Is Your Love Life Affecting Your Credit Score?
Is Your Love Life Affecting Your Credit Score? Most people know that credit scores are used by businesses to assess the risk of lending money or providing services. But it appears that there is a direct correlation between your love life and your credit score.
Many people seek a long-term partner in love. Height and preferred ice cream are offered as indicators of compatibility, but most are found to be arbitrary. However, recent research from the Federal Reserve Board shows that your credit score can predict your love life success. The statistic comes from a board document that looked nearly 12 million US consumers from the Equifax database. Over a 15-year period, researchers tracked devoted couples of various varieties, including those who live together but aren’t legally married.
How your credit score impacts your love life
Many financial companies use your credit score to assess your risk of lending money or providing services. There appears to be a correlation between your love life and your credit score, as well. For those who fear that their bad credit has won them a lifetime membership to the lonely hearts club, we’ve broken out exactly how one influences the other (according to the Federal Reserve Board report). Read on to learn more if Your Love Life is Affecting Your Credit Score.
1. People with better credit are more likely to commit and stick to their commitments.
Not only do credit ratings influence whether people develop and maintain committed relationships, but it also appears that the better your credit score, the more likely you are to form and maintain committed partnerships and marriage. This is absolutely something for anyone looking for a life partner to think about in this day and age of commitment concerns. It’s not ideal to question a blind date about his or her creditworthiness, but it’s critical to have a clear understanding of a person’s financial situation before moving on from a casual affair. Read on to learn more if Your Love Life is Affecting Your Credit Score.
2. Credit scores that are closely matched can determine whether a pair will stay together.
It should come as no surprise that persons with well-matched credit scores are more likely to stay together. Higher credit scores are an indicator that a person is more likely to commit and stay committed. It’s a positive sign if you and your partner have similar credit scores when you first meet. The higher your credit score when you start dating, the less likely you are to break up. This is because credit scores converge over time. However, a huge gap (one person with excellent credit and the other with weak credit) increases the risk of failure.
Couples with good credit are less likely to divorce, as finances are the most common source of stress in partnerships. Worrying about finances or purchasing needs like a new car or mortgage might lead to financial issues. This often happens with partners who have low credit scores. Read on to learn more if Your Love Life is Affecting Your Credit Score.
3. Higher credit ratings show abilities that can be applied in other areas of life.
You might be asking why having high credit makes someone a better companion. Consider the abilities required to create and keep good credit, such as the capacity to manage finances and adhere to obligations, and you’ll see what I mean. Of course, having bad credit isn’t a sign that someone isn’t deserving of love. There are plenty of people who have good relationships despite having terrible credit; nevertheless, having better credit can make things easier in general, giving you more time to focus on your spouse and family’s happiness.