Feeling Lonely? Your Credit Score Could Be the Culprit

Feb 16, 2024

Money can stir up some serious drama in relationships. Here's the scoop: having a shaky credit score could be messing with your love life, according to a study by the Federal Reserve Board back in 2015. Yep, your financial health might be more intertwined with your relationship health than you think. People are starting to add them into their dating profiles, as their importance cannot be understated. 

So, why does your credit score matter so much?

It's all about trust. Lenders use that little number to figure out if you're reliable enough to pay back what you owe. Basically, if you've got a low score, it could be a red flag for shaky money management.

And get this: couples with lower average scores are way more likely to call it quits compared to those with higher scores. It's not just about romance either – your credit score can seriously mess with joint accounts and loans, driving up costs and cramping your financial style.

However, it's not all doom and gloom. If you're looking for love, boosting your credit score might just give you a leg up. According to the study, a better score means a better shot at finding a special someone.

Now, does this mean you should swipe left on someone with a less-than-stellar score? Not necessarily. There could be all sorts of reasons behind a low score, from bad habits to plain old bad luck.

Ways to boost your credit score

If your partner's credit score has you both sweating, don't panic just yet. With a little teamwork and some expert advice (hint: that's where we come in), you can whip those scores into shape and keep your relationship sailing smoothly.

Review your credit report: Keep tabs on your credit report to catch any errors or inaccuracies that might be dragging your score down. Dispute any discrepancies you find.

Stay on top of payments: Paying your bills on time is crucial for a healthy credit score. Set up reminders or automatic payments to ensure you never miss a due date.

Trim those balances: Aim to keep your credit card balances low, ideally below 30% of your credit limit. High balances can weigh down your score.

Mind your applications: Limit the number of new credit accounts you open, as each application can result in a temporary dip in your score. Be strategic about new accounts.

Mix it up: Having a diverse mix of credit types, like credit cards, loans, and a mortgage, can work in your favor. But don't go overboard – only take on new credit when it's necessary and manageable.

Keep old accounts open: Closing old credit accounts can shorten your credit history and potentially lower your score. Hang on to those old accounts, even if you don't use them often.

Get expert advice: If your credit situation feels overwhelming, consider reaching out to a credit counselor for personalized guidance. They can help you navigate your financial journey and boost your score.

Ready to tackle that credit score together?

Swing by any Arizona Financial branch or make an appointment for a free credit consultation. Let's get you and your finances back on track – call 602-683-1000 to talk to a financial expert. Cheers to a happier, healthier relationship!