Joint tenancy and credit ratings

Soph_elizabeth

Hi,
Me and my partner are moving in together.
He has a very poor credit rating and I have a very good one.
If we get a joint tenancy will his credit rating affect mine? Also, if we get bills in bothis of our names, will this affect my credit rating at all?
Thanks so much for your help.

[Deleted User]

Avoid any joint financial products.

ashp_2

You will only become financially associated if you make a joint application for credit. For example applying for a loan or opening a joint account.

In terms of putting your utility bills in both of your names it's quite likely the utility company will put a financial association onto your credit report. It's worth checking your report regularly and if a utility company does file a financial association you can get this removed.

Richey_

ashp wrote: »

In terms of putting your utility bills in both of your names it's quite likely the utility company will put a financial association onto your credit report. It's worth checking your report regularly and if a utility company does file a financial association you can get this removed.

This bit is not actually true as all the while you have the account open they will not remove the association as it's a true reflection. Check the utility company terms as some report and others don't. NPower for example do report to credit agencies

ashp_2

This bit is not actually true as all the while you have the account open they will not remove the association as it's a true reflection. Check the utility company terms as some report and others don't. NPower for example do report to credit agencies

I stand by my comment. Regardless of weather they report or not. A utility company should not list a financial association. It dosnt mean they don't do it, if they do you can have it removed.

You are financially associated to someone if you have a joint account or mortgage or made a joint application with that person. However, living together or having both your names on a utility bill does not make you financially associated. Neither does being a business partner with someone.

Examples of a financial associate:

A person you have a joint credit card with

A person you have a joint bank account with

A person you have a joint mortgage with

A person you have a joint CCJ with

A person you make a joint credit application with

Examples of who is not a financial association:

Someone you live with

Someone who used to live at your address, either with you or before you

Someone you have/had a utility account with (e.g. gas/electricity or phone bill)

A partner, spouse, or relative, if you live with them but do not share any credit accounts with them.

GingerBob_3

ashp wrote: »

I stand by my comment. Regardless of weather they report or not. A utility company should not list a financial association. It dosnt mean they don't do it, if they do you can have it removed.

You are financially associated to someone if you have a joint account or mortgage or made a joint application with that person. However, living together or having both your names on a utility bill does not make you financially associated. Neither does being a business partner with someone.

Examples of a financial associate:

A person you have a joint credit card with

A person you have a joint bank account with

A person you have a joint mortgage with

A person you have a joint CCJ with

A person you make a joint credit application with

Examples of who is not a financial association:

Someone you live with

Someone who used to live at your address, either with you or before you

Someone you have/had a utility account with (e.g. gas/electricity or phone bill)

A partner, spouse, or relative, if you live with them but do not share any credit accounts with them.

This one seems to have been invented by certain card providers (e.g. M&S). It should not create a financial association but, as ever, due to an absence of QA procedures, it gets past the CRAs.

ashp_2

GingerBob wrote: »

This one seems to have been invented by certain card providers (e.g. M&S). It should not create a financial association but, as ever, due to an absence of QA procedures, it gets past the CRAs.

My understanding is that a joint credit card would be listed as a finacial association but if someone has a CC and they add a second card holder this should not be listed as a financial association.

GingerBob_3

ashp wrote: »

My understanding is that a joint credit card would be listed as a finacial association but if someone has a CC and they add a second card holder this should not be listed as a financial association.

Is it possible to have a joint credit card? I didn't think it used to be.

ashp_2

GingerBob wrote: »

Is it possible to have a joint credit card? I didn't think it used to be.

That is actually very true, I don't think it's possible. In which case I subtract my statement :rotfl: