Co-tenancy and building good credit.

Tictact

So I have just moved to the UK and have moved into a two bed apartment which I am sharing with a friend. My friend has been a resident here in the UK for a number of years however he too is moving into this new accommodation.
As he is just moving across town as it were, he is bringing most of the utility accounts from his previous place hence payment of these bills will come from his account. My share of the bills will be paid to him. The council tax will be paid in a similar manner as may the rent.

My query is should I be a co-account holder on all of these bills.
I'm just concerned that after a year or two and apply for some manner of loan, that my indirect payment of these bills will mean that I will have missed an golden, and costly, oopportunity to build a good credit rating.

If anybody could throw some light on the matter I'd appreciate it greatly.

19lottie82

no. You don't want to become jointly linked with a housemate, as it could have the opposite effect to the one that you hope for, if HM was to default on any bill (not just household ones on which you are named) then it would have a negative effect on your credit rating.

If you want to improve your credit rating, make sure you're on the electoral register and look into getting a phone contract (a cheap sim only deal will do) and a credit card, making sure they are both paid on time, every month.