Dating a finance guy blog
"If you are looking at joining finances in any way you both should be prepared to look at each other's credit reports and discuss how you both can improve to get the highest score.Another key point when you do get to the conversation stage—issuing a judgment or pointing fingers from both parties isn't going to help couples solve ongoing credit problems."For example, your date might mention not being able to go out until payday or you notice bill collectors calling his or her phone," he says."In addition, you can look at the person's domestic situation."The rate difference between 650 and 800 can be substantial, and affect the type of loan you choose and overall terms."What specific strategies can a romantic partner use to raise any "red financial flags" and eventually have these conversations with potential partners?Financial experts offer the following tips: Look for tell-tale signs, Bennett advises.More specifically, that conversation should prioritize potentially troubling credit situations that can capsize a relationship before it gets rolling.Yes, people can have bad credit for a variety of reasons, fair and unfair, but a romantic partner with strong credit health has a right to know if his or her significant other has credit problems.
According to data from Experian, half of Americans say that credit scores are "important" when choosing a spouse.You just have to look for them.""Real world" financial decisions factor into your life in myriad ways if a couple doesn't address the financial problems hindering one partner, experts say.Consider this: With a home mortgage, 90% of lenders are required to use the lowest credit score between both borrowers, notes Jennifer Beeston, a loan specialist with Guaranteed Rate Mortgage."That means if your score is 800 but your partner's is 650, we are pricing your loan at 650," she says.If someone recently got divorced or filed for bankruptcy, it will come out eventually, says Julie Spira, a relationship and dating coach."If your new dating partner blames the bad credit on their ex-spouse, it should raise both eyebrows," Spira says.