My friends always ask for my financial fitness advice and it's often around stuff like when they should talk about finances with their partner or how do they tell their spouse about the credit card debt that funded their shoes and booze-filled 20s.
Here’s the thing...Your credit report is your financial report card and your credit score is your grade. Together, they show if you've got your life together. Let's say you're in a relationship with someone and the two of you want to buy a house. If your credit rocks and theirs sucks, that might not bode well for your future together. And sure, you're probably not—and you shouldn't be—picking a partner based on their net worth, but it is important to be aligned with someone who has habits and goals that are on your level.
Before you get involved in a relationship or anything, FICO [credit score] first, then sex.
I’ve got my own set of advice, but I wanted to find out what people think about a partner’s credit score and if it's really a dealbreaker (or maker).
So… I ran this survey and found out the following:
of replies claimed to favour an awesome credit score over model good looks
of people in a loving relationship admit to NOT knowing their partner's credit score
So I asked: “When do you think it’s a good time to start having an idea of your spouse's credit situation?” Check out what people really thought:
Suze Orman says that, "Before you get involved in a relationship or anything, FICO [credit score] first, then sex.” Okay, that’s a little old-school and sex back then probably meant marriage and kids, but you definitely need to have an idea before you’re even close to looking at your Netflix-and-chill partner like a life partner.
Here’s why dating someone with bad credit might not be a great idea:
1. They’re probably not organized/messy.
2. Debt and finances can tear a relationship apart.
3. They may have issues with priorities; there is nothing wrong with being the life of the party but I always tell my pals that when it comes to choosing a partner, you need a mullet man/woman (business in the front, party in the back).
4. Their hotline will be blinging with private or blocked calls on the regular and that's just awkward—are they hiding something scandalous? Oh wait, it's just debt collectors.
5. They don’t respect money. They might ball out on credit to look good at the club but when an emergency comes up, they could be f*cked and potentially relying on you to clean up their mess. Not a hot look.
6. When you want to take things next level and buy something together like a house or a car on credit, their low score could cost you by getting charged a much higher interest rate (or even getting declined).
What to do if you find out your SO's credit sucks
Well, it’s not a deal breaker:
Tips on how to bring up the "credit talk" while dating
P.S. If you’re single and want to find a hot credit date, you can check out this site. LOL