Back in June I wrote an article about our society’s irrational obsession with credit scores.
I truly believe that this arbitrary number has nothing to do with your credit worthiness or your ability to repay debt. The number is propagandized by banks and lenders to the point where we have become obsessed.
The scariest part is, in order to build your credit “score,” you have to use credit in a specified way. This can lead to trouble.
As a bankruptcy lawyer, I have become almost numb to the idea of a “credit score.”
Until recently, when I realized that this arbitrary number is intruding into and permeating our social existence.
Can I buy you a drink?
A recent article on CNN Money had me chuckling. The article talks about how for many singles, bad credit is a dating deal breaker!
How times have changed.
A survey conducted by Freecreditscore.com (please keep in mind the source of the survey) indicates that approximately 30% of women and 20% of men will not marry someone with poor credit.
Astonishingly, 75% of women said that a gentlemen’s credit score (that number) factors into their dating decisions. Pay attention guys!
Respondents indicated that they were concerned about their partner’s poor credit and how it could inhibit their ability to get future home loans, auto loans and/or qualify for lower interest rates.
This is plain silly as one person’s “poor credit” cannot directly influence the credit rating of another.
Dating and Bankruptcy
This topic is beyond my pay grade and my expertise, however, I wonder how a bankruptcy filing plays into the dating game?
Your date admits to you that he/she had filed for bankruptcy in the past. Do you run for the hills or respect their honesty and their decision to straighten out their finances with the hope of gaining a fresh start?
I previously discussed the interplay of bankruptcy and divorce and how relief through bankruptcy could ease marital stress. However, I never before considered bankruptcy in the context of premarital relations.
I could easily rattle off to you the ten most popular questions I get asked about bankruptcy but this topic has never been broached by a client in my office.
“How will this impact my ability to get a mortgage?” “Will this bankruptcy prevent me from getting a job in the future?” “How long does it stay on your credit?”
I am now anticipating the day when I hear, “I am a bachelor/bachelorette and I need to know how this bankruptcy will influence my status in the dating pool?” I’m in the process of preparing an adequate answer.
Do not be surprised to see a “credit score” column on your next speed dating scorecard.
Image courtesy of Nina Matthews (Flickr).