Do you know what your significant others credit score is?

By
Real Estate Agent

Ladies,  can we talk?...  

I cannot believe that I have just had yet another conversation with a client who found out to her horror her fiance's credit woes.  This woman has really put her ducks in order, she has spent the past year saving for a down payment, paid off her car loan, paid down credit card bills and would you believe this, negotiated a lower rent with her landlord in order to continue socking away cash.  In addition, she has a fabulous 740 credit score and a stable well paying job in the healthcare industry.  This gal has a plan, she is engaged and hopes to have her new home just in time for the wedding.   She looked into a price range that, based on their income she felt they could afford.  She was excited and so was I.  

I recommended she call a mortgage broker, who had to break the news to her.    Her fiance' has a 605 credit score and a report filled with charge offs, a history of late payments and more.  What seemed like a great plan now presented a bleak picture.   Now what to do, on her income alone, they could not afford nearly what they had hoped and repairing his credit report was not only going to take time...it was going to cost money.

Gosh I felt sorry for her, but couldn't help but wonder...how did she not know? It may seem impersonal, but you need to know about your future spouses financial stability, this includes knowing their credit score.   If for no other reason...poor credit habits rarely go away.  Most people who don't take it seriously, spend their whole lives doing so.  If you are responsible with your money, don't you want you spouse to be also?   Don't be afraid to ask, throw it in there with 'where did you go to college' and 'what do you like to do with your spare time.'   

Ladies, you may think your man is a 10, but really he needs to be at 710...or better.  By the way guys this goes for you too, make sure your pretty girl, has a pretty credit score.

By Megan O'Connell Albright on August 25, 2010

 

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Rainmaker
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Kevin J. May
Florida Supreme Realty - Hobe Sound, FL
Serving the Treasure & Paradise Coasts of Florida

You're on a roll to change the whole dating regime.  And so it should be!  Everybody on the lookout.

Aug 25, 2010 04:47 AM #1
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