Almost 2 in 5 adults say knowing someone’s credit score would affect their interest in dating that person, according to a new Bankrate.com report. That includes 42% of millennials (the highest of any age group), 47% of college graduates and 50% of people with annual household income of $75,000 or more.
The survey also found that:
- 78% of credit cardholders who have asked for a higher credit limit have been approved.
- 34% of Americans have never reviewed their credit history.
“So many couples just flat out don’t talk about money. They’re afraid to have what can be pretty awkward conversations, so they never come to a consensus of what’s OK and what’s not within the relationship,” says Matt Schulz, CreditCards.com’s senior industry analyst.
“Every relationship has different boundaries and expectations and the only way to find them is to communicate. If there’s no communication, there will probably be trouble ahead,” he adds.
Handle, this conversation with care, and understand that men and women are wired differently when it comes to money. A lot of Mars vs. Venus going on here. Men hear concerns or complaints as a warning flag that they are about to get blamed for something or they’re falling short. Women hear concerns or complaints as an invitation to move closer. We’re nurturers.
Ask your prospective partner:
- If they think it’s important for couples to be on the same page about money? And why.
- Share your financial challenges and how they’ve impacted your credit score.
- Ask them to share their financial challenges and how they’ve affected their credit and financial life.
- Ask if they have a plan to improve their debt situation, if there’s a problem, and be sure to share your own.
- If you’re both having credit issues, offer the opportunity to do some research and together, come up with steps you can both take to improve your financial situation.
As you’re evaluating your partner’s credit situation, make some time to make sure that you are doing all that you can to take charge of this important part of your financial life. You can start by getting a free copy of your credit report at annual credit report.com.