It took a while for the score to catch on, since they haven’t always been used to determine creditworthiness. But now that it has become a big hit, everyone is using the standard FICO credit score to determine whether someone is trustworthy enough. The credit score is being used to judge everything from auto loans to mortgages to dating. Yes, even dating.
According to the New York Times, more and more people are now reporting that they are being asked about their credit score on dates. Some interviewed for the Times even say that they were asked about their credit score on their very first date.
The majority of the information we have now on how often credit score is factoring into the dating scene comes from financial advisors, couples’ counselors, and dating site personnel. These professionals are reporting that more and more clients are asking questions about their significant other’s credit score, or are reporting that they’ve been asked about their credit score by a significant other. These questions are also commonly showing up on dating site forums as part of kind of a pre-date interview.
Professionals say the reason for this new trend is that it shows the date that you are a responsible person who takes their finances seriously. The credit score is fast becoming the primary indicator of someone else’s financial prowess. For some, having a bad credit score has actually become a deal breaker for the relationship.
And there is good reason for concern in many cases. The banks will often look at both the husband’s and the wife’s credit reports when checking scores for a loan. If one of the people in the marriage has poor credit, it can seriously impact both of their futures. It can prevent couples from getting the mortgages and auto loans they need to stay afloat.
But to make the credit score a deal breaker isn’t always fair. Often a failed credit score will be the result of circumstances out of the consumer’s control for reasons such as identity theft, illness, loss of job, and student loans to name a few. It’s always best to ask someone about the circumstances surrounding their poor credit score before making assumptions about their character. A poor credit score doesn’t always mean what we might want to think.
But on the other hand, this can often leave some couples in a difficult predicament. One person’s bad credit score many not be due to financial irresponsibility on their part, but that doesn’t just make the bad score disappear. And thus the couple is still stuck with the problem of one person’s score affecting both of their ability to get credit.
The solution is a surprising one. In order to earn credit, you have to make regular credit payments in a responsible manner. But in order to do that, you have to have someone willing to lend you credit. That’s why places like Scott McCorkle’s Liberty Buick GMC really help those in need of credit. We can help by making sure you get the auto loan you need, even if you’ve fallen on hard times. Then, over time, you can use the payments on your auto loan to help build your credit back up. If you or your significant other are interested in building credit this way, please be sure to call us or stop by!
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