Credit affected by housemate?

shopping_addict

Hi,
Just a little question about credit ratings..... I was just wondering if my credit rating would be affected by my housemates? (i know alot of factors are taken into considoration when applying for credit -this was just my main concern)

-we obviously share an address...and we also have a joint bank account for bills etc.. to go out of. This account is managed by myself so is never overdrawn etc... however my friends finances are in a mess -no huge debts but has had a bank account closed and various debt collection agency letters for small debts (less than £100).

I am in the process of remortgaging and was wondering if as we are financially associated, this would affect my chances?

Thanks for your help in advance....:D

fracturedsun

Living in the same house shouldn't link you but having shared credit does. I've lived with a lot of people over the years some with really bad credit histories and they haven't affected mine.

Having a joint account with an overdraft facility does even if you aren't using the overdraft (assuming you are both account holders). It means you are financially linked and so can affect each other.

Take a look at your credit report through the three agencies and see what shows up.

Bravehearted_2

Your credit worthiness isn't tied to your address.

You have a joint account with your housemate :undecided - this will create a financial association and can affect you.

shopping_addict

Thanks for your replies. Our joint account doesnt have an overdraft facility...its just a normal account with HSBC in both our names. I think I will close it down to be safe and have everything going through my account anyway...