How Your Credit Score Could Affect Your Dating Prospects
Almost everyone experiences a credit slip-up now and then, but for some people, messy money management could have a surprising effect on their personal lives. If you have bad credit you may be unlucky when it comes to finding love. A recent Bankrate study found that roughly two in five U.S. adults said knowing someone’s credit score would influence their decision to go on a date with that person.
Key survey findings
The Bankrate research revealed 42% of millennials, 47% of college graduates, and 50% of those with an annual household income of $75,000 or more agreed that credit scores matter when it comes to choosing a mate. Credit scores seemed to matter more to women than men. Among female research participants, 43% said discovering someone’s score would have either a major or minor impact on their interest. Only 32% of men said they would agree. “Knowing someone’s score is important, but it’s much more important to know someone’s attitudes toward money,” Certified Financial Planner Pam Friedman told Bankrate.
Other findings: Roughly 78% of cardholders who have requested a credit limit increase were approved. Also, about 34% of Americans have never taken the time to examine their credit history.
In light of the fact that more consumers are concerned about their potential love’s financial status, dating sites dedicated to weeding out daters with low credit risk from those with high credit risk have sprung up over the years. One website that has gained attention is CreditScoreDating.com. The website greets daters with the proclamation “good credit is sexy.” A study conducted by Wakefield Research on behalf of Citigroup further proves that daters find good credit highly appealing. More than three out of four survey respondents (78%) in a relationship said they would rather have a partner who manages money well over someone who is physically attractive.
How you can improve your credit
You’ll have no way of knowing the status of your credit unless you order and review your credit report. Consumers are eligible for one free credit report from each of the three major credit reporting agencies (Equifax, Experian, and Transunion) every 12 months. You can get your free report when you visit the Annual Credit Report website. Just make sure you do more than review your report. If you see any errors, no matter how small you may think they are, take steps to correct the errors right away.
Also commit to drafting and sticking to a budget. This will help you stay on track with spending and reach financial goals sooner. In addition, work on consistently contributing to your emergency savings fund. You’ll rely less on credit when you’re aware of how much cash is coming into and going out of your household and when you have a nest egg for unexpected expenses. When you know how much money you have to spend, and you save consistently, the chances of being taken off guard by a money emergency are reduced.