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A number that has changed the dating rules: credit score

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By: Kedy
on 1st Sep,2013

Dating has almost always been about the chemistry between two people. The top factors were usually appearance and personality.
A number that has changed the dating rules: credit score

Dating has almost always been about the chemistry between two people. The top factors were usually appearance and personality. If you found someone that had the look that you liked and you got along with them right from the beginning, there was a good chance that you were in a relationship that was going to go somewhere. Things really haven't changed that much, but there's one more metric that has been thrown into the dating formula: the credit score.

Credit Scores Have Become a Huge Issue

Having been a cheerleader or the captain of the football team is a nice piece of history to have, but if your credit history isn't just as impressive, you may find yourself benched in the dating game. That little number is no longer just important down at the car dealership or in the credit office of the local hardware store. People have begun to realize that a low credit score can bring far too much negative baggage into a relationship, and they are just not going to tolerate it. A credit score's affect on dating is a reality that people are beginning to face.

Take, for example, 31 year-old Jessica LaShawn. She thought she had found the perfect man. He was handsome, tall, shared the same religious values, had a great job, and a similar upbringing. Yet, her experience soon went from an emotional high to a devastating low when he asked her what her credit score was. It didn't take long before the date was over and Jessica found herself alone and with little hope of restoring her relationship.

The Value of Good Credit

Most people realize that having good credit is important, especially when it comes time for a major purchase, like buying a car or getting a mortgage. In today's tight job market, credit scores are even playing a key role during interviews and final selection of potential employees. Auto insurers have also begun using credit scores to determine someone's appropriateness for a policy and for determining discounts and other factors. With all of this value placed on a credit score, dating someone with a bad credit score has become a genuine concern. In fact, there are even dating websites now where you can find people who not only are attractive and have appealing personalities, but also have good credit scores. Credit score dating is quickly becoming a reality for many people.

Checking Your Credit Score

If you have no idea what your credit score is like, you probably should take a few moments to go find out. It takes no time at all to view your credit score, and you might find out some surprising information. Your credit score is based on several key factors. If any one of those factors doesn't measure up with the credit bureau's requirements, your credit score - and dating life - might suffer. Here are some of the key things to look for in your own score.

• Payment history. This is probably one of the key factors that can adversely impact your credit score. If you have been late on payments, or missed some altogether, your credit score is likely to take a major hit. Being on time with your payments is extremely important.

• Credit ratio. Credit bureaus compare your credit limits with t how much you have borrowed, and if the ratio between these two numbers is high, your credit score can be reduced. A rule of thumb is to keep credit cards and any type of revolving credit at around 30 percent of your total credit limit. If you have a credit card with high debt, you may want to transfer some of that debt to a card with a lower balance.

• Types of credit. Most creditors like to see someone with an even mix of credit types: mortgage, auto, and credit cards. Having too much of one will lower your score.

• Age of accounts. If you have had your credit accounts for a while, they have a measureable history, and this is a positive point with lenders. If you have opened several accounts recently, this can actually have an adverse affect on your credit score. Avoid opening new accounts if possible.

There is still much debate about whether someone should come right out and ask a dating partner what their credit score is. Some may think that it's just not appropriate; yet, having a good score is an indicator of how responsible you are with money. Having discussions about finances and budgeting are something that everyone should begin discussing as a relationship becomes long term. Just to be safe, take a serious look at your own credit report to see where you stand. Your next date might be curious about it as well.

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