Knowing the Financial Philosophy and Standing of a Potential Partner is Growing in Importance

Industry Observer with No Longer Processing Mortgages. MLO #293441 expired

Gene Mundt, out of the greater Chicago area, has provided an outstanding article about the importance of credit scores, not just for purchasing a home or a car, but also in setting up relationships with those you might wnat to partner with in the future.  The many links in the article help with specifics.



Knowing the Financial Philosophy and Standing
of a Potential Partner is Growing in Importance

     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.   

Contact Gene Mundt, Mortgage Lender for info and assistance re: credit, finances, and mortgages     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.
The Importance of discussing finances/credit when dating 
    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 futureThe 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 CountyDuPage 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.
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Steven CookSteven T Cook
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Comments (8)

Joe Petrowsky
Mortgage Consultant, Right Trac Financial Group, Inc. NMLS # 2709 - Manchester, CT
Your Mortgage Consultant for Life

I recently did a mortgage for a client, that was buying a home, pretty simple transaction. My clients attorney called me after the closing ans told me, the closing was a 1st for him. He told me that the seller brought $159,000 to the close to make her side of the transaction work. Wow, new one for me as well, I told him.

I looked up the purchase agreement from my file and got the sellers name and adress and called her. Told her who I was and that I heard about the amount of money she brought to closing. She said it was a lot of money and that she was fortunate she had it to bring. I asked her why she didn't attempt to do a short sale. Her answer blew me away.

She told me, that it wasn't her lender's fault values dropped and that she signed and mortgage note, which meant she had to keep her word. I told her I honored her and how she kept her word.

Dec 27, 2012 09:36 AM
Steven Cook
No Longer Processing Mortgages. - Tacoma, WA

Joe -- WOW!  Such integrity and character.   Too bad so many people have thrown those out the window, especially those who have the money, and just don't think it's fair that their values declined.

Have a fantastic weekend!

Dec 28, 2012 01:46 AM
Clint Mckie
Desert Sun Home, commercial Inspections - Carlsbad, NM
Desert Sun Home, Comm. Inspection 1-575-706-5586

Hi Steven,

I just wonder how far this should go. Meaning this. If you go on a date and you want to take her to a fancy place, then she might think you like to throw money around or away. But if your thrifty and say go to a fast food joint... then she might think your cheap and have no money to spend.

I guess we all need to have the good ol' credit report ready when we start dating again. LOl

Have a great day my friend in Tacoma, Washington.

Best, Clint McKie

Dec 28, 2012 12:22 PM
Steven Cook
No Longer Processing Mortgages. - Tacoma, WA

Clint -- thank you for stopping by.  I would think that on first date, one should go to moderately priced facility - unless going to some sporting activity (watching or participating).  After all moderation in all things is good, and would indicate probably good credit background.

Dec 29, 2012 06:04 AM
Lisa Friedman
Great American Dream Realty - Essex, VT
30 Years of Real Estate Experience!

What a great post.  How one handles their credit is very indicative of the decisions they make in the rest of their life. I love Joe's story.  Don't you wish all people could be that way?  The world would be a much better place.

If one acts disrespectfully with their money by not paying their bills, it could predict how respectful that person would be a mate.  If the person is so unorganized and unbalanced that they cannot keep their financial life together, then it can bode poorly for how they run their personal life.  Again, great post!

Jul 29, 2013 05:27 AM
Steven Cook
No Longer Processing Mortgages. - Tacoma, WA

Lisa -- some very good comments about the concept presented.  Then again, if something happened in the past, and they have learned from it, that could be a positive indicator.  Thanks for the comment.

Jul 29, 2013 05:49 AM
Lisa Friedman
Great American Dream Realty - Essex, VT
30 Years of Real Estate Experience!

I agree.  I just know how often history repeats itself and how few people learn from their mistakes.  Some do, and I respect those who take responsibility for their mistakes and learn and grow from the experiences.  We've all made mistakes.  It is how one handles them that shows the integrity of a person's character.

Jul 29, 2013 06:02 AM
Steven Cook
No Longer Processing Mortgages. - Tacoma, WA

That is so true Lisa.  thank you again for stopping by and commenting.

Jul 29, 2013 06:43 AM