If you have past due bills, your credit score may also be less than desirable. Collection agency calls and wage garnishments are not the only consequences of past due debts. According to a recent survey published by Bankrate, a consumer financial services company, poor credit scores may also negatively affect your dating life.
In fact, Bankrate’s survey shows 30 to 40 percent of people care about the credit scores of their partners. Of the people surveyed, 43 percent of women claimed the credit scores of potential partners would have a minor or major impact on their decision to date. Only 32 percent of men claimed credit scores would be a minor or major factor in choosing partners.
If you have excessive debt, the good news is that 58 percent of people who responded to Bankrate’s survey did not care about the credit scores of their partners. It is also possible this survey fails to account for other variables. Also consider that credit scores can be hurt relatively easily. A person may show near-perfect payment history, but have two or three past due medical bills.
It is not uncommon for couples (or potential couples) to care about each other’s finances. Once marriage comes into the picture, finances are shared in many ways. Unsurprisingly, some people may be uncomfortable when their partners have debts. In 2010, the New York Times published a story involving a photography major with $170,000 in student loans. Once her fiancé found out about the size of her student loan debt, he broke off the engagement within three days.
Can Bad Credit Scores Be Fixed?
Do not be alarmed by this blog. It is never too late to fix your credit score and repair your finances. There is no such thing as a ‘permanent credit score’. Many credit reports have errors, and in some cases debts that do not belong to borrowers.
We regularly update our blog with tips for repairing credit scores and easing the pain associated with debts.
The Kansas City bankruptcy attorneys at The Sader Law Firm can help struggling borrowers find solutions to manage their debts.