Does Your Credit Score Impact Your Relationship?

Credit-Card-with-Numbered-Lock.jpg

You finally feel like you've found the one! That special person that you can tell your deepest secrets and will love you no matter what. What a euphoric feeling to know that someone will love you no matter what kind of faults that you have. Or is that really the case? What if you or your partner is irresponsible with money and subsequently impact their credit score? Does your credit score impact your relationship?

It's all about the financial behavior

The short answer is yes, it does affect your relationship. There needs to be a hard look at their financial behaviors leading up to that credit score. Let's be completely upfront and honest. No one goes from an 800 to a 500 credit score in one day. There was a series of behaviors that lead up to that to that specific credit score.  There was a study that was done in 2015 by the Federal Reserve of over 12 million randomly selected individuals, suggesting that people with the higher credit scores have a much lower chance of the relationship ending within the first couple of years.

To be more specific, a 66 point difference in credit scores between the two partners implies that there is a 24% higher chance of relationship ending. To put it in real-world terms, as the years pass the partners start to notice their financial habits. For instance, your partner is really good with money. In fact, he's got a paid for the car and almost paid for his house. Just sit and reflect on the possibility of you being married to him for a moment. Does that make you want to jump out of that relationship and run for the hills? No, you hate to admit it (especially given the societal pressure of independence) but it actually makes you feel safe. Don't you think that he would want that same feeling of being financially safe?

Earlier, I mentioned that the "short answer" is yes to affecting your relationship. The reason for that is that you also need to take into consideration of why the credit score is bad. Take for instance someone that is recovering from a major medical illness. The chances that they were able to work is highly unlikely. Their savings has depleted and insurance has only covered so much. These things can happen. According to an article in snopes.com regarding this study that was done regarding the highest number of bankruptcy having to do with medical bills. So there are exceptions to this concept.

It can always be turned around!

What if you are that partner that has issues with your credit score. It's okay, you can turn your financial behavior around! Who says that you have to stay stuck in your financial mistakes! The first thing to do take a look at your credit score. It will tell you everything you need to know about your financial past. The good, bad and the really ugly. Just take a deep breath, it's okay. If you need to talk to someone about it how to go about changing your financial behaviors, you need to talk to someone. Behaviors take a long time to alter. You need to look at what is causing these financial behaviors. Is it a coping mechanism? Is it after a bad fight? Food for thought.

Wrapping Up

All in all, you need to take into consideration of a person's financial past. Is there credit score the one and only thing that defines whether the relationship is going to succeed or fail? Not entirely. You need to take into consideration of their financial habits. Make a comment below. I'd love to hear your thoughts on the matter!