Couples That Don't Share Credit Scores Are More Likely to Split, Survey Says

Introduction

Does your significant other know your credit score? If the answer is no, you may want to think about sharing those digits. A Policygenius survey found that couples who don't share credit scores are seven times more likely to split. Nearly one in five individuals in relationships who don't know each other's credit scores plan to leave their partner due to money issues. Comparatively, only 2.5% of those who know their partner's creditworthiness say they plan to do the same.

Image Description: A couple sitting at a table, discussing their credit scores.

Survey Insights

The survey results are based on a survey of 1,526 adults across the U.S. conducted through Google Surveys in late August 2018. Policygenius' survey found that one in five couples manage money separately. Those who do are less likely to know key information about each other's finances (including salaries, debts, assets, and credit scores) and are more likely to break up than couples managing money together.

Image Description: A bar chart showing the likelihood of couples splitting based on whether they share credit scores.

Key Findings

• Knowledge of Partner’s Debts: Only 42% of people who say their partner is financially irresponsible know that person’s debts, compared to 66% of people with money-savvy partners.
• Financial Transparency: Knowing a partner’s debts is crucial as it impacts major money milestones like buying a home.

The Impact of Financial Transparency

Tensions can arise when significant others aren't privy to each other's financial woes, especially since those issues can make it much harder for families to hit major money milestones. For example, a bad credit score can make it much harder to buy a home or secure an affordable lease on a vehicle.

Image Description: A couple reviewing their finances together, ensuring transparency in their financial matters.

Benefits of Sharing Credit Scores

Credit scores are designed to help lenders, insurers, and other service providers assess whether you'll pay a financial contract as agreed. They’re based on your payment history, credit utilization rate (how much debt you're carrying versus how much credit is available to you), credit history, number of credit applications, and types of credit accounts. Sharing credit scores can help couples make informed decisions about their finances and work toward shared goals.

Image Description: A credit score report being reviewed by a couple, discussing their financial health.

How to Check Your Credit

You can pull your credit reports for free each year via AnnualCreditReport.com and you can monitor your credit scores for free each month via several credit sites or credit card issuers. Learning how to improve your credit—or how your significant other can improve their credit—can make a big difference in your financial future together.

Image Description: A couple checking their credit scores online, ensuring they are aware of each other's financial status.

Conclusion

Financial transparency and sharing key financial information, like credit scores, can strengthen relationships and help couples achieve their financial goals together. Understanding each other's financial habits and working together can prevent conflicts and improve financial harmony.

Image Description: A happy couple feeling secure and confident after discussing their finances.