my son is getting turned down for a loan due to my bad credit rating how can i correct this.?

Question

i want my son to have a good credit rating in his own right.

Answer 1

for a start hun it may not be you that is giving your son a bad credit rating. get a copy of his report from equifax (creditexpert.com have a free 30 day trial online at the mo) and have a look and see what is on there. what companies don't tell you is if you make more than 3 credit applications every 6 months that automatically gives you a bad credit rating. so if you son has applied for 2 loans and say 1 credit card, the next time he applies he will automatically get turned down through this reason alone. if this doesn't apply to him and the credit report shows no late payments on anything (trying not to be patronising here so forgive me- a little green circle is a payment made on time, a yellow a late one and red means no payment made) then what you can do is to have him dissassociated from your house. but before you do that you have to look at his credit report and how old is your son? bear in mind if he's only 18 there's a highly likely chance that he won't get credit automatically because no credit is worse than bad credit. if you've gone through every possibility and you're absoloutely sure that it is because of you, than you can either contact your or your son's bank manager or give equifax themselves a call and they'll tell you how to go about disassociating him from you. but that is obviously a last step. good luck xx

Answer 2

Have seen lots of people asking info on bad credits. Well, if you need to get your problem solved onarrange loans or other finance, and usually means you will pay more interest on any loan you take out.

Answer 3

Not sure how that is even possible as they would run his credit report on his SSN. The only way is if he cosigned something with you, which would mean he is just as responsible for paying it back as you are and if you didn't pay it back and he didn't cover it, then he, too, has bad credit. That can't be changed.

If it's a matter of someone having his social security number on a delinquent account of yours, then you'll have to get them to correct it and resubmit to the credit bureaus, and in the meantime, he can put a statement on his that the delinquent loans do not belong to him.

Answer 4

Your son should have an independent credit rating. Go back and make sure he's not on any of your bills/credit cards. Remove him from them and good luck with finding him a co signer on his loan who has better credit than you.

Answer 5

Contact Equifax and Experian. Get a copy of his credit report (or you can get a free 30 days trial at http://www.creditexpert.co.uk) and they he can file a "disassociation" from you to wipe his association from your bad debt. It may be worthwhile you doing the same thing and getting a copy of your credit report, then contact your creditors and negotiate a repayment plan with them. Take the one that charges the most interest first and pay that off first, then work your way through them all based on the interest they charge. Once the debt is paid off to each creditor request they clean up their entry on your credit report.

It is in a companies interest to negotiate with you on repayment as anything they receive back is better than getting nothing back and having to pursue you for it via ballifs courts CCJ's etc.

The following site may be useful for you -

http://www.nationaldebtline.co.uk/

If you aren't in the UK, may I suggest posting the question on you local Yahoo (i.e. www.yahoo.com for the US)

Answer 6

Ask the loan officer. They will do anything they can to get you the loan you want. They will only say they can't do it if it is impossible. They only get paid when you get your money.

Answer 7

Anytime you add yourself to any information for your child, your negative information shows like a red flag and knocks the child out everytime. Try applying without you on the application. If he is living with you, this may be impossible. The catch is, he cannot live with you for the past year, especially if your claiming him on your taxes. Bullsh*t, I know. Thats how they get you and your boy.

Answer 8

If you son is on any credit accounts as an authorized user, your credit history will track to him. Take his name off of any joint accounts.

Answer 9

give him the money you tight pocketed parent you only have kids once

Answer 10

pay your bills