New FICO Score 10 Suite May Impact Your Credit Score

Coming Summer 2020

New FICO Score 10 Suite May Impact Your Credit Score Among other enhancements, including trended credit, “...FICO Score 10’s backward compatibility to previous FICO Score versions ensures continuity, ease of use and stability for lenders and investors. Lenders can more easily transition to FICO Score 10 since it includes standard FICO reason codes, a similar odds-to-score relationship as prior versions and consistent score ranges…” 

The FICO Press Release January 23, 2020: FICO Introduces New FICO Score 10 Suite

The following column was published by Steve Altonian, The Credit Cowboy, on January 29, 2020. His insights and research on the new FICO Score 10 Suite are quite valuable.

Your credit score — that all-important passport within the financial world — is about to change. And it won’t necessarily be because of anything you did or didn’t do. The Fair Isaac Corporation, the company that creates the widely used three-digit FICO score, is tweaking its formula. Consumers in good financial standing should see their scores bounce a bit higher. But millions of people already in financial distress may experience a fall — meaning they’ll have more trouble getting loans or will pay more for them. Initial projections are consumers with a 680 plus FICO should get a 20 point increase….600 & below a 20 point decrease. The changes don’t alter the main ingredients of your score, but they do take a more finely tuned view of certain financial behaviors that indicate signs of financial weakness. For example, consumers who consolidate their credit card debt into a personal loan and then run up the balance on their cards again will be judged more severely. “The new scores reflect nuanced changes in consumer credit trends that we observed from our analysis of millions of credit files,” said Dave Shellenberger, vice president of product management at FICO, whose scores generally range from 300 to 850 (the higher, the better).

What’s changing? Some of the changes, like carrying a personal loan as well as credit-card debt, affects both new scores. But there are more substantial changes involving the FICO 10 T version. The biggest shift, however, concerns the amount of debt you carry, experts said. In the past, people trying to polish their scores right before applying for loans were told to pay off their credit cards or get the balances as low as possible a month or two before submitting an application. That won’t work as well now. 1. Trended Data– Instead of looking at just a static month of your balances, FICO 10 T will look at the past two years or more, which will give lenders more insight into how you’re managing your credit over time. That should mean your scores will better reflect the trajectory of your behavior. This also means late payments will now have a bigger increase on the scoring model. (Incidentally, VantageScore, a lesser-known score provider that is a joint venture of the three big credit-reporting companies, has already incorporated this into its formula.) I am wondering if this will close the scoring gap between a “soft-pull” & a “hard-pull”. Say, for example Credit Karma. It seems to me that gap may close point-wise. We shall see…. Trended data gives lenders a different view of borrowers FICO 10T will use trended data to show lenders something different about borrowers from their traditional information. Trended data gives prospective lenders borrowers’ key balance and payment data for the past 24 months, which enables them to see consumers’ behavior trends and determine if they’re carrying balances, consolidating or paying off their balances each month. “Many lenders want to leverage the most comprehensive data possible to make precise lending decisions,” Jim Wehmann, executive vice president for scores at FICO, said in a news release. “By offering a score that taps further into trended data, we’re able to give lenders greater flexibility and predictive power, as well as ease of integration.” A high credit utilization ratio (the percentage of total debt you’re carrying compared to total available credit) isn’t a new red flag for lenders, but the FICO 10 T score gives that statistic even more weight if credit card balances hover close to set spending limits for an extended period of time. It’ll also look at how your debt balances have changed—and if they’ve been climbing over time. “Previously we have only really looked at the most recent balance for that important information,” Shellenberger said. “Whatever has been reported by the credit card company is what that score is based on. But now we can look at how that has trended over the past 24 months. It looks at averages rather than one or two points in time where your balances were higher.” Paying off your card a month or two before you apply for a Mortgage loan? That’s not the best advice anymore, & The Credit Cowboy has been giving that advice to his clients for years. Now, my advice is changing: You want to get your credit card balances down multiple months in advance, or at least have them trending down for months in a row and then have balances at a low before you apply. You need to plan ahead, whereas before you did not. THE FUNNY THING IS: When I first got into the credit repair business as a young man, I erroneously believed they used TRENDED DATA at the time. I stopped telling people that about 8 years ago, and now today that is EXACTLY the scoring model we have in place….I just made sense to see a trend than to allow someone to all of a sudden pay down a credit card and all is good. 2. Installment loans carry LESS weight on the FICO model This is the first time a FICO scoring model looks closely at how consumers are using personal loans to see if there is reason to penalize a borrower.  “We are now able to distinguish personal loans from other credit obligations, so we can look at personal loans along with everything else that’s going on in your credit profile,” Shellenberger said.  For example, if you transfer credit card debt to a new personal loan account but then use your freed-up spending limits to accumulate even more debt, that may ding your FICO 10 T score. “The FICO score has always taken balance-type information into account and that’s still a critical component.”  Why change scores now? FICO adjusts its scores every few years, drawing on consumer behavior and patterns that emerge from the vast trove of data it tracks. This time, the company is offering two new scores, FICO 10 and FICO 10 T, and both differ from the previous formula. Given the strength of the job market and other factors, many consumers are managing their credit well. Late payment rates across all household debts are at their lowest levels since at least 2005, according to a recent analysis from Moody’s Analytics, and credit scores have been trending higher Even so, a significant number of lower- and middle-income Americans are struggling, and consumer debt levels are quite high. And lenders are always trying to shield themselves from losses, should economic conditions deteriorate. FICO says the new scores will make it easier for lenders to gauge a borrower’s risk. How and when will the changes affect me? Most consumers, or 110 million people, will see modest swings, if they see any change at all, according to FICO. But about 40 million people who already have favorable scores are expected to gain about 20 points, while another 40 million with lower scores will probably see a drop. But not every lender will use the new scores right away. People applying for most mortgages will not be affected, at least for now. That’s because home loans guaranteed or backed by Fannie Mae and Freddie Mac, which include the vast majority of mortgages, are still required to use older versions of the FICO score. Many other lenders are also using older FICO formulas, and it remains to be seen how quickly they adopt the new scoring method — or if they will decide to change. The big credit-reporting companies — Equifax, Experian and TransUnion — will all offer the updated scores by the end of the year. Equifax will be first How can I improve my score? Because the FICO 10 T calculation has a longer field of vision, it pays to get your financial life in shape as early as possible before applying for a loan. You still want to review your credit reports, which contain the raw data that power your scores, at each of the three big reporting companies. But now you should plan further ahead and check them even earlier, because an error about a missed payment can hurt you more, and correcting the mistake can take time.

