Forget big age differences. Having a conflict in credit scores can be an early determinant of whether your relationship will last.
Your FICO score is a quick way for companies to determine your relationship with money. It is used in everything from getting car loans to renting an apartment to applying for a job to determining your insurance premiums. Do you spend within the limits of your income? Are you careful to make payments on time? Do you go into debt to buy things you can’t afford? Are you inconsistent in paying your bills?
Landlords, employers, and lenders aren’t the only ones who find this information important. A potential mate may want to know, as well.
Sometimes people have bad FICO scores for reasons outside of their control. Medical expenses come to mind. But, for the most part, if you find out your new love has problems with their credit you probably want to watch how he or she interacts with money closely. If nothing else, it should be something you talk about as your relationship gets more serious. That, and meeting the parents for a quick insanity test.
Everyone has a different relationship with money. Some people are money hoarders because they spent childhood fearing poverty. Others are extravagant spenders for the same reason. Sometimes natural spenders and natural savers make a great complementary couple, but only if both are willing to compromise a little on their natural tendencies.
Since the number one item couples fight about is money (followed closely by kids), it is very important to make sure you are on the same page about how to handle financial goals. Especially before you have kids!!
If you find early in the relationship that your sweetie’s money habits are too far from your own, that may be a reason to quit while your ‘re ahead. Sure, it sounds shallow, but who wants to spend their marriage arguing about every expenditure or feeling stressed about high debt?
Your high FICO score won’t bring your spouse’s low one up when you marry. But, his low score could drag you down when applying for joint loans. Another reason to have a frank discussion about finances before tripping down that aisle!
If these topics sound like they would be of interest to your employees, sales conference, or professional organization, contact me at 303-324-0014 or kristi@