Your credit score could be turning people off
Written by Robert Bester, Consumer Finance Expert Robert has been a writer for six years, specialising in consumer finance and the UK lending market. Concentrating on consumer credit products, Robert writes informative articles that help customers manage their personal finances efficiently.
30th November 2020
3 minute read
Over a quarter of Brits said that a potential partner’s credit score would put them off dating them, a new survey carried out by personal finance experts moneyguru.com has found.
The survey, which spoke to 1000 men and women across the UK found that over 30 percent of people would think twice about dating someone with a poor credit score.
When it comes to finding the perfect match, humour, attractiveness, ambition, common interests and family values are all top priorities; traits that are often highlighted on online dating profiles.
So, will revealing our credit scores be the next step?
Disagreements around money are regularly reported to be the number one reason for marital disputes and separation, so perhaps adopting a more upfront approach at the outset is the best way to ensure you’re financially and romantically compatible.
In recent months, the evolution of dating apps and an algorithm-approach to finding love is depressingly high in the public consciousness. A recent episode of the hit Netflix show Black Mirror (“Hang the DJ”) is a heartbreaking hour that explores the emotional and technological limits of dating apps, perfectly capturing the modern desperation of trusting algorithms to find us love.
Looking further afield to China, ‘social scoring’ of citizens is now being introduced. The controversial government plans outline a system which will monitor what citizens buy, who their friends are and how they interact with them; what they do in your free time and finally what bills they pay (or don’t). These behaviours are then rated as either positive or negative and compiled into a single number, your Citizen Score, which tells people whether or not you are trustworthy. This score will be publicly available and used to see determine if an individual is suitable for a job, a mortgage, and yes, even a date.
If you’re currently on the dating scene, now might be time to make sure your credit score is as strong as possible to stop it from cramping your style once and for all.
Never fear, The Money Guru is here with some easy steps that you can to sort out your credit rating
Credit rating? What’s that?
A credit rating is used by lenders to decide whether or not your application for credit is successful – whether it’s for a personal loan, credit card, mortgage or any other kind of borrowing.
How to check it
There are loads of companies out there that can provide you with a full range of services that allow you to check your score and see if your details are correct. As well as this, many services are now able to advise you on how to improve your score, help you find deals, and spot mistakes in your credit history. Check out the Credit Reports section for more guidance on this.
Check out your credit rating regularly
As with your boo, you need to give your credit score some regular love and affection or it could affect your ability to borrow. Have a thorough clean out of your finances, try to pay off as much existing debt as possible and close down any unused credit cards. Importantly, don’t miss any payments on your existing cards. Doing this will let lenders know that you are serious about your finances and managing your money.
As annoying as it might be, mistakes do happen and they aren’t uncommon on credit ratings. If you do spot something, contact the credit agency immediately with your supporting evidence and they should respond to you within 28 days.
Stop swiping right on credit card applications
Every credit card application you make is recorded on your credit file, whether successful or not. So just take a step back for a while and go for quality over quantity. Playing fast and loose with your applications for credit might make lenders think you’re in financial difficulty and untrustworthy. This will have a negative effect on your credit rating, not a wise move at all.
Remember the little things
Make sure that you’re on the electoral register, it might seem like a little detail but it will make a big difference.
Remember, help is always nearby. If you are looking to get back on the path to financial enlightenment then let the Money Guru assist you. Check out these helpful articles: