Love And Your Credit Score

by Categorized: Credit Cards, Personal Finance Date:

Can you find live in a credit score? Almost half of married couples say their credit scores close to their spouse’s, according to survey from Credit.com.
Forty-nine percent say their scores matched, but only 26 percent of divorced couple their scores matched their spouse’s while married.
Some other results:
>> Only 37% of married couples are very satisfied with the way they are managing their finances, while 49 percent of divorced couples say the same.

>> 30% of divorced respondents say their scores are significantly better after their divorce
>> 31% say that their scores got worse
>> 16% say their scores are somewhat better
>> 23% say that they don’t know

For divorced individuals, credit and debt usage grew during marriage (comparing prior-to-marriage vs. post-divorce debt levels)

>> Those with credit card balances increases from 53% to 70%
>> Those with mortgages increases from 32% to 54%
>> Those with auto loans increases from 38% to 46%
>> Those with student loans increases from 24% to 31%
>> Those with medical debt increases from 20% to 27%

It can take a long time to separate finances after a divorce

>> 6% say it took more than 3 years
>> 14% say it took between 1-3 years
>> 15% say it took between 6-12 months
>> The remainder say it took less than 6 months

Many regret not talking about credit and finances before marriage

>> 28% of divorced regret not discussing credit and financial goals before getting married vs. 10% of currently married people
>> 66% say that money contributed to their divorce
>> 45% of married say that credit / debt issues cause stress in their marriage

Satisfaction in how they are managing their credit and finances can improve, as well

>> 49% of divorced are very satisfied with how they are managing their finances after their divorce vs. just 37% of married

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