Best Review - Top 4 Ways To Avoid Getting A Bad Credit Score Because Of Your Partner's Debt

W

hether you’re together or not you may still be affected.

Bad credit is something that most of us work pretty hard to avoid. But what if you’ve found the love of your life – and their credit score is awful? Although it may seem like a romantic gesture to ignore the money troubles of a potential partner the reality is that they could affect you, both in the relationship and also if it comes to an end. So, how do you avoid your partner’s debt having an impact on your own credit score?

Why does a partner’s credit score affect yours?

When we enter into a shared financial account with someone this creates a link between two credit histories. So, you might both have your names on an electricity bill, for example, or you may have a shared credit card or bank account. If you go on to apply for credit in the future then any new lender will follow the link between the two accounts and make a lending decision based on the combined factors for as long as that link remains.

How can your protect your own credit score?

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Top 1

Apply for a notice of disassociation


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If the relationship has come to an end then the situation is simpler. Once you’ve separated your shared finances and accounts then you can apply for a notice of disassociation. This will separate the two credit histories so any future lender will see only yours. But what if you’re still in a relationship with a partner who has debts?

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Never miss a debt repayment and don't borrow more

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It’s difficult to police your partner financially – and this can end up being the source of arguments if done the wrong way. However, while you’re still in a relationship with someone, it’s crucial to make sure they don’t default on existing debt repayments or enter into more credit agreements. Both of these will affect their own credit score and are highly likely to drag yours down too.


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Help your partner to get debt free


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The best outcome for everyone is that your partner pays off their debt so neither of you has to worry about the impact on either credit score. We tend to be secretive about debt so if your partner has had the courage to be honest about what they owe, now could be a great time to help them come up with a repayment plan for clearing the debt more quickly.

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Find out how much debt is involved

If your partner is sheepish about debt then that’s only to be expected – especially if you don’t have any. Debt-shaming is pretty common and many of us don’t want to admit to exactly how much debt we have. However, it’s important to make sure you have total transparency when it comes to debts owed by your partner so that you know what kind of financial history you’re potentially attaching your own to. Is it just student debt that has a low interest rate and is being gradually paid of? Or does your partner have multiple high interest credit cards and loans with barely affordable monthly repayments?

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