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Financially Speaking™ James Spray RMLO, CNE, FICO Pro | CO LMO 100008715 | NMLS 257365 | January 25, 2020

Notice: The information on this blog is opinion and information. While I have made every effort to link accurate and complete information, I cannot guarantee it is correct. Please seek legal assistance to make certain your legal interpretation and decisions are correct for your situation. This information is not legal advice and is for guidance only. You may reproduce this information in whole and not in part, providing you give full attribution to James Spray.

UltraFICO®An Initial Discussion

While this new alternative “credit” algorithm is not set to roll out until sometime in 2019, included below are my initial thoughts based on the BIAA press release and the below referenced articles from the Wall Street Journal, Consumer Affairs and USA Today.

Experian, FICO and Finicity Launch New Ultra FICO Credit Score

With Ultra FICO^® Score, a consumer grants permission to contribute information from banking statements, including the length of time accounts have been open, frequency of activity, and evidence of saving, which can be electronically read by Finicity and combined with consumer credit information from Experian to provide an enhanced view of positive financial behavior.

Experian, FICO and Finicity estimate this new score has the potential to improve credit access for the majority of Americans and is particularly relevant for those who fall in the grey area in terms of credit scores (scores in the upper 500s to lower 600s) or fall just below a lender’s score cut-off. Consumers who are relatively new to credit with limited history or those with previous financial distress that are getting back on their feet stand to benefit the most.

This new system will roll out next year. Initially, the most likely use will be for beginner credit cards. The UltraFICO^® is an add-on feature some lenders will offer to enhance a prospective borrowers credit profile and score.

The prospect must provide access for a one-time snapshot of their banking/bill paying account. The data analyzed will be regular payments of rent and utilities. The expected average balance in the account should be $400 or more. There should be no overdrafts or NSF checks in recent months. It’s expected there will be more income than outgo to the account. Discussed is that the checking/bill paying account must be established for some undefined time.

The above referenced WSJ article captures the essence of what the new credit score enhancing tool is expected to be. It will not, in the immediate future, be used by mortgage lenders. I expect that it may be used by some auto dealers.

UltraFICO^® score takes into account how much money you have in the bank

According to the Journal report, the new UltraFICO^® would be a tool for consumers whose credit scores are not that great. If they have a few hundred dollars in the bank and have had the bank account for a number of [undisclosed] years without overdrawing they might see their credit standing rise.

