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Author Topic: credit scores as courting tool  (Read 1758 times)

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Offline jman123

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credit scores as courting tool
« on: May 10, 2017, 10:53:29 AM »
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  • pretty interesting
    http://www.marketwatch.com/story/nearly-40-of-americans-want-to-know-your-credit-score-before-dating-2016-05-03

    Some people inquire about a potential mate’s age or how many previous partners they’ve had. Others are more interested in another number.
    Some 42% of adults say knowing someone’s credit score would affect their willingness to date that person, according to a survey released on Wednesday of 1,000 adults by personal finance website Bankrate.com. That’s up from nearly 40% last year. Women were nearly three times as likely to consider credit score a major influence on a potential partner compared to men (20% versus 7%). Younger daters are not as concerned about these three digits: 45% of older millennials, defined here as those aged 27 to 36, said that knowing someone’s credit score would only have a minor impact on their desire to date.
    By showing an interest in these three digits, people are probably being smart rather than shallow, says Jeffrey Hall, associate professor of communications at the University of Kansas. “Finances, education, and job prospects all factor into the value of a potential mate,” he says. “Assuming that people can actually interpret a credit score meaningfully, it makes sense they would think a credit score is useful in evaluating mate value.”
    Quote
    Low credit scores can deny one access to a mortgage or increase the costs of credit by thousands of dollars.

    People are combining their finances when they marry, after all, and that can impact their future happiness. In fact, the higher your credit score, the less likely you’ll separate from your partner — and a lower score often means you’ll be less lucky in love. More than half of Americans (58%) said they wouldn’t marry someone with significant debt, according to a study released in March 2017 of more than 2,300 adults from legal industry site Avvo.
    While knowing someone’s credit score doesn’t necessarily reveal whether that person has a medical or student debt or even their annual income, it does indicate whether they are eligible for a loan. A bank will look at each person’s middle scores— from the three major credit bureaus, Experian, Equifax, and TransUnion — and then take a couple’s average score to determine their overall credit worthiness.
    Also see: Americans will talk about sex and infidelity before they talk about this…
    Low credit scores can deny one access to a mortgage or increase the costs of credit by thousands of dollars, says Stephen Brobeck, executive director of the Consumer Federation of America, a consumer advocacy group. Credit scores are likely to increase the finance charges on a $20,000, 60-month car loan by more than $5,000.





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    For those who are interested in talking about this during a candle-lit dinner, they should know what it means. A score between 661 and 780 is considered good credit and between 781 and 850 is regarded as excellent credit, according to financial website Credit.com. The site rates fair credit as between 601 and 660, poor credit between 501 and 600 and bad credit as anything below 500. But different lenders may have different criteria when it comes to loaning money, and may approve borrowers with a credit score of below 700. A high score effectively means that their prospective date has been paying their bills off on time, or only uses a small percentage of their available credit on credit cards.
    Don’t miss: The larger the rock, the rockier the marriage
    Still, those millennials in Bankrate’s study might be too quick to judge. That age group also has the lowest credit scores of any generation of Americans, a report released by credit bureau Experian concluded. The report, based on anonymous data from Experian’s consumer credit database, found that millennials have an average credit score of 625 on an average debt of $52,120. By comparison, Generation X (aged 35 to 49) have a credit score of 650 on average debt of $125,000, while both baby boomers and the Greatest Generation (with a combined age of between 50 and 87) have credit scores of 709 on average debt of $87,438. Credit scores, experts say, are built on experience, and millennials have plenty of time to improve their digits.
    And previous research also supports the proposition that women are more concerned about their potential partner’s earning power than men. “Too many women are still overly-focused on their romantic partner’s holdings. In their minds, money equals power, and women want powerful men,” says Fran Walfish, a Beverly Hills, Calif.-based psychotherapist. “Money comes and goes, and you are always faced with each other.” Walfish says the rich, famous and privileged flock into her office with the same ailments and issues as regular people, namely communication, sɛҳuąƖ issues, parenting, and, most importantly, conflict resolution skills. “The goal for every person is to evolve as a complete, whole and self-reliant individual.”


    Offline Prayerful

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    Re: credit scores as courting tool
    « Reply #1 on: May 10, 2017, 11:18:14 AM »
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  • A credit score is an American thing, but while mercenary in a way, it does show practicality. However, some professionals, say medical, will have many years of education before they will start earning. That said, a man has to accept that a woman wants to know if the man could be a good provider. Now against that, it could be simply that the woman wishes simply to have the means to worship the false god of consumerism, this Mammon, by shopping. Interesting.


