Your credit score can affect the quality of your relationship
Why debt is bad for your relationship
Your credit score can predict the outcome of your relationship. While you do not want to come out as a gold digger, financial security is an important factor for a happy relationship. Research has found that money-related conflicts account for almost 50 percent of marital disagreements between the first and third years of marriage.
Debt affects the quality of your marriage
While it is good to borrow to buy your partner an expensive gift such as a car or treat them to a grand wedding, debt can affect the quality of your marriage. Many people spend more time preparing for their wedding than their marriage. While a wedding will last for a day (in some communities a week), marriage is for a lifetime.
After the crowd is well-fed and each gone back to their homes, you will be required to look after your family. If you are struggling while single, will marriage make things any lighter? Marriage comes with new financial obligations and starting on debt is not a good idea.
Declare your financial status before talking about marriage
People in serious or mature relationships are always looking forward to settling down, and this is why you need to openly talk about your financial standing. In this era of study loans and borrowing, it is highly likely that your partner is debt. Do not trick someone into believing that you are financially secure only for them to find you in a financial ICU. Most people will surprisingly support you in your downtime – as long as you are open about it.
Avoid chronic borrowers
While borrowing is healthy for development – I mean all the whos-who in business borrowed a loan at some point – you do not want to be with someone who borrows a loan to repay another. The kind that has a loan with the bank, relatives, friends, colleagues, neighbours, M-Shwari, okoa jahazi/kopa credo and even mama mboga. This is just outward unacceptable. Such chronic borrowers are likely to offload their responsibilities to you; you might be forced to always dig into your pockets to bail them out. Just look for someone who is responsible enough to look out for someone else.
Credit score linked to personality
Research shows that your credit score is ingrained in your personality. Introverts tend to have better credit scores than extroverts and vice versa. While some are saving up for retirement, others are spending on luxuries and yet others are widely spreading their wings in investment. But don’t worry, this will not affect their behaviour towards you. If you already like them, this should be the least of your worries.
In conclusion, couples will always fight over money at some point in their relationship. However, such disagreements can be avoided if you discuss finances openly beforehand. Do not wait until marriage to tell them about a loan that you are servicing. Do not borrow money without their knowledge. And most importantly, do not let your credit score break your relationship.