But in practice, the new formula is likely to be of greater benefit to consumers who already have high credit scores because they are the consumers most likely to have accumulated some cash in the bank. Consumers with low credit scores are often in that situation because they lack the extra cash to meet an unexpected expense.

Based on practicality and experience, I believe this Consumer Affairs writer is off-base in his analysis of who this will help the most. Someone with >760 FICO^® Scores has no need for a bump of a few points whereas someone with a 620 score most definitely has the need. We’ll soon figure out just how many months one must have $400 or more in their account to gain the bump.

New FICO system could lift credit scores by including checking and savings history

Finally, from the above referenced article from USA Today: “...it remains to be seen how fast lenders will adopt this supplemental scoring system. For instance, FICO’s latest credit score – FICO 9 – was released four years ago, but the previous version of the score – FICO 8 – remains the most widely one used.”

Consider the fact that neither FICO 8 or 9 are used in the mortgage lending industry. UltraFICO^® may be used by certain credit card issuers as well as some vehicle lenders. We’ll know more next year.

Video Update 1/16/19

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Financially Speaking™ James Spray RMLO, CNE, FICO Pro | CO LMO 100008715 | NMLS 257365 | October 30, 2018

Notice: The information on this blog is opinion and information. While I have made every effort to link accurate and complete information, I cannot guarantee it is correct. Please seek legal assistance to make certain your legal interpretation and decisions are correct. This information is not legal advice and is for guidance only. You may use this information in whole and not in part providing you give full attribution to James Spray.

What Are the Costs of Aging in Place?

According to an AARP study, 90 percent of people age 65 and over would prefer to stay in their own homes as they get older — and not go to a nursing home or assisted living facility.

But if you or your parents are buying, building or renovating a home to accommodate the needs of a loved one, what kind of costs can you expect to incur?

Source: What Are the Costs of Aging in Place?

Financially Speaking™ James Spray RMLO, CNE, FICO Pro | CO LMO 100008715 | NMLS 257365 | August 17, 2018

Notice: The information on this blog is opinion and information. While I have made every effort to link accurate and complete information, I cannot guarantee it is correct. Please seek legal assistance to make certain your legal interpretation and decisions are correct for your situation. This information is not legal advice and is for guidance only. You may reproduce this information in whole and not in part, providing you give full attribution to James Spray.

Free Credit/Security Freezes All 3 Bureaus + Free Unfreezing

Thanks to a new federal law – the Economic Growth, Regulatory Relief, and Consumer Protection Act – consumers will be able to contact each of the three major credit reporting agencies and direct them to place a free freeze on the consumer’s credit file. By restricting access, a credit freeze makes it harder for identity thieves to open new accounts in consumers’ names.

Not only will it be free for consumers to freeze their credit, but they can lift that freeze for free, too. And the law requires the credit reporting agencies to do it in a hurry. If a consumer asks for a freeze online or by phone, the credit reporting agency has to put the freeze in place no later than the next business day. If the consumer wants to lift the freeze…that has to happen within an hour.

This new law is effective September 21, 2018. Click here for more.

The New York Times published good article on the subject. “Freezing Credit Will Now Be Free. Here’s Why You Should Go for It.” https://nyti.ms/2Mw01rU

Financially Speaking™ James Spray RMLO, CNE, FICO Pro | CO LMO 100008715 | NMLS 257365 | August 16, 2018 | Updated September 16, 2018

Notice: The information on this blog is opinion and information. While I have made every effort to link accurate and complete information, I cannot guarantee it is correct. Please seek legal assistance to make certain your legal interpretation and decisions are correct. This information is not legal advice and is for guidance only. You may use this information in whole and not in part providing you give full attribution to James Spray.

New Credit After Chapter 7 Bankruptcy

New Credit After Chapter 7 Bankruptcy

This post is written specifically for those who’ve recently been granted a Discharge from a Chapter 7 Bankruptcy. Chapter 7 is type of bankruptcy where the debtor does not make periodic payments to a bankruptcy trustee for 3 to 5 years.

The first step is to establish new credit in a strategic manner. Of course, you must also use your new credit in a responsible manner. In some cases, it is necessary to get your credit reports corrected to establish new credit. We’ll address both steps below.

Step One

First, when establishing new credit. Ignore well-meaning advice to get a $300/500 secured credit card from just any bank that will open an account for you. Start with joining a credit union. With most credit unions, there are no fees. Also, there are no annual fees and no-cost to use many ATMs all over the USA. Take a moment and read my post on credit unions.