    Offline Peter15and1

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    Re: credit scores as courting tool
    « Reply #2 on: May 11, 2017, 03:45:38 PM »
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  • While unfortunate, I think it is a legitimate consideration.  If a potential spouse has a truly dismal credit score, it could seriously affect your ability to get a mortgage, for example.  It's a sad state of affairs, but ignoring reality does not mean it won't affect you.

    Offline Geremia

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    Re: credit scores as courting tool
    « Reply #3 on: May 14, 2017, 05:11:40 PM »
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  • Someone who has never bought anything on credit cannot have a perfect credit score! That's how ridiculous credit scores are.
    Fiancé/fiancées should be open about their money before and during marriage. Credit scores tell very little of the story.

    This topic reminds me of the book on the SAT (there are similar books on IQ):
    The Big Test: The Secret History of the American Meritocracy
    St. Isidore e-book library: https://isidore.co/calibre

    Offline White Wolf

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    Credit scores as courting tool??
    « Reply #4 on: May 14, 2017, 07:11:44 PM »
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  • Anybody with a credit card has rocks in his head.  Credit cards encourage concupiscence.   :fryingpan:

    The best criteria for the marriage on the part of the husband is simple:  does he have the life skills and the means to provide for a family?  I heartily suggest that any man considering matrimony have house and career in hand BEFORE courting.

    Our Lady of Fatima, Pray for us, you are our only hope.
    Our Lady of Fatima Pray for us you are our only hope!


    Offline Dolores

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    Re: credit scores as courting tool
    « Reply #5 on: May 14, 2017, 07:30:07 PM »
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  • Someone who has never bought anything on credit cannot have a perfect credit score! That's how ridiculous credit scores are.
    How is that ridiculous?  I loathe saying anything in defense of the credit scoring system, but it based on one's actually use of credit in the past.  If one has never used credit, then they have no score by definition, because there is no history to base a score on.

    Offline Dolores

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    Re: Credit scores as courting tool??
    « Reply #6 on: May 14, 2017, 07:33:54 PM »
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  • I heartily suggest that any man considering matrimony have house and career in hand BEFORE courting.
    A decidedly non-traditional and, dare I say, modernist set or criteria for marriage.  Had Catholics followed your rules in the past, countless people, including myself, would never had been born.

    Offline Peter15and1

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    Re: credit scores as courting tool
    « Reply #7 on: May 15, 2017, 08:03:26 PM »
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  • Someone who has never bought anything on credit cannot have a perfect credit score! That's how ridiculous credit scores are.
    I must concur with Dolores that this part of your comment make little sense.
    If you were an employer looking to hire a truck driver, would you regard an applicant with no truck driving experience as having a "perfect" truck driving record?  I assume not; why should it be any different for credit scores?


    Offline Geremia

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    Re: credit scores as courting tool
    « Reply #8 on: May 17, 2017, 03:53:54 PM »
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  • I must concur with Dolores that this part of your comment make little sense.
    If you were an employer looking to hire a truck driver, would you regard an applicant with no truck driving experience as having a "perfect" truck driving record?  I assume not; why should it be any different for credit scores?

    If I miss an exam worth half my grade, for example, should that exam (whose score indicates I know nothing about the subject) count toward my final grade? If so, I would get at most a 50% in that class, indicating I know only half the material (or less)! That's ridiculous.

    It's the analogous for credit scores. Categories upon which there are no data to base the metric detract from your total score.

    A perfect credit score doesn't necessarily mean you're managing money well; it does mean you're taking out loans and paying at least the minimums of them on time.
    St. Isidore e-book library: https://isidore.co/calibre

    Offline Geremia

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    debt ratio
    « Reply #9 on: May 17, 2017, 03:59:15 PM »
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  • A better indicator for fiancés/fiancées to look at would be their debt ratio.
    But then again, any quantification has its limitations.
    St. Isidore e-book library: https://isidore.co/calibre

    Offline White Wolf

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    You mean, you use credit?
    « Reply #10 on: May 22, 2017, 10:47:09 AM »
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  •  :o

    Head for the hills! 
    Our Lady of Fatima Pray for us you are our only hope!


    Offline Pax Vobis

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    Re: credit scores as courting tool
    « Reply #11 on: May 22, 2017, 12:08:12 PM »
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  • Hey White Wolf,
    Why do you keep changing the name of the topic, when you respond?