How does a credit rating affect our 18yr old?

Question

We have a very poor credit record will it affect our 18yr old who needs to get a student bank account & overdraft.

Answer 1

If you are in the UK, the only way your credit rating could effect your 18yr old's is if you had some kind of joint account.  The address is no longer a factor in determining a rating.

http://www.experian.co.uk/consumer/askji...

Answer 2

I heard it goes against your address and not your name.

Answer 3

Each individual has their own Credit Record .. HOWEVER there will be a 'link' between people at the same address (since it will be assumed that they are financially depended on one-another ..)

It is unlikely that a Bank will worry about the parents poor Credit Score when considering a Student Loan ... it would be a different matter for a 'any purpose loan' (since they will immediately assume that you are simply using your kids name to avoid penalty interest charges) so they may well restrict the level of overdraft they are willing to offer ..