In searching for the credit union (CU) to be the fit, do your homework. Call or stop in and ask about secured credit cards (this will lead you to someone that can answer or can get answers to your questions).

Now that you have found your CU, open your Share (savings) account. Save $1,000.00 or more. Secure this savings against a Visa or MasterCard issued by your credit union. To build good and excellent credit scores, use no more than 20% of your credit limit. Ever. For example, on your $1,000.00 credit limit, never have more than $200.00 in use. For best results, payoff the balance monthly. Your higher credit scores get you rewarded with lower interest rates on home and auto loans, insurance, credit cards and better employment opportunities.

Most credit unions will offer an unsecured card after you have established your good credit management practices for one-year. At this time, your savings securing your card will be released and another card issued. Your credit history will follow the new account.

Next, open 2 or 3 lower limit credit card or other revolving accounts (department stores, Internet stores, gas cards, etc.). The key is to have 3 to 4 revolving accounts open and in use occasionally. Do know that credit is a use it or lose it commodity.

On selecting the credit accounts, don’t bother applying to any creditors which were listed in your bankruptcy. Perform a Google Search such as this: “secured credit card + bankruptcy”. In your screening process, avoid those with an annual fee.

After about 9-12 months of opening the accounts as above discussed and using them as above discussed, you should have actual lending scores (FICO^® Scores) in the 700-720 range. These techniques have helped many clients over several decades.

Step two

Not everyone will need to take step two. All should read the info in step two.

In order to build new credit after bankruptcy, you may need to get corrections made to one or more of your three credit reports to reflect only accurate information. By accurate information what we mean is to make sure that all your bankrupted accounts reflect a zero-balance due.

Understand that a bankruptcy discharge does not remove your previous credit history from your credit reports. Time does. Seven years from the date of last activity (last use or last payment), the account will be removed from your credit report.

Keep in mind that the older a negative item on your credit report is the less it counts against your credit score. Also, the longer you have information reporting on your credit report, the better it counts for your credit history which results in a better credit score.

As a rule of thumb, by the time the case is Discharged, several months following the filing of the bankruptcy case, most creditors will have reported the accounts as included in bankruptcy. In some instances, a creditor fails to update their record with the credit reporting agencies (CRA).

So, in these instances, let’s talk about getting the incorrect items corrected. Often, the dispute process is neither quick or easy. Understand the CRAs are not your friends. Use caution with what you say or write to a CRA. For specifics on how to dispute information on your credit reports, I suggest you read my blog titled: Credit Repair/Dispute Basics.

A word on entering comments to clarify some situation or another; such comments do not do anything positive for your credit scores or your credit history. It is of no benefit to you to make comments. Everything you say can and will be used against you. This is one of those times to consider the Miranda Warning along with the idiom less is more. When and only if necessary, you may address individual items as requested by your loan officer for an underwriter. Open or unresolved disputes on your credit report(s) can keep you from gaining credit approval.

To begin correcting your reports, you need to get a copy of each of your credit reports. There are three credit reporting agencies: TransUnion, Equifax and Experian. You can get a copy of your three credit reports once a year for free via the Official Site authorized by Federal law: http://www.annualcreditreport.com. It does you no good to only review one or two reports. Review all three of them annually.

For mortgage approval (purchase or refinance), two (2) years following your Discharge, you will be eligible to apply for an FHA, VA or Rural mortgage loan. Four (4) years following your Discharge, you will be eligible to apply for a conventional mortgage loan.

Contact me below or via Quora with specific questions.

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Financially Speaking™ James Spray RMLO, CNE, FICO Pro | CO LMO 100008715 | NMLS 257365 |April 6, 2018 | Copyright 2018

Notice: The information on this blog is opinion and information. While I have made every effort to post and link accurate and complete information, I cannot guarantee it is correct. Please seek legal assistance to make certain your legal interpretation and decisions are correct for your situation. This information is not legal advice and is for guidance only. You may reproduce this information in whole and not in part, providing you give full attribution to James Spray.

Timeline: Bankruptcy to Mortgage Chart

Experiencing a severe credit event such as foreclosure, short-sale, deed-in-lieu of foreclosure or bankruptcy does not mean you will never be eligible to get a home loan. This chart provides the time-out periods required by event. The assumptions are that you have established acceptable credit scores and meet underwriting guidelines. In certain circumstances, one may qualify for a mortgage upon discharge of a Chapter 7 or during a Chapter 13.

