I read an unbelievably interesting article on Yahoo! Finance today. The focus of the article was credit scores, so it's no stretch to see why the topic caught my eye. But this article had a little bit of an eye-catching twist to it, especially if you are presently single, dating, or hoping to.
The article reported how credit scores are increasingly becoming a topic of conversation for those dating these days. And that those conversations regarding credit scores are occurring earlier and earlier in the dating timeline. Some as early as the first date.
Wow! Tough topic to throw at someone when you're just getting to know them, right?
As a Mortgage Lender, I applaud the recognition of the importance of this topic and I am thrilled that many (especially among the young) are finally "getting" that credit scores matter.
I've written something a kin to this topic in my prior post, "I Promise to Love, Honor, and ... Pay My Bills?" In that post, I urged having a talk with your "significant other" prior to entering marriage or purchasing a home together ... and of the perils of not doing so. I would add now that "that talk" regarding credit and money should occur reasonably soon in the establishing of a relationship. It's far less difficult or emotionally charged at an earlier stage and could save issues from arising later.
According to the article I found this morning (and written by the New York Times), "Perfect 10? Never Mind That. Ask Her for Her Credit Score." ...
"It’s difficult to quantify how many daters factor credit scores into their romantic calculations, but financial planners, marriage counselors and dating site executives all said that they were hearing far more concerns about credit than in the past. “I’m getting twice as many questions about credit scores as I did pre-recession,” Ms. Thakor said." (Manisha Thakor is the founder and chief executive of MoneyZen Wealth Management, a financial advisory firm.)
It was also reported ... according to many daters under the age of 40, credit scores and the gauge they supply are so widely used now that they have become a big factor within their own dating. Factors so big, that they at times have outweighed other things like good jobs, shared interests, and physical attraction.
While I again will say that I applaud the rising awareness and importance surrounding this important topic, I do want to point out two things that grabbed my attention regarding this article: Although the headline of the NY Times Articles reads that you should "ask her" about credit scores, I think that line is a bit sexist. I don't believe the issue of poor credit is gender driven. As a Lender, I see both males and females with credit problems and in need of credit advice.
I would also say to those dating ... everyone ... it's my opinion that credit scores and attitudes regarding credit and finances CAN evolve and change. Those in the past that have abused their finances and credit/credit scores CAN right their finances and financial ship ... and they CAN navigate themselves into higher scores. It's simply NOT a case of "once a low credit score, always a low credit score".
People mature. People gain from their experiences. People change their ways. I see it happen and I've helped those people accomplish what once would have seemingly been viewed as irreparable. Guided and assisted them back into sound financial health and good credit scores. They became Home Buyers or Refinanced. It takes a willingness to change, time, lots of hard work ... but it CAN be done.
There were good links within this article. I recommend that you read it ... and perhaps pass it on to others that might find it of interest too. There's real insight and help available within it. But I will point out that many Mortgage Lenders provide credit guidance and assistance as one of their services. I know I certainly do.
Typically a Lender's credit guidance and assistance includes an initial running of a credit report. A great place to start. And many times that credit report (and guidance/assistance) is provided FREE of charge. Especially if you're hoping to buy or refinance a home in the future, a Mortgage Lender can be the perfect place to begin your credit inquiry, get back on the path to credit improvement, and best place yourself in a good position to buy or refinance a home fairly soon ... or in the future. The earlier you start the better.
Knowing the financial philosophy and standing of a potential partner is growing in importance. There is no doubt about that, especially after reading this article. The ramifications and fallout of poor credit are presently high and growing also. And these negatives touch upon both partners in a relationship in many ways. Both financially and emotionally.
Take the time now to discuss the important topics of finances and credit over thoroughly. Listen well. Have a willingness to take action also, should other features of your partner be positive. Seek assistance and guidance, should it be necessary within a relationship. Being "in sync" regarding these important topics can determine much in your future.
* Looking for solid and sound financial advice and credit-improvement services in Will County, DuPage County, or elsewhere in Chicagoland? Contact me! I'll put my 35+ years of mortgage and financial experience and expertise to work on your behalf. Together we'll establish your healthy financial future.
I can be conveniently found at any of the following:
Direct: 815.544.2280 Cell/Text:
708.921.6331 gmundt@goapmc.com
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