What's Her Credit Score?

[tfcrew]

 

The one number that’s eerily good at predicting your success in love..........A new working paper from the Federal Reserve Board that looks at what role credit scores play in committed relationships suggests that daters might want to start using the metric as well. The researchers found that credit scores -- or whatever personal qualities credit scores might represent -- actually play a pretty big role in whether people form and stay in committed relationships. People with higher credit scores are more likely to form committed relationships and marriages and then stay in them. In addition, how well matched the couple's credit scores are initially is a good predictor of whether they stay together in the long term...............They found that people with higher (i.e. better) credit scores are more likely to form a committed relationship, as the chart below shows. This was true even after controlling for other differences between partners, like education level, race or income.

http://www.washingtonpost.com/news/wonkblog/wp/2015/10/06/the-one-number-thats-eerily-good-at-predicting-your-success-in-love/

[ML]

Yes, it makes a lot of sense.

In an overall sense, credit scores give some indication that a person is reliable and will do what they say they will do.

So a very good beginning point.

But . . . not very useful to those pursuing FSU women; most of whom will have no credit score at all.

[alex330]

Yes, as ML mentions most FSUW will need to start from scratch in regards to credit, My wife has built hers up fairly quickly over the last year and a half while working. She prefers to not increase her line of credit though. She is horrified at the thought of owing so much money.

The big shocker was how mortgages on homes work here in the West and what the final amount paid to banks actually is.

[Sailor291]

My UW absolutely loathes the thought of paying interest to any place and as a consequence over the last 16 years we have been married, we owe no money to anybody.  We have paid off two mortgages in our married life.  So, I am not complaining at all.  She has significantly helped me change my spending habits.

[ML]

Actually, it is smart for the FSUW (and any woman or man) to build up a good credit rating.

For instance, it is good to have a credit card to be able to buy an airplane ticket without having to rely on a husband's (or anyone else's) credit card or having to use a debit card.  Debit cards have less protection than credit cards in case of fraudulent activity.

Now building up a credit rating history is completely different from paying interest on unpaid balances.

I have only paid interest once in my entire life on a credit card, and this was because I was out of the country and forgot that a bill was coming due.

Credit cards should be used only for convenience in ordering things on internet or over the phone; and should always be paid off completely in each billing cycle.  Card companies refer to me and others like this as 30 day wonders . . . and they don't particularly like it.  But they  still make money by the 1-5% charge to retailers each time we use the card.

With that in mind, we set Ochka up with a credit card the first chance that came available.  This was a Discover card which is widely promoted to college students.  They will give a card to virtually any college student who fills out the form.  Starts out at $200-300 and works up over the years if bills are paid on time.

Ochka (in true FSUW form) resisted doing this, but I 'educated her.'

Next, we jumped on the frequent Capital One credit cards mailings than come regularly in mail or email.  It started out at $750 without giving any real proof of anything, and is supposed to work up from there.  Still not enough for her to buy her own airplane ticket, but getting closer.

Capital One has a goal of becoming largest credit card issuer in world, so virtually anyone can get an initial card.

Beyond airplane tickets, a good idea for FSUW to become eligible to buy an automobile herself on credit.  Sure, may be better to pay cash, but sometimes not always possible.

Nothing wrong with a low interest auto loan from a credit union, etc. . . . provided payments ALWAYS made on time.

[Muzh]

Question for those of you who always pay your bills in full, what's your credit score? Truthfully.

[ML]

I am one who always pays credit card in full before due date.  Only idiots would not.

I only use CC for convenience, not because I don't have the money already in the bank.

CC have more protection for consumer than do debit cards, so that's why I mostly avoid use of my DC.  One local grocery store will only take DC however.

My credit score is always above 800.  In fact, there is no reason why it shouldn't be 850.