Millennial Money: Should you care about your partner’s credit score?
While credit scores aren’t exactly the most romantic topic of discussion, they can be the keys to unlocking the future that you and your partner envision
Discussing credit scores with your partner isn’t anyone’s idea of pillow talk. But the conversation can provide important clues about your beloved’s history with money and what your financial future together could look like.
Why do credit scores matter, and are they enough to make or break a relationship? Here’s what couples should know about scores and what else they should discuss when it comes to their finances.
CREDIT SCORES CARRY WEIGHT
Credit scores can determine whether you and your significant other get approved for loans, what kind of interest rates you’ll get and how much you’ll have to put down for a utility deposit.
“Having good credit is definitely important for affordability for many different things, like when it comes to purchasing a car or applying for an apartment or a mortgage,” says Shamica Joseph, a former financial counselor at GreenPath, a nonprofit credit counseling agency.
Spouses don’t merge credit scores when they get married. But if you plan to combine or open credit accounts together, regardless of marital status, your partner’s behavior on those accounts can shift your scores. The same goes if one of you becomes an authorized user or co-signer for the other.
Low scores can prevent you and your sweetheart from accessing certain products and services you desire, or make them more expensive.
“Even if you weren’t planning on merging finances, it’s still a good idea to make sure that your credit score is where you want it to be for affordability purposes, for not just you but your partner,” Joseph says.
BUT SCORES DON’T TELL THE WHOLE STORY
Man
Read more on abcnews.go.com
