First comes love, then comes credit
Before she handed out her final rose earlier this month, The Bachelorette’s Rachel Lindsay put her legal skills to use for one final cross-examination.
During the show’s hotly anticipated overnight dates, the 32-year-old attorney quizzed her suitors on a topic you’re not likely to find on the average Tinder profile — their credit score.
It may have seemed less than romantic to some, but when Lindsay told host Chris Harrison she’d run her own personal version of a credit check on her top three, Twitter erupted in a chorus of clapping hands emojis.
“That’s right Rachel,” tweeted one Bachelorette fan. “Ask em important questions, credit score and all, cuz kissing all day ain’t gonna pay ‘dem bills!”
“Did you catch that, women of the world?!” tweeted another. “Ask a man about his health insurance & credit score before marriage.”
The consensus among fans: Prince Charming’s credit score is just as important as whether he’s tall, dark, and handsome. It may be true that love don’t cost a thing, but let’s be real — Lindsay also knew a sparkling smile wouldn’t sweeten the deal when it came time to apply for her first joint mortgage.
Lindsay’s hunt for a financially fit partner is a familiar one for today’s daters. According to a survey by Mogo, great credit is more attractive to Canadians than actual attractiveness. The survey found 67% of Canadians favour awesome credit over model good looks.
The findings fall in line with a 2015 study by the Federal Reserve Board in the United States that drew a correlation between high credit scores and long-term success in relationships. That study found daters with high credit scores are more likely to form committed relationships. It also found couples with a high-average credit score more likely to stay together for the long haul.
Basically, if Lindsay wanted to find her forever man, she was asking all the right questions.
As Mogo’s financial fitness coach Chantel Chapman explains, credit scores will come into play as soon a couple wants to make a big purchase together, like their first home.
“Let’s say you’re in a relationship with someone and the two of you want to buy a house,” Chapman says. “If your credit rocks and theirs sucks, that might not bode well for your future together. And sure, you’re probably not — and you shouldn’t be — picking a partner based on their net worth, but it is important to be aligned with someone who has habits and goals that are on your level.”
Consider the strain that a loan rejection or monthly interest payments can have on a relationship if they’re primarily one partner’s fault. If you’re carrying the weight of bad credit, it’s a lot of baggage to bring to a relationship.
Chapman advises couples have “the credit talk” early on their relationship. Even before that point, though, she says there are signs to watch out for. If your SO is disorganized, forgetful about deadlines or gets phone calls they won’t answer in front of you, it’s time for the talk.
None of this is to say a low credit score is a deal-breaker. Mogo found 87% of respondents would encourage their partner to fix their low score, which is good news for the thousands of Canadians who struggle with debt. According to Statistics Canada, Canadians now owe $1.67 for every dollar of disposable income, and Canada’s total consumer debt is now at a sky-high $2.03 trillion. Meanwhile, credit card debt, which can provide a major ding to a person’s credit score, has hit an average of $3,954 per Canadian, according to Canada CreditCards.com.
The first step to having a great credit score is knowing your current score. Mogo is the only company in Canada to give free credit score with free monthly updates through a mobile app. Visit mogo.ca to signup and get your free credit score now. Free credit score is provided by Equifax and is only available to Mogo Account holders who have passed identity verification. The Equifax credit score is based on Equifax’s proprietary model and may not be the same score used by third parties to assess your creditworthiness. The provision of this score to you is intended for your own educational use. Third parties will take into consideration other information in addition to a credit score when evaluating your creditworthiness.