Why it pays to know your partner’s credit score

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Nothing unravels a blossoming relationship quite like a bad credit history. Seriously! Ok I know what you’re thinking “yeah right sure, it’s not about how you look or how you come across personality-wise or even if you are a dog or cat person it’s all about your credit report give me a break.” And well that might be true, bear with me.

Intimate personal details

If you are going on a date it just might be worth checking your credit report – as well as the mirror – before heading out the door. Not convinced? Consider this. As a relationship starts getting serious, most of us will begin to share intimate personal details, our respective dating histories, deepest darkest thoughts and maybe even some plans for a future together. Yet despite this, Finder research shows there’s one particular detail that love birds are reluctant to divulge: their credit score.

Credit score 

You might be wondering “what even IS a credit score?” Let alone wanting to show it off to your lover. So put simply, your credit score is a number that lenders will look at to determine how risky you are as a borrower. It’s calculated based on your credit history and ranges from 0- 1,000 or 0-1,200 depending on the bureau you choose to access it through. A “good” score ranges from 622 to 725, while an “excellent” one sits between 833 and 1,200. The higher your score, the more likely you are to be approved for financing. On the flip side, a “poor” credit score sits below 600.

Financial behavior 

Bad financial behaviour like defaulting on a loan or applying for too much credit will drag your score down. If you decide to apply for a homeloan together, the bank will take both credit scores into account when assessing your application. This means that if you have a good score but your partner has a dud score, your application may get knocked back.

And most importantly, it’s not all doom and gloom. Just like leaving the toilet seat up or eating all the good leftovers, a bad credit score shouldn’t be a reason to ditch your partner. As with any irritating habit, you can improve a bad credit score over time.