This Valentine’s Day We’re Dialling Up Credit Scores
Imagine you are dating someone that you really like and want to get into a relationship with. What are the things you need to know about them before you take that extra step forward? For some of us, it’s as simple as a vibe check. For some of us, it’s a long shopping list.
Based on a survey conducted by the Greater Bank, here are the top five most frustrating financial behaviours in a romantic partner.*
1. Being careless with money – 95%
2. Telling people how to spend your money – 92%
3. Borrowing money from other people – 90%
4. Being secretive about money – 89%
5. Lending money to other people – 82%
Where does knowing your date’s credit score rank on this list?
Almost 1 in 5 Australians have experienced a relationship breakdown due to financial tension.* At Credit Savvy, we believe that a lot of money-related relationship conflicts can be solved by setting healthy communication habits early on. We know that talking about finances can feel uncomfortable, but a segway into this could be as simple as sharing your holiday plans or mentioning any upcoming expenses like a new car that you want to purchase.
To minimise conflict relating to money, we think it’s a good idea to understand someone’s financial habits and one way to achieve this is via knowing their credit reputation. While your date may not need to be in the ‘excellent’ band to get a green flag, being in the ‘very poor’ rank may signal a red flag.
A bad credit score can indicate poor financial hygiene, impulsive spending habits, careless applications to loan providers and/or other things. This Valentine’s Day, swipe right on financial compatibility! Share your number with your valentine (no, we don’t mean your mobile number).
You can start by checking your Credit Score here.
*https://www.greater.com.au/siteassets/personal-banking/credit-cards/documents/greater-bank-australian-attitudes-towards-money-and-relationships-2018.pdf