Should Bad Credit Be A Deal Breaker?
By: Dr. Aesha
“Hey girl….can I get your digits? No, I don’t mean your phone number. I mean your credit score!”
Can you imagine if a man approached you like this? What would you feel? Yet, there’s a new trend called “Credit Score Dating” that’s gaining traction. Suze Orman started it when she insited on the Oprah show that women need to know a man’s FICO score before sleeping with him. “FICO Before Sex” has become an bigger anthem for some single ladies han Beyonce’s “Put a ring on it.”
Since Orman’s TV appearance, there’s been a study by FreeCreditScore.com where 96% of women found a man’s financial responsibility more attractive than his looks (vs 57% of men) and a new dating website where people are matched by their credit scores!
I’m a bit baffled by this trend. Can you really tell if someone is relationship-material by three little numbers? Some people I’ve chatted with–mostly women–say yes. A credit score is a reflection of a person’s character, they tell me.
But I’m not so convinced. Most of us have been taught how to get into debt. We buy cars, houses, vacations and every day items using debt. All it takes is one emergency–a job loss, a recession, a divorce, or a medical bill–and your score can go in the tank. The only thing a credit score shows is that you know how to manage DEBT well. It doesn’t necessarily mean you’re good with saving money, building wealth or even talking about finances with a partner.
There’s a better way to figure out if a man is a good partner and that’s by DATING him. You can find out more about his character in a 60 minute conversation than you could by pulling his credit report.
I understand that money can impact a relationship and you do need to talk about it before you commit to someone. But should a credit score be a deal breaker?
Let’s see. . . .No!
My colleague Evan Marc Katz said it best: “You’ve been investing in the least important qualities. Looks come and go. Money comes and go. Jobs come and go. What lasts forever is character.”
Share your thoughts and any stories you have of dating someone with good or bad credit below!