Financially linked
Lesson 10 of 12 in our free Credit Scores & Files guide: a 5-minute money game with the key points below.
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Questions you'll answer
Mo's ex had missed payments. Mo's account with her is closed. Best next step?
Quick facts
- Opening a joint current account with your partner → Creates a link. Joint accounts create a financial association.
- Living with a flatmate who has bad credit → No link. Sharing an address alone doesn't link files.
- Taking out a joint loan → Creates a link. Any joint credit links you.
- Splitting the energy bill by bank transfer each month → No link. Paying your share to a flatmate doesn't link your files.
- Being on the same mobile family plan in someone else's name → No link. If it's only in their name, it's on their file — not linked to yours.
- Myth: “A financial link means your partner's debts become yours.” — You're not liable for their sole debts. Lenders may just consider their file when you apply.
- Fact: “With a joint debt, each person can be chased for the full amount.” — 'Joint and several liability' means either of you can be asked to pay all of it. Think carefully before going joint.
- Myth: “Financial links fall off by themselves the moment you break up.” — Breakups don't update your file. Close joint accounts and ask for a disassociation.