Posted by on June 12, 2014
A recent study by Experian Consumer Services indicates that credit scores were important when choosing a mate for half of married adults. 95% of participants rated “financial responsibility” more important than “career ambition” or “physical attractiveness.”
The survey shows that, when asked about the importance of having similar goals, financial compatibility ranked higher than sex or religion. Couples today are more aware of the fact that when they marry, they are in some ways acquiring the credit worthiness of their new spouse. If one spouse has a poor credit history it can affect the couple’s ability to secure a mortgage or car loan. If one spouse brings high debt into the marriage, both spouses may feel the burden of paying it off. Having a conversation before getting married and knowing what the credit situation will be after saying “I do” is important for the marriage to start off on the right foot.
Not only was good credit an attractive feature, 73% of women and 60% of men said that having a partner who is willing to communicate openly about personal finances and credit makes that person more attractive.. However while couples discuss many aspects of finances including spending habits and debt, only 43% say they have talked about their credit scores after marriage and 14% say they have never discussed their credit score with their spouse.
This is not surprising because many people don’t know what their credit score is. The 3 major credit reporting bureaus, Experian, TransUnion and Equifax, will give you your credit history for free but you must pay to get your credit score. You can get your score for free on creditkarma.com. Why not sit down with your spouse or significant other tonight, open a bottle of wine, and go online to www.annualcreditreport.com? It might be the most interesting date you’ve had in a while!
