Be my Valentine…if you've got your finances together: a low credit score can be a love dealbreaker
Mogo survey reveals credit scores are a factor when it comes to finding a mate—67% of respondents favour an awesome credit score over model good looks.
VANCOUVER, Feb. 5, 2016 /CNW/ - A recent study by Mogo (TSX: GO), one of Canada's fastest-growing financial technology brands, reveals that romantic appeal isn't all about romance; your partner (or potential partner) cares about your credit score too. The good news is that Canadians are overwhelmingly willing—at 87%—to help or encourage their partners to clean up their credit.
"Your credit report is your financial report card and your credit score is your grade. Together, they show if you've got your life together," said Chantel Chapman, Financial Fitness Coach with Mogo. "Let's say you're in a relationship with someone and you want to buy a house together. If your credit rocks and theirs sucks, that might not bode well for your future together. And sure, you're probably not—and you shouldn't be—picking a partner based on their net worth, but it is important to be aligned with someone who has habits and goals that are on your level."
As Mogo explored ways to talk to their largely millennial audience about financial fitness, they discovered fascinating parallels between relationships and money, and decided to explore the connection further. Partially inspired by recent Federal Reserve Board research examining the link between credit trustworthiness and trustworthiness in relationships Mogo launched a survey in December 2015. They asked questions such as "Do you know your significant other's credit score?" and "If you found out your partner had bad credit, what would you do?"
Key survey findings:
- 67% of replies claimed to favour an awesome credit score over model good looks
- 50% of people in a loving relationship admit to NOT knowing their partner's credit score
- Finding out that a significant other is scoring low isn't a dealbreaker: 87% of respondents said they would actively encourage their partner to fix it
- 40% of respondents think you should know your partner's credit score before you move in together:
- 20% think you should know before buying a home
- 15% think you should know before getting married
- 2% think you should know before having sex
- 6% of respondents said you should ask your date about their credit score during the first few dates
Tips on how to bring up the "credit talk" while dating
Chantel Chapman, Mogo's Financial Fitness Coach, advises that those in the dating scene should have the talk early rather than wait too long. She offers these additional tips for having the "credit talk":
Before you have the talk, start looking for signs that indicate that your SO might not be on top of their credit. Things such as: they're really disorganized, they're forgetful about dates and deadlines, they get a lot of phone calls that they don't answer in front of you, among others. If you notice these things, you should probably have the talk. But either way, you should definitely have it before you combine finances/get serious.
Know that finding out your significant other has a low score is an opportunity to educate and become closer. 87% of survey respondents said they would actively encourage their partner to fix it and only 2% said it may be cause for breaking up. There's a lot of information out there; If they love you, they want to help.
Big earners may not equal great credit. Don't be afraid to ask, even if you're dating a big earner. They might make $150,000 a year, but are they responsible, and how do they handle their money?
It's not about the score… or maybe it is. You want to connect with someone who can respect your financial values. A credit score is a great indicator. Think of it as a shortcut to understanding someone's values and everyday habits.
About Mogo
Mogo (TSX: GO) is building a digital financial brand for the next generation of Canadians by offering convenience, transparency and a more engaging customer experience. With over 150,000 members and growing, we are using technology and design to not only transform the way consumers access financial solutions (it takes only about three minutes to create a MogoAccount online), but also enable them to take control of their financial health. Savvy members can get out of debt faster through our unique Level Up program, spend responsibly with one of our cool free reloadable Mogo Prepaid Visa cards, and keep on top of payments by signing up for Mogo's text and email alerts. To learn more about Mogo—recently referred to as the potential "Uber of banking" by CNBC, Toronto Star, and others—visit mogo.ca.
SOURCE Mogo Finance Technology Inc
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