Millennials Choosing Good Credit Over Good Looks: PollPosted March 9, 2016 - updated April 27, 2016 in Personal Finance
With the international holiday of love, Valentine’s Day, a couple weeks ago, we thought it would be the perfect time to look at this tongue-in-cheek poll. You probably already know your credit score can affect your finances, but did you know it can also impact your love life? According to a new poll, good credit is more important than good looks for millennials looking for a soulmate.
67 percent of millennials surveyed said they’d choose a partner with a good credit score over good looks, finds a poll by digital financial company MOGO.
Couples Quarreling over Money
Money leads to a lot of arguments with couples. Two-thirds (68 percent) say fighting over money would be their top reason for divorce, according to a BMO poll. That’s ahead of infidelity (60 percent) and arguments over family (36 percent). No, that’s not a typo. Arguments about money are seen as worse than cheating on your spouse.
It’s important for couples to share similar views about money before getting hitched.
“Attitudes towards credit and finances can create heaven or hell within your relationship. It’s important to make sure you are both on the same page and have similar values when it comes to credit responsibility,” says Edmonton mortgage broker Natalie Wellings.
There’s a silver lining for those with less than staller credit scores. While good credit may trump good looks, only two percent say it’s a relationship deal breaker. A whopping 87 percent say they would encourage their partner to repair their credit score.
If you have an excellent credit score, while your partner’s credit score leaves something to be desired, while it doesn’t hurt to be supportive, it’s important to protect yourself.
“I would definitely not recommend co-signing anything for them. Even if you buy something together, that credit vehicle is going to show up as a joint account on your credit bureau,” said Chantel Chapman, founder of Holler for your Dollar and MOGO’s financial fitness coach.
If your partner makes a late payment – or even worse, forgets a payment – your credit score could suffer. A poor credit score can even be an warning sign of how someone handles other aspects of their life.
Reviewing Your Credit Report
It’s a good idea to get in the habit of requesting a copy of your credit report on an annual basis. You’re entitled to one free credit report from Equifax and TransUnion a year. Before criticizing your partner’s credit score, be sure to check your own.
“People want to have a partner who has good credit, but a lot of people don’t even know what their own credit is,” Chapman says.
If your credit score falls below 680, there’s room for improvement. To get couples on the same page, it can help to sit down together and look at your credit reports at the same time, especially before making any major life decisions like getting married, starting a family, or buying a home.
For ways to improve your credit score, check out our article on understanding your credit score.