So, you might not have thought to much about your credit score and thought that much about your marriage or maybe the person that you are going to marry. However, one study says you might start thinking about it. Jocelyn Baird writes in her blog at www.nextadvisor.com about a paper written by the Federal Reserve Board concerning committed relationships and credit scores. Why the Federal Reserve Board is concerned with marriage and credit scores – I have no idea. There were three conclusions she points out in her blog.
Here were the conclusions:
- People with higher credit scores are more likely to commit and stay committed. .
I guess the assumption is that the habits required to keep and maintain a good credit score are reflected in all areas of a person’s life. There is some legitimacy to that claim. However, I don’t know how high a probability you would assign to that being the case the majority of the time. Having said that, I think that it is critical to know what is on a credit report of someone you are thinking about marrying. Here is why – You don’t get to know the real person until you have been married a while. After marriage occurs, reality starts to set in over time. A credit file potentially shows the reality of habits and decisions that you might not know exists. A person can successfully show you a side of themselves that they only want you to see. It might be only a small version of the truth. A credit file reveals the truth and nothing but the truth. It might create the pause for a little more time before making that big commitment.
Plus, it gives you the opportunity to test the relationship. If you bring it up and there is some resistance, I would suggest that is a huge red flag for two reasons. First, what are they hiding? Second, they are more than comfortable keeping an important area of their lives hidden. That shows either a lack of trust or potentially deceit.
- Well-matched credit scores can predict whether a couple stays together.
Jocelyn writes, “Since higher credit scores are an indicator that a person is more likely to commit and stay committed, it should be no surprise that people with well-matched credit scores are more likely to stay together. If you and your partner have similar credit scores when your relationship begins, that can be a good predictor of whether you’ll stay together long-term.”
I wanted to disagree with those assumptions at first. However, the more I thought about it, the more sense it started to make. The point that Jocelyn makes in her article has merit and makes sense. Good credit scores indicates that there is a high probability good financial habits exist. With two people with good financial habits, you remove potential financial stress that might exist if the couple were financially irresponsible. Since financial problems represents the biggest or one of the biggest reasons for divorce, you are better off with fewer money roadblocks present.
- Higher credit scores indicate skills that apply elsewhere in life.
Jocelyn writes, “Plenty of people have successful relationships with bad credit; however, better credit can make things easier overall, which means more time to spend focusing on the happiness of your partner and family.”
I like the final statement of her point 3. Just because you have bad credit doesn’t mean that your relationship is destined to fall apart. Bad credit could indicate financial problems. Financial problems could create financial stress in a marriage and money is one of the leading causes of divorce. However, good credit could indicate an easier time financially.
The bottom line is this – It is all about removing potential roadblocks in one’s marriage. When it comes to money, financial habits are key. Bad habits tend to show up in credit scores. of course, a good credit score is not a ticket to paradise. As we all know, there is a lot that goes into making a marriage great.
To read in more detail as well as go to a link of the study, go to Jocelyn’s blog