yours, from the bank's perspective you will be a full customer. Someone else it will cost them to engage with from a service perspective.

When you add that you have no income of your own (as a separate entity to your husband) plus perhaps have a neutral credit score, you're just not reaching the minimum bar of making it worth them providing you with a service.

Now I get why that would piss you off, I would feel the same, and also long term maybe it's not good business sense for them if you go elsewhere. However, they have to have criteria they can broadly apply and unfortunately it seems you're not meeting the minimum threshold. I have no knowledge of FDs processes so just guessing here though.

Go to another bank! Metro Bank and Nationwide have never had a problem giving me a joint account.

Banks which turn you down for no reason should be walked away from.

1. adding me to existing account.

2)Yes applied the same name as electoral role ( been here 10 years)

3. yes benefits in my name, declared as income but said nothing would be going into that account

4. Yes I get all that too toothy but whilst they are looking at me as a customer, with a new account, actually I am actually joining an existing account of my husband who has been with them for yonks...and we have our mort with them.

I hate banks and credit.

I wish I also knew way back in Uni how much it would cost me to default on OD payments. That mistake has cost me very very dear.

Nationwide is my bank, so will try and see what they can offer....

I really don't understand you can't get a joint account
Ridiculous

why don't you put the befits into the joint account then?, and then take out however much your going to have in your account for whatever spending happens from that?

We have one account. Everything goes in, everything goes out, all spending for both of us comes out - so if you buy a birthday present and the stamen comes out before the birthday, you have a pretty good idea about your present, but thats the only disadvantage for us.

Aahhh, ok, it makes sense now. I took from your earlier posts you both applied for a new joint account and your DH was accepted and you were declined! I had never heard of this and was very confused! Sorry, my mistake.

Ok, so you applied to have yourself added to his already established account. So based on everything you've said it appears you've been declined for having a low application score. This is not surprising as you've mentioned you have no credit in your own name. Transferring bills into your own name won't help, by that I mean utility/water bills etc.

You mentioned that you have a bank account, is this a current account with an overdraft facility (if not, does it have this functionality?), direct debits on it?

Looking at Experian will only show you what you already know (although no harm in looking), that you have no credit at the moment. It will more than likely say you have a hgh credit score as it tends to do this when there are no defaults, public information found which confuses people as they think that because Experian says they have a score of 999 that means they have a high credit score but then they're declined on score when they apply for credit. What that actually means is they've failed that particular lenders application score which is made up of numerous factors, only 1 of which is data found at the credit reference agencies i.e Experian.

If you definitely want a joint account with FD you should try and build your credit by applying for a credit builder credit card which will have a high APR so use it sparingly, regularly and pay it off every month or you will be charged a fortune. Then reapply in 6-12 months with FD. Alternatively, apply for another bank account together which may help boost your credit score as you will be applying at the same time for the one account as opposed to adding onto an already open account.

If that still doesn't work money saving expert is good for showing you what accounts you could be eligible for based on low credit scores. Well, I know they do this for credit cards but not entirely sure if that is the same for current accounts.

You mentioned that you have a bank account, is this a current account with an overdraft facility (if not, does it have this functionality?), direct debits on it?

No.

I have found that page on credit cards and am getting on with applying for one....going to see what my own bank can do as well if either we open accnt togethger or dh comes onto mine.

I do not see why it has to be so totally blind for people like me, why I have to come on ehere to ask about whats going on?!

I am terrified now of encouraging what MSE calls the spiral of rejection so now I have been turned down by FD, I pray if I get this card application right they dont turn me down as then will be going to own bank and wanting joint account!

I can understand your fear of being continually rejected however your issue is that you specifically need credit to get credit (as absurd as that sounds). And to do this you need to apply for credit, there is no other way around it. Yes, you may rejected. Try and not take it personally. You are a higher risk customer as lenders cannot assess your intent to repay as they have no history to go on. Plus your ability to repay is minimal as you're a SAHM. I don't say this to cause offence, but to point out the bare, black and white (from a lenders point of view) fact.

It's embarrassing to be rejected, everyone has this point of view, and it makes you feel indignant. But lenders cannot just go on your word that you'll definitely pay them back/be a "good" customer etc. I don't mean to appear harsh but that's the way it is.

It may take a while and you'll feel like you're jumping through hoops but you will get credit from somewhere and this will boost your rating and this will soon be a distant memory!

Thanks Sparkly

I would check Experian as you mention defaulting on over draft. This can stay with you for many many years, especially if never resolved - and you need to know about it if this is the case, before you start applying for credit cards as it effects what you can apply for

Nationwide were very good with me - I opened a current account with them and they immediately offered me a 0% credit card at a time when quite a few other places had turned me down. I bit their hand off and it massively helped me get some debt under control. I think they treat their customers pretty well.

If worse comes to worse there are things you can do that cost a little but will definitely let you build credit - there is something called a credit builder card. IIRC it is basically a cash card - you put cash on it and then spend it but there is tick the box by which there is a c5 per month fee but technically it is credit so it counts as a start to building your credit. No-one gets refused for this because there is no real credit. Catalogues are a good bet too.

In terms of flowing the cash, our excess cash tends to sit in Nationwide as their current account interest rate is best but we literally flow through Halifax in minutes to meet their minimim income criterion which means that they automatically pay 5 interest per month (this systems is not just for 5 a month although for nothing it is not to be sniffed at but to help me keep track of DH's self employment (cash) takings). I leave 50 in there at month end to cover 2 direct debits as the account T&C required a transfer of an account which included at least 2 dds and I have just never moved them

I had the same thing with FD!

I was on mat leave- so cross!

Plenty of credit history, just no income, only my DH (then DP) so went to Lloyd's who did it no problem.

FD current accounts have an automatic £200 overdraft facility.

Update: In case anyone who gave me help was interested...

I got an extremely nice call today saying there was a mistake and I can go on the account should I still want too.....

.

Yay! Did they explain what happened? Or was it an about face vs a true mistake?

They said I was down as unemployed not a stay at home M>
I am positive I put down mother etc...on the form.
She was extremely apologetic...and kind.

I probably still need to build up credit though? I hope I dont drag DH down with whatever the real turn down reason was....