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By Lauren Schwahn<\/div><\/div>\n

Just because someone isn\u2019t financially responsible doesn\u2019t make them a bad fit for a relationship or marriage, one expert said. You could work on improving your finances together. <\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/p>\n<\/div>\n

NEW YORK \u2013 Discussing credit scores with your partner isn\u2019t anyone\u2019s idea of pillow talk. But the conversation can provide important clues about your beloved\u2019s history with money and what your financial future together could look like.<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/p>\n

Why do credit scores matter, and are they enough to make or break a relationship? Here\u2019s what couples should know about scores and what else they should discuss when it comes to their finances.<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/p>\n

Credit scores carry weight<\/strong><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/h3>\n
Credit scores can determine whether you and your significant other get approved for loans, what kind of interest rates you\u2019ll get and how much you\u2019ll have to put down for a utility deposit.<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/p>\n
\u201cHaving good credit is definitely important for affordability for many different things, like when it comes to purchasing a car or applying for an apartment or a mortgage,\u201d says Shamica Joseph, a former financial counselor at GreenPath, a nonprofit credit counseling agency.<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/p>\n
Spouses don\u2019t merge credit scores when they get married. But if you plan to combine or open credit accounts together, regardless of marital status, your partner\u2019s behavior on those accounts can shift your scores. The same goes if one of you becomes an authorized user or co-signer for the other.<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/p>\n
Low scores can prevent you and your sweetheart from accessing certain products and services you desire or make them more expensive.<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/p>\n
\u201cEven if you weren\u2019t planning on merging finances, it\u2019s still a good idea to make sure that your credit score is where you want it to be for affordability purposes, for not just you but your partner,\u201d Joseph says.<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/p>\n
But scores don\u2019t tell the whole story<\/strong><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/h3>\n
Many factors affect credit scores, mainly payment history and how much credit you use. If your partner has a score of 700 \u2014 in the \u201cgood\u201d range on the standard 300 to 850 scale \u2014 they likely pay their bills on time and don\u2019t overspend. A 600 score, typically in the \u201cbad\u201d range, signals the opposite.<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/p>\n
But don\u2019t rush to judgment. While numbers are revealing, context matters. A significant other\u2019s low credit score could be the result of an unexpected medical bill, job loss or identity theft.<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/p>\n
\u201cWhile it doesn\u2019t change the fact that they still have to come back and repair the credit, the reasons might be a little less alarming or challenging for a partner to learn rather than, \u2018Yeah, I went ahead and spent willy-nilly. I took out extra credit cards. I defaulted,\u2019\u201d says Debra Kaplan, a Tucson, Arizona-based licensed professional counselor and author of several books about money and intimacy.<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/p>\n
A low score doesn\u2019t have to be a deal-breaker, even if it\u2019s due to irresponsibility.<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/p>\n
\u201cIf your partner has previously declared bankruptcy or if they have a less than optimal credit score, then a common myth around that is that they may not be a good fit for a relationship or marriage,\u201d Joseph says. \u201cThat\u2019s not necessarily true, because you will have the opportunity to work on improving your finances together.\u201d<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/p>\n
Ask your loved one to explain what might be dragging their number down and what steps they\u2019ll take to address it going forward.<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/p>\n
Similarly, just because a person has a great score doesn\u2019t mean they have a handle on every aspect of their financial life. Maybe they aren\u2019t saving for retirement, or at all for that matter. Some details, like income and savings account balances, aren\u2019t reflected in credit scores. You\u2019ll learn much more by discussing your finances as a whole.<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/p>\n
When and how to talk about money<\/strong><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/h3>\n
\u201cSo, what\u2019s your credit score?\u201d isn\u2019t a great opening line for a first date. But it\u2019s worth bringing up the topic as the relationship develops, ideally before making any major decisions like moving in together.<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/p>\n
To create a respectful dialogue rather than an interrogation, Kaplan recommends starting from a vulnerable place. You could say something like, \u201cI want to share a little bit about me, would you be willing to listen? And I have some questions that, if you\u2019re willing, I would love to ask of you to share,\u201d she says.<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/p>\n
Remember, the conversation should cover more than credit scores. \u201cIt\u2019s a good idea to discuss things like savings. Do you have a savings plan or do you want to start a savings plan together for future goals?\u201d Joseph says. She also suggests talking about spending habits, budgeting, income, debt and any potential or previous bankruptcies.<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/p>\n
If your partner shuts down the conversation, that could be cause for concern.<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/p>\n
\u201cThe issue doesn\u2019t get any easier to discuss. In fact, it becomes more complicated. And it could be indicative of avoidance of dealing with tough situations,\u201d Kaplan says. \u201cThat\u2019s not a great way to start a trusting, healthy, committed, intimate relationship.\u201d<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/p>\n
