Financially Distancing Yourself
MARTIN Lewis’ Money Saving Expert site has highlighted the importance of not letting your flatmate negatively impact your credit score. Living with a flatmate can have consequences on your financial standing if precautions are not taken.
Avoiding Financial Linkage
Being jointly named on a bill with a flatmate does not automatically mean you are financially linked. Your credit scores can be affected if you have joint financial products together or a shared bills account.
Stay Financially Rigid
Money Saving Expert advises maintaining a strict separation of finances to safeguard your credit score. If your flatmate has a poor financial history, it is crucial to distance yourself financially to protect your credit.
Prevent Credit Score Impact
If you have separated from your partner or no longer live with your flatmate, it is essential to 'financially de-link' to avoid their credit score influencing yours. Joint mortgage, loan, bank account, and utility bills can link you financially.
Common Mistakes Unveiled
Money Saving Expert debunks the myth of 'joint credit cards,' emphasizing that it is one person's account with the other having a supplementary card for access.
Expert Advice on Social Media
Martin Lewis’ Money Saving Expert site took to social media to educate on protecting your credit score from your partner or flatmate's financial history. It is crucial to be informed to prevent any negative impacts on your credit standing.
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