 

		Adverse Credit Event
	Loan Type Eligibility Date		Foreclosure		Short Sale / Deed- In-Lieu of Foreclosure		Chapter 7 Bankruptcy		Chapter 13 Bankruptcy
Conventional Date of loan application		•  7 years from transfer of deed unless discharged in bankruptcy.   •  2 years from transfer of deed unless discharged plus, extenuating circumstances*.		• 4 years from transfer of deed.   • 2 years with extenuating circumstances*.		• 4 years from discharge.   • Includes foreclosure if listed in bankruptcy.   • Less than 4 years from discharge with extenuating circumstances*.		• 2 years from discharge with reestablished credit, acceptable FICO credit scores and, no new bad credit.
FHA Date of FHA Case Number		•  1 year from transfer of deed to lender with Extenuating Circumstances*.   • Not less than 12 months from deed transfer*.		•  1 year from transfer of deed to loan servicer with proof of Extenuating Circumstances*.   • Wait period is not needed if debtor is current and must take a job in a different market.		•  1 year from Discharge with proof of Extenuating Circumstances*.   •  Reestablished credit   •  Not less than 12 months from discharge*.   •  Typically, 2 years post discharge.		•12 months payments to Chapter 13 Trustee with no 30-day late payments and, no new bad credit and, new established credit.   •12 months housing payments with no late pays.
VA Date of credit approval		•  2 years from transfer of deed to lender.   •Between 12-23 months from deed transfer*		•  2 years from transfer of deed to loan servicer*   • Wait period is not required if debtor is current and must take a job in a different market		• 2 years from discharge with new good credit.   •Between 12-23 months from discharge with proof of Extenuating Circumstances*.		• Same as FHA
USDA Date of credit approval		• 3 years from transfer of deed to loan servicer.   • Less than 3 years With extenuating circumstances*.		•  3 years from transfer of deed to loan servicer*   • Wait period is not required if debtor is current and the job is transferred to a different market.		• 3 years from discharge with reestablished credit.   • Less than 3 years from discharge*.		• Same as FHA
Reverse Date of FHA Case Number		• 3 years following the sale date.   • No waiting period with extenuating circumstances.		• 3 years following the sale date.   • No waiting period with extenuating circumstances.		l Upon discharge with extenuating circumstances.		• During the repayment plan with specific language provided by a Court Order. (A Trustee letter is not acceptable – contact me for the required language).
What events may qualify as extenuating circumstances?				*Extenuating circumstances are events beyond a debtor’s control such as death or disability of a wage earner, medical bankruptcy, distant employment transfer, or reductions-in-force, or serious long-term uninsured illness). Such events must be documented and verified, subject to underwriting review. An inability to sell the house does not qualify.

 

Financially Speaking™ James Spray RMLO, CNE, FICO Pro | CO Lic. 100008715 | OR Lic. 257365 | NMLS 257365 | Originally published in 2010 and updated regularly | June 8, 2019 Contact me to obtain a pdf copy of this chart.

Notice: The information on this blog is opinion and information. While I have made every effort to link accurate and complete information, I cannot guarantee it is correct. Please seek legal assistance to make certain your legal interpretation and decisions are correct for your situation. This information is not legal advice and is for guidance only. You may reproduce this information in whole and not in part, providing you give full attribution to James Spray.

National Elder Abuse Resources and Colorado Financial Elder Abuse Mandatory Reporting Law

Elderly folks tend to be more trusting and less informed of the latest scams, making them the perfect target. To learn more about elder abuse, on the national level, two great resources are the National Committee for the Prevention of Elder Abuse and the National Center on Elder Abuse.

In Colorado, there is the Colorado Coalition for Elder Rights and Abuse Prevention.

As well, Colorado has a mandatory reporting law (including financial abuse) for certain categories of professionals and other workers.

Sadly, it is all too common where a family member is committing financial abuse of a parent, grandparent or other senior family member.

While it is encouraged that reporters of elder financial abuse contact local law enforcement, we’ve learned many local law enforcement agencies are unaware of the Colorado financial elder abuse law and are not trained on how to deal with it.

To report elder abuse in Colorado, the first option is to contact the Adult Protective Services (APS) intake office within the county department of human services were the at-risk adult lives. Click anywhere in this sentence for a current list of phone numbers to report elder abuse.

If reporting to the county APS office is not a viable option, contact the District Attorney’s office for the county in which the at-risk adult lives.

