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Ask Justin

Ask Justin

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Do my cards affect my son's credit?

Borrowing | Credit Card Helpful? 4

Asked by janemf, submitted 29 September 2010.

Open Quote I do not live in the UK and use my son's address for UK correspondence. Because I have 4 UK credit cards, albeit little used and always settled each month by direct debit, my son claims that the fact that the cards are registered to his address adversely affects his credit rating. Is this true or false?End Quote

Answered by Justin on 07 October 2010

Provided the cards are held in your name and not your son's then it's unlikely they'll affect his credit rating.

Lenders usually get information on applicants from a credit reference agency, such as Experian. But the information will normally only relate to the applicant and not other individuals at the same address address, unless they're financially associated (e.g. a debt is held in joint names).

It would probably be a good idea for your son you request his credit files from the three main reference agencies (Callcredit, Equifax and Experian - each charges £2) to ensure the information held is accurate, but I don't think he needs to worry about your credit cards.

Nevertheless, unless you really need 4 UK credit cards I'd suggest cutting back to just one or two. It'll reduce the slim chance that your cards affect your son's credit score and make your finances simpler.

Please note this answer does not constitute a recommendation or financial advice and should not be relied upon when making specific investment or other financial decisions. You should always undertake your own research into whether a product or service is appropriate for your needs and, if necessary, use a qualified professional adviser.

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