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Your credit score can predict your relationship’s success

Opposites may attract, but it’s harder for them to sustain a healthy relationship.  Quite surprisingly, it’s even true when it comes to credit scores. An extensive research project conducted in the fall by the Fed showed that the higher each partner’s credit score was, the better their chance of having a successful relationship.

Your credit score shows your history of paying off debts and is used to determine your ability to incur future debts, such as car loans and mortgages. So how does that translate into a predictor of long-lasting relationships?

It turns out it is a predictor in two ways. The first is that couples, both married and unmarried, with high credit scores are more likely to agree on how to handle their household finances and saving for the future. The second is trustworthiness. A commitment to paying off debt, being responsible with money, translates to trustworthiness within the relationship.

Couples with low credit scores typically have trouble managing their money, which leads to anxiety which can spill into the relationship. Money is one of the things couples argue about most often (along with children, physical intimacy, household chores and extended family) and can lead to the relationship‘s demise. Money problems are one of the leading causes of divorce.

The Fed’s research found that people tend to forge relationships with others whose credit scores are in the same range. It also found that for every approximate 93 points in a couple’s average credit score, the chances of their separating in the second year of their courtship was reduced by thirty percent. Conversely, if a couple’s score differed by sixty-six points or more, they were twenty-four percent more likely to break up in their second, third or fourth year.

Talk to your partner early and often about money: your spending habits, debt, savings and your credit scores. A 2015 survey from TD Bank showed that couples who regularly talk about their finances and financial habits were more satisfied with their relationships.

 

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