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Financially Speaking™ James Spray RMLO, CNE, FICO Pro | CO LMO 100008715 | NMLS 257365 |August 26, 2017

Notice: The information on this blog is opinion and information. While I have made every effort to link accurate and complete information, I cannot guarantee it is correct. Please seek legal assistance to make certain your legal interpretation and decisions are correct. This information is not legal advice and is for guidance only. You may use this information in whole and not in part providing you give full attribution to James Spray.

Obsessives Have Cracked the Perfect FICO Credit Score of 850 – Bloomberg

Kudos to Suzanne Woolley for authoring an article which accurately portrays how one can improve their credit.

Source: Obsessives Have Cracked the Perfect FICO Credit Score of 850 – Bloomberg

Do you prefer a ReLOC or HELOC? – Tools for Retirement Planning

Tom Davidson has written and illustrated a great article which I believe you will enjoy reading. Here are the first few paragraphs which lead into the link to his thoughtful presentation:

“HELOCs (Home Equity Lines of Credit) are widely used. Simply having one makes many people more comfortable. My wife and I had a standby HELOC for many years – ready to use as a convenience or in an emergency. Luckily that emergency never happened, but we felt well prepared knowing we had ready access to a substantial amount of cash that could be used for anything we needed. When I was a financial advisor, a HELOC was on my checklist to discuss with every client – at least those who were prudent with their money.

ReLOC: A Retirees Line of Credit

Is there a better alternative for homeowners over age 62?  A ReLOC may be a far better choice for many retirees. ReLOC is a nickname that stands for either Retirees Line of Credit or Reverse Mortgage Line of Credit. While ReLOCs share many features with HELOCs, three unique features make a ReLOC a line of credit designed for retirees:

1. The amount you can access grows every month
2. You don’t have to make payments until you permanently leave your home
3. The loan can’t be canceled, reduced, or frozen as long as you keep up with basic mortgage obligations (property tax, homeowner’s insurance, basic maintenance, and Homeowner’s Association dues).

Here’s the borrowing limits for a ReLOC and a HELOC for a 63-year-old in a $400,000 house who lives to age 99:”

Source: Do you prefer a ReLOC or HELOC? – Tools for Retirement Planning

Romance and Credit Scores

In addition to getting the best employment and the lowest interest rate on everything financed, including credit cards, home and auto loans, the prime potential partners in the dating pool are quickly thinned of those with inferior credit.

This is clearly highlighted in a post made by the Credit Slips summary of a Washington Post article which examines the working paper recently published by the Federal Reserve titled Credit Scores and Committed Relationships.

Barron’s Market Watch recently published an article titled, Nearly 40% of Americans want to know your credit score before dating. In part, this phenomena was summarized by University of Kansas Communications Professor Jeffrey Hall who stated,

By showing an interest in these three digits, people are probably being smart rather than shallow, says Jeffrey Hall, associate professor of communications at the University of Kansas. “Finances, education, and job prospects all factor into the value of a potential mate,” he says. “Assuming that people can actually interpret a credit score meaningfully, it makes sense they would think a credit score is useful in evaluating mate value.”

“…In fact, the higher your credit score, the less likely you’ll separate from your partner — and a lower score often means you’ll be less lucky in love, researchers at the Federal Reserve Board, the Brookings Institution and UCLA recently concluded.”

Your credit score has become such a popular character-meter that there are dating services based on them. A 2015 academic study found that “quality in credit scores, measured at the time of relationship formation, are highly predictive of subsequent separations.” The research suggested “credit scores reveal an individual’s relationship skill and level of commitment.” How More Americans Are Getting a Perfect Credit Score Bloomberg Suzanne Woolley, August 14, 2017.

I think it’s safe to predict that more and more people in the dating pool will become savvy to the benefit of checking one’s credit score before entertaining the possibility of a committed relationship.

ConsumerAffairs February 9, 2020: Improving your credit score might improve your love life “…Other nuggets from the survey reveal that four out of ten people — both men and women — say irresponsible spending is a bigger turnoff than bad breath. Forty-six percent of people would break up over irresponsible spending, the second biggest reason behind cheating.”

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Financially Speaking™ James Spray RMLO, CNE, FICO Pro | CO LMO 100008715 | NMLS 257365 | Published November 13, 2015 – Updated August 16, 2017 – Updated February 9, 2020

Notice: The information on this blog is opinion and information. While I have made every effort to link accurate and complete information, I cannot guarantee it is correct. Please seek legal assistance to make certain your legal interpretation and decisions are correct for your situation. This information is not legal advice and is for guidance only. You may reproduce this information in whole and not in part, providing you give full attribution to James Spray.