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Your credit score could make or break your love life

Contributor

Your credit score could make or break your love life

12 REPLIES
Established Contributor

Re: Your credit score could make or break your love life

Makes sense to me. One person I work with has a really fancy car and everything but is completely broke. A good credit score is a reflection of effort and thought rather than shallow showing off.


TU FICO 8: 743 (10/17) — Ex FICO 8: 732 (11/17)
Established Contributor

Re: Your credit score could make or break your love life

What love life??? I'm in the garden and said no to all apps. 

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Established Contributor

Re: Your credit score could make or break your love life


GrasshopperStudent wrote:

Makes sense to me. One person I work with has a really fancy car and everything but is completely broke. A good credit score is a reflection of effort and thought rather than shallow showing off.


There's also people with high scores who keep it high though vast credit lines to depress the effect of the debt they have. Someone who makes 50k a year and has 60k in car loans and credit card debt is in bad shape, but can have a good score if they have 350k worth of credit lines to make it look like low utilization. There's also people who save frequently, don't buy frivolous things, have cash on hand, yet still have a low FICO score.

 

FICO scores are merely an indicator of creditworthiness, not of financial responsibility.

Contributor

Re: Your credit score could make or break your love life

of course there are exceptions, like everything in life.  The high school drop out that goes on to be a billionaire, etc.  However, I think statistically, a good credit profile in general shows someone who is financially responsbile.  And on the flip side, a poor score is in general an illustration of someone who doesnt know how to manage money well.

Established Contributor

Re: Your credit score could make or break your love life


dustinst22 wrote:

of course there are exceptions, like everything in life.  The high school drop out that goes on to be a billionaire, etc.  However, I think statistically, a good credit profile in general shows someone who is financially responsbile.  And on the flip side, a poor score is in general an illustration of someone who doesnt know how to manage money well.


 Careful, you're dangerously close to sounding like the auto insurance industry.   Smiley Happy  "People who wear blue underwear and shop at Kohl's but not Arby's with more than one pair of shoes that is less than six months old are more likely to file a claim..."

 

 Seriously, though, I can see how *generally* a higher scredit score can support a "better" love live than a lower credit score.  When the money is flowing freely, you go on vacations together, buy nice gifts just because, pay for the drink that the hottie down the bar is ordering, etc etc.  All that is easy to throw on a credit card.   If you have a lower credit score, you likely have lower limit cards (if any at all) and have to pay actual cash for all those things...  It makes most people far more protective of their cash, and their not as likely to spend it chasing "love."

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Established Contributor

Re: Your credit score could make or break your love life


Dalmus wrote:

dustinst22 wrote:

of course there are exceptions, like everything in life.  The high school drop out that goes on to be a billionaire, etc.  However, I think statistically, a good credit profile in general shows someone who is financially responsbile.  And on the flip side, a poor score is in general an illustration of someone who doesnt know how to manage money well.


 Careful, you're dangerously close to sounding like the auto insurance industry.   Smiley Happy  "People who wear blue underwear and shop at Kohl's but not Arby's with more than one pair of shoes that is less than six months old are more likely to file a claim..."

 

 Seriously, though, I can see how *generally* a higher scredit score can support a "better" love live than a lower credit score.  When the money is flowing freely, you go on vacations together, buy nice gifts just because, pay for the drink that the hottie down the bar is ordering, etc etc.  All that is easy to throw on a credit card.   If you have a lower credit score, you likely have lower limit cards (if any at all) and have to pay actual cash for all those things...  It makes most people far more protective of their cash, and their not as likely to spend it chasing "love."


I'd just like to point out that, regardless of score or income or how something is paid for, everyone is paying actual cash for all of those things. People who have flowing money are just as cognizant of what they're spending it on as those who don't.

Regular Contributor

Re: Your credit score could make or break your love life

Are they always though? I build off the other posters point, the person who buys a Rolls Royce or a Lamborghini probably doesn’t think about the price tag as the value of the car shifts from a tool to a statement. They may have an 800+ score the same as the person buying the Accord but money is “real” to that person. Swiping becomes second nature the more financially secure you are as you’re not constantly considering the ramifications of being at your limit and if so are you going to be able to pay it off this month.


Established Contributor

Re: Your credit score could make or break your love life


Schwartzinator wrote:
Are they always though? I build off the other posters point, the person who buys a Rolls Royce or a Lamborghini probably doesn’t think about the price tag as the value of the car shifts from a tool to a statement. They may have an 800+ score the same as the person buying the Accord but money is “real” to that person. Swiping becomes second nature the more financially secure you are as you’re not constantly considering the ramifications of being at your limit and if so are you going to be able to pay it off this month.

There will always be a few across the money spectrum who just simply don't get how things work and will spend money they don't have. They will end up worse for wear, be it poor person who runs up too much CC debt and goes bankrupt eventually or the wealthy athlete who tries to live the MTV celebrity life and goes bankrupt eventually. Their problem isn't that they are or are not financially secure, but rather in both extremes that they're financially irresponsible with their money.

 

Wealthy people don't stay wealthy by spending beyond their means. They just happen to have larger budgets that can and do cover discretionary spending that some may see as excessive or frivolous, but that doesn't make the spending any less real.

 

Regular Contributor

Re: Your credit score could make or break your love life

Wow, is that an 820 FICO score you're sportin', or are you just happy to see me?