Copyright 2024 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed without permission.<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/p>\n<\/div><\/div>\n
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\nAuthor: amyc<\/p>\n","protected":false},"excerpt":{"rendered":"
By Lauren Schwahn Just because someone isn\u2019t financially responsible doesn\u2019t make them a bad fit for a relationship or marriage, one expert said. You could work on improving your finances together. NEW YORK \u2013 Discussing credit scores with your partner isn\u2019t anyone\u2019s idea of pillow talk. But the conversation can provide important clues about your beloved\u2019s history with money and what your financial future together could look like. Why do credit scores matter, and are they enough to make or break a relationship? Here\u2019s what couples should know about scores and what else they should discuss when it comes to their finances. Credit scores carry weight Credit scores can determine whether you and your significant other get approved for loans, what kind of interest rates you\u2019ll get and how much you\u2019ll have to put down for a utility deposit. \u201cHaving good credit is definitely important for affordability for many different things, like when it comes to purchasing a car or applying for an apartment or a mortgage,\u201d says Shamica Joseph, a former financial counselor at GreenPath, a nonprofit credit counseling agency. Spouses don\u2019t merge credit scores when they get married. But if you plan to combine or open credit accounts together, regardless of marital status, your partner\u2019s behavior on those accounts can shift your scores. The same goes if one of you becomes an authorized user or co-signer for the other. Low scores can prevent you and your sweetheart from accessing certain products and services you desire or make them more expensive. \u201cEven if you weren\u2019t planning on merging finances, it\u2019s still a good idea to make sure that your credit score is where you want it to be for affordability purposes, for not just you but your partner,\u201d Joseph says. But scores don\u2019t tell the whole story Many factors affect credit scores, mainly payment history and how much credit you use. If your partner has a score of 700 \u2014 in the \u201cgood\u201d range on the standard 300 to 850 scale \u2014 they likely pay their bills on time and don\u2019t overspend. A 600 score, typically in the \u201cbad\u201d range, signals the opposite. But don\u2019t rush to judgment. While numbers are revealing, context matters. A significant other\u2019s low credit score could be the result of an unexpected medical bill, job loss or identity theft. \u201cWhile it doesn\u2019t change the fact that they still have to come back and repair the credit, the reasons might be a little less alarming or challenging for a partner to learn rather than, \u2018Yeah, I went ahead and spent willy-nilly. I took out extra credit cards. I defaulted,\u2019\u201d says Debra Kaplan, a Tucson, Arizona-based licensed professional counselor and author of several books about money and intimacy. A low score doesn\u2019t have to be a deal-breaker, even if it\u2019s due to irresponsibility. \u201cIf your partner has previously declared bankruptcy or if they have a less than optimal credit score, then a common myth around that is that they may not be a good fit for a relationship or marriage,\u201d Joseph says. \u201cThat\u2019s not necessarily true, because you will have the opportunity to work on improving your finances together.\u201d Ask your loved one to explain what might be dragging their number down and what steps they\u2019ll take to address it going forward. Similarly, just because a person has a great score doesn\u2019t mean they have a handle on every aspect of their financial life. Maybe they aren\u2019t saving for retirement, or at all for that matter. Some details, like income and savings account balances, aren\u2019t reflected in credit scores. You\u2019ll learn much more by discussing your finances as a whole. When and how to talk about money \u201cSo, what\u2019s your credit score?\u201d isn\u2019t a great opening line for a first date. But it\u2019s worth bringing up the topic as the relationship develops, ideally before making any major decisions like moving in together. To create a respectful dialogue rather than an interrogation, Kaplan recommends starting from a vulnerable place. You could say something like, \u201cI want to share a little bit about me, would you be willing to listen? And I have some questions that, if you\u2019re willing, I would love to ask of you to share,\u201d she says. Remember, the conversation should cover more than credit scores. \u201cIt\u2019s a good idea to discuss things like savings. Do you have a savings plan or do you want to start a savings plan together for future goals?\u201d Joseph says. She also suggests talking about spending habits, budgeting, income, debt and any potential or previous bankruptcies. If your partner shuts down the conversation, that could be cause for concern. \u201cThe issue doesn\u2019t get any easier to discuss. In fact, it becomes more complicated. And it could be indicative of avoidance of dealing with tough situations,\u201d Kaplan says. \u201cThat\u2019s not a great way to start a trusting, healthy, committed, intimate relationship.\u201d Copyright 2024 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed without permission. \u2715 ADVERTISEMENT Go to Source Author: amyc<\/p>\n","protected":false},"author":4,"featured_media":9166,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"_links":{"self":[{"href":"https:\/\/nwfl4sale.com\/wp-json\/wp\/v2\/posts\/9165"}],"collection":[{"href":"https:\/\/nwfl4sale.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/nwfl4sale.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/nwfl4sale.com\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/nwfl4sale.com\/wp-json\/wp\/v2\/comments?post=9165"}],"version-history":[{"count":0,"href":"https:\/\/nwfl4sale.com\/wp-json\/wp\/v2\/posts\/9165\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/nwfl4sale.com\/wp-json\/wp\/v2\/media\/9166"}],"wp:attachment":[{"href":"https:\/\/nwfl4sale.com\/wp-json\/wp\/v2\/media?parent=9165"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/nwfl4sale.com\/wp-json\/wp\/v2\/categories?post=9165"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/nwfl4sale.com\/wp-json\/wp\/v2\/tags?post=9165"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}