Can't get an overdraft increase because of my Dad's credit history

I've just graduated and am about to start a PhD. When i started looking for student bank accounts I was turned away by so many because of my Dad's poor credit history and had to look everywhere. I managed to get one with HSBC but with their minimum overdraft of £500. That was fine whilst I was an undergrad, although I struggled sometimes. However, now I'm going to be a postgraduate I'm so short of money, living in my overdraft and need to pay my rent and food etc, but I won't be paid for at least 3 weeks of which I really need a larger overdraft. HSBC won't increase my overdraft due to my Dad's poor credit record, so I don't know what to do? Is there a way I can get them to look at my credit rating instead? I've had my student account and have only ever gone overdrawn recently :s-smilie:

Reply 1

Dragonfly07

18

From what I can tell, going on your overdraft increases your credit rating. My credit rating was so bad I couldn't even get a £10 phone contract before I started going crazy with the overdraft.

Reply 2

hothedgehog

16

Why are they looking at your father's credit rating? This overdraft is your debt and is in no way related to him. I would definitely have a look at that more closely - seems like they're screwing you over here.

Reply 3

juicyfruit

OP

16

Original post by hothedgehog

Why are they looking at your father's credit rating? This overdraft is your debt and is in no way related to him. I would definitely have a look at that more closely - seems like they're screwing you over here.

Shall I go into the bank tomorrow and find out what's going on here? My sister has had the same problem with this for years and she's been moved out for a long time now!

Reply 4

sabian92

13

I thought credit rating was only for 1 person?

Surely that shouldn't affect anybody else? Sounds like they're pulling the wool over your eyes.

Reply 5

hothedgehog

16

Original post by juicyfruit

Shall I go into the bank tomorrow and find out what's going on here? My sister has had the same problem with this for years and she's been moved out for a long time now!

Yes, I would definitely find out exactly what they've done, why you're having this problem, why they're linking you to your father and how to get them to stop doing it.

Reply 6

flying plum

14

Is your address still your home address? If, in contributing to his credit rating, your dad has incurred County Court Judgments, or other debt collection issues, then it may be turning up on your credit rating if you're using the same address.

Reply 7

juicyfruit

OP

16

Original post by flying plum

Is your address still your home address? If, in contributing to his credit rating, your dad has incurred County Court Judgments, or other debt collection issues, then it may be turning up on your credit rating if you're using the same address.

Oh this might actually be the route of the issue. I haven't moved into my new address yet, so I'm using my parents home address. I think I'm going to check this up at the bank tomorrow, and see if using their address is making his credit issues affect mine - thank you!

Reply 8

User1014865

17

Why should you be accountable for your dad's mistakes?
Do banks think children are genetically pre-disposed to copy their parent's credit history?

Reply 9

danny111

3

From the bank's perspective I can understand them. They are using every piece of information to their advantage.

You should find out whether this is legal, and what actually happened - i.e. how did they link you to your father and is your rating actually lower because of your father, or did they just notice your father's rating and decided like father like daughter?

Good luck!

Reply 10

juicyfruit

OP

16

Original post by Iamyourfather

Why should you be accountable for your dad's mistakes?
Do banks think children are genetically pre-disposed to copy their parent's credit history?

This is exactly my point! Surely, after seeing my Dad's mistakes, I'm more careful with money then most of my friends.

Reply 11

juicyfruit

OP

16

Original post by danny111

From the bank's perspective I can understand them. They are using every piece of information to their advantage.

You should find out whether this is legal, and what actually happened - i.e. how did they link you to your father and is your rating actually lower because of your father, or did they just notice your father's rating and decided like father like daughter?

Good luck!

My sister was also linked to my Dad's rating, yet he is her step dad, which I find a bit strange. From this information, I thought it may be that we were both linked to my Dad through home address, except my sister now has her own address and the bank are still using him as a way of preventing us increasing our overdrafts?!

Reply 12

danny111

3

Original post by juicyfruit

My sister was also linked to my Dad's rating, yet he is her step dad, which I find a bit strange. From this information, I thought it may be that we were both linked to my Dad through home address, except my sister now has her own address and the bank are still using him as a way of preventing us increasing our overdrafts?!

Wow that does sound dodgy. You should definitely find out if there is some sort of consumer protection for this, or some sort of watchdog for credit ratings.

Hope you get it sorted out!

Reply 13

flying plum

14

Original post by juicyfruit

My sister was also linked to my Dad's rating, yet he is her step dad, which I find a bit strange. From this information, I thought it may be that we were both linked to my Dad through home address, except my sister now has her own address and the bank are still using him as a way of preventing us increasing our overdrafts?!

I'm no expert with regards credit checks, but i suspect it will be because you have that address in your credit history. credit checks aren't very sophisticated, and it certainly won't be a case of 'like father like daughter', more a case of 'computer says no'.

Go to the CAB, and see if they can give you any advice/point you in the direction of a particular agency to sort it out. you need to somehow disentangle your credit history from your father's, which won't be easy if the only address on your credit history is his.

Reply 14

zoe_bartlett

I could be wrong but as far as I was aware your Dad's credit history should not affect your credit history. When do credit checks in the past they would do a check on the address which means your dad's history would affect yours but this changed years ago and now it should only go on you. It's more likely that you have little or no credit history which is just as bad as having a bad one (which is crazy really), and I suspect this is why you are struggling and not because of your Dad.

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Can't get an overdraft increase because of my Dad's credit history

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