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Credit Score as a Factor in Evaluating a Romantic Partner

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Tyri0n
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28 Dec 2012, 12:34 pm

ArrantPariah wrote:
http://finance.yahoo.com/news/perfect-10-never-mind-ask-015017521.html

It looks like one's credit score is becoming an increasingly important, and very practical factor, in considering whether to pursue a romantic relationship with another person.

Obviously, one evaluates another person's wealth, profession, possessions, etc.

I remember Suze Orman recommending that people who might potentially fall in love with each other to look at each others' FICO score.

A good score is important in being able to secure good credit.

Another reason why it is important: if you marry someone who carries a million dollars worth of student loan debt, and your spouse suddenly dies, then you are responsible for paying off your dead spouses debt.

At what point in the relationship do you bring up FICO scores?

Money issues often end up being among the primary causes of divorce, and if you're a saver then you might want to know if you're getting involved with a spendthrift early on, so that you can cut things off before you get too involved with the person.


No. This is absurd. Someone with a lot of debt can have a high credit score while someone with no long-term debt can have a low score to various non-negative factors (credit checks, short history). I would be concerned about high levels of debt, but I don't give a f**k about anyone's FICO, and I'd be pretty offended if anyone complained about my low 670-710, given that I have no student loan debt, no lateness, and no long-term debt whatsoever. It's like the stupid focus on income alone. Assets - liabilities + annual change in earnings determines the health of a business; it should be the same for an individual.

People should be concerned about the net worth of their partner (some people with six-figure salaries or 750 credit scores have negative net worth), not meaningless numbers like FICO.



DefinitelyKmart
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28 Dec 2012, 9:00 pm

morslilleole wrote:
DefinitelyKmart wrote:
morslilleole wrote:
DefinitelyKmart wrote:
to be honest although i don't credit rating date...
a high credit score should be a worry too... why is my partner never living within their means.


It is a bad thing to not use a lot of money? The person could be saving up for something. Maybe they wanted to buy a house and wanted to pay as much as possible so that they would have less debt. Or they might not have found the house they are looking for yet, so they just keep up saving...

it is a bad thing to use money frequently that isn't yours, debt is a trade off simple as that, its a thief of time, if you borrow your hourly wage times 100 at 7% you have to work 107 hours to repay the same debt, you have sold your future for something today, this is not smart, it isn't attractive either a partner who has no financial discipline.


I'm confused. Does high credit score mean that you have lots of debt or very little debt? I don't think norway uses this system and judging I though you meant it was bad to have too good credit rating...

your credit score is based upon your history of repaying debt, nothing else, so a score like mine would indicate you have never borrowed before, a very high credit score would indicate you always repay debt, but do enter debt extremely often.
A midrange score would indicate you always repay but are not in debt that often, a more desirable situation.
A poor score would mean you do not repay but are in debt often.



DialAForAwesome
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28 Dec 2012, 9:38 pm

A bad credit score isn't indicative of anything; that just happens to be how America works.

If someone isn't in debt, it's a dead guarantee that the person is either rich or never spends money.

Going by credit score to determine who to date is useless.

I'll give you a little anecdote. My friend's dad had tried to pay off his credit card debt and actually had amassed enough money to cover it. They told him if he did pay it off, he'd have a big black mark on his credit. I was confused as to why this would happen since he was paying off the debt, but my guess is they were intending on making him stretch out the payments so they could screw him over on the interest rate.


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28 Dec 2012, 11:31 pm

DialAForAwesome wrote:
A bad credit score isn't indicative of anything...

It's indicative of irresponsible (1) spending habits, (2) indebtedness, and lack of adequate income, all curable by finding a significant other to pay the bills.

DialAForAwesome wrote:
If someone isn't in debt, it's a dead guarantee that the person is either rich or never spends money.

The wealthy ones are obvious. The misers, not so much.

DialAForAwesome wrote:
Going by credit score to determine who to date is useless.

It weeds out the people who are just looking for a "Sugar Daddy/Momma".

DialAForAwesome wrote:
I'll give you a little anecdote. My friend's dad had tried to pay off his credit card debt and actually had amassed enough money to cover it. They told him if he did pay it off, he'd have a big black mark on his credit. I was confused as to why this would happen since he was paying off the debt, but my guess is they were intending on making him stretch out the payments so they could screw him over on the interest rate.

Credit card companies and other lending institutions make their profits from the interest on the principle. That is why many seem okay with interest-only payment plans. Pay off the debt ahead of the contracted completion date, and you've cheated them out of their expected profits. This is why many have "Pre-Payment Penalties" -- to make up for the loss in projected earnings.

They likely used the threat of a "Black Mark" to keep your dad enslaved to the original payment plan. No one ever gets a "Black Mark" on their credit record (afaik) for paying off a debt early.


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29 Dec 2012, 2:08 am

DefinitelyKmart wrote:
morslilleole wrote:
DefinitelyKmart wrote:
to be honest although i don't credit rating date...
a high credit score should be a worry too... why is my partner never living within their means.


It is a bad thing to not use a lot of money? The person could be saving up for something. Maybe they wanted to buy a house and wanted to pay as much as possible so that they would have less debt. Or they might not have found the house they are looking for yet, so they just keep up saving...

it is a bad thing to use money frequently that isn't yours, debt is a trade off simple as that, its a thief of time, if you borrow your hourly wage times 100 at 7% you have to work 107 hours to repay the same debt, you have sold your future for something today, this is not smart, it isn't attractive either a partner who has no financial discipline.


It's unheard of to buy a house without getting into debt. I think it's over the top to consider a mortgage or a car loan a deal breaker when it comes to dating. I have a mortgage. I had a car loan but I paid it off years ago. But I think if people are frequently resorting to debt to cover everyday expenses it's not very good.

In my experience as an accountant, the people who do their best to appear wealthy are usually just flaunting someone else's cash about, and in most cases are actually not far off bankruptcy.



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29 Dec 2012, 2:15 am

You people do know credit checks cost about $80 each?

And after how many dates would it be appropriate to have one undertaken (if ever)?

Would it be done in conjunction with a criminal background check as well?

My mind, curious about the paranoid, needs to know.



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29 Dec 2012, 3:03 am

blue_bean wrote:
You people do know credit checks cost about $80 each?

And after how many dates would it be appropriate to have one undertaken (if ever)?

Would it be done in conjunction with a criminal background check as well?

My mind, curious about the paranoid, needs to know.


Quote:
The Fair Credit Reporting Act (FCRA) requires each of the nationwide consumer reporting companies — Equifax, Experian, and TransUnion — to provide you with a free copy of your credit report, at your request, once every 12 months.
http://www.consumer.ftc.gov


So you can ask the person to request it for free.

When to ask for it would be a tough one. When you start considering marriage maybe?

Quote:
A credit report includes information on where you live, how you pay your bills, and whether you’ve been sued or arrested, or have filed for bankruptcy.
http://www.consumer.ftc.gov


No need for a separate criminal background check. Kill two birds with one stone!