[D]ating someone with a credit score below 600 can lead to difficult financial times if you stay in the relationship long term. Here’s why:
- What kind of future will you have if you cannot even qualify for a basic home loan? Once someone’s credit score sinks below 600, it becomes very difficult if not impossible to complete basic financial transactions such as purchasing a house. While a credit score in the low 600s is not great, chances are you can still find a lender who will work with you at a reasonable interest rate.
- If you get serious about your date and get married, a low credit score could make it difficult for him to get a better job. Even though employers don’t technically check credit scores, a poor credit score is based upon a poor credit report (which employers do check) and that can make life difficult if your potential spouse has not kept up to date with payments and such. Even if he works a great job, he could end up getting laid off or fired. These days, a credit report is all too often used to determine whether someone is honest enough to take a job with a company.
- Mistakes can happen, but in most cases a credit score below 600 is proof of serious financial irresponsibility. It takes many missed or late payments to create such a dismal credit situation. What if you get serious and then have children? Can you really trust that forgetfulness regarding important financial matters will not transfer over into other aspects of your lives together? All too often, people who cannot stay focused in one key area of their lives have the same problems in other areas of their lives. While missing a credit card payment does not necessarily mean someone will leave a child in a car or forget to pick him up from soccer practice, a credit score below 600 represents a series of red flags.
- If you have the higher credit score, there will be more pressure on you to financially sustain the household during good and bad times. If you are a woman, this will be especially difficult if you hope to be a part-time or full-time stay-at-home mom. Also, if your date becomes your spouse he could incur debts in your name for which you would be financially responsible. In many states, debts incurred after marriage are the joint responsibility of a couple even if the union ultimately ends in divorce.
