Dating, Marriage and Credit Scores: A New Twist in the Road To A Happy Life

He was tall, religious, well employed in finance and had great teeth. Even better, he came from a nice family background, and was brought up similarly to her. She was attractive, peppy and fully employed as a flight attendant.

But Chicago’s Jessica LaShawn was dumped after a first date when somewhere between salad and dessert Jessica truthfully answered a question about her credit score. Jessica’s FICO score was subprime (below 660), as she had paid late on some bills and had some lingering unresolved debts. A couple of days later, Jessica received an apologetic text message from her potential prince charming – no second date – it wasn’t Jessica, it was Jessica’s credit score which caused him to decline a second date with her. Good bye prince charming. Good bye, white picket fence…

Credit Scores are newly becoming a relationship metric, as many people are deciding who to consider and who not to consider for marriage based in part upon credit scores. Dating site executives report that they are receiving more inquiries and interest about when and how to bring up the issue of credit scores when deciding whether to date or pursue a relationship with a potential suitor.

Similarly, many marriage counselors relate that improving credit scores is a frequent topic of discussion with marital and relationship counseling clients. Dissimilar levels of concerns about maintaining an acceptable credit score can lead to significant friction in a long term relationship.

So how does bankruptcy fit into the universe of dating, marriage and credit scores?

Credit scores affect us all. Credit scores are kept on about 200 million Americans by FICO. More than 34% of these Americans (68.6 million) tracked by FICO have subprime credit scores of less than 660. FICO is short for Fair Isaac Corporation.

About 18.5% of Americans (37 million) enjoy the highest credit score range of 850-900, another 19.0% (38 million) enjoy very good credit scores of 750-800. About 16.0% of Americans (32 million) enjoy “good” credit scores of 700 – 750 and 12.2% of Americans (24.4 million) have borderline FICO credit scores of 650-700.

If unpaid bills, high credit card balances, lingering tax debts, old foreclosures and unresolved vehicle repossession deficiency obligations are keeping you in the “below 700” catagory with respect to FICO scores, what can you do?

How about a bankruptcy? What? Doesn’t bankruptcy ruin your credit, you ask?

Well, sometimes you have to go down before you can go up.

Many experts recite that a bankruptcy will temporarily dump your credit score down to 550, but then in many circumatances you will automatically start a very steady and sure climb back to a level of 700 (good), 750 (very good) or maybe even higher.

The New York Time (April 12, 2012) reports that the car loan or credit card for which you were unable to qualify right before bankruptcy can very likely immediately be yours right after a bankruptcy filing. This might suprise you, but after bankruptcy, many creditors will actively and very aggressively again solicit your business. This sounds very counterintuitive and maybe even a bit crazy, but strangely it is true.

After almost 19 years, I keep thinking that some day I will have seen it all when it comes to Creditors. However, the Creditors keep suprising me with new ideas and schemes, and these are often to your benefit, so check out this new shocking twist: I have had a few Chapter 7 clients show up at Court bearing letters that recite in essece the following:

“Dear Newly Bankrupt Potentially Valued Client: We have reviewed that you have a vehicle financed with another lender. We want you talk to your lawyer at court about giving up that old financed car in a voluntary repossession, thus giving the car back to your lender. If you do this, then on your way home from bankruptcy court just stop by our car lot and secure quick financing for a newer and better car.”

How does that grab you? Stop by the car lot on the way home from bankruptcy court and pick up a new car? Strange, but often true.

If your marriage relationship is suffering the stress of not meeting financial and mateiral goals due to chronically low credit scores, then consider a bankruptcy filing to charge up the material needs which, face it, are an important part of living with some contentedness in a long term relationship.

We all like to say that love is enough, but we all know that every marriage has material needs and material aspirations. Even if such material goals are modest, such as replacing that aging car, starting to save for retirement or college, moving up to a more suitably sized home, getting on a cell phone data plan instead of being stuck with an expensive “prepaid phone” or maybe even renting a little nicer place to live – we all have needs and aspirations. Chronically low credit scores can take away some of the material comforts that we look forward to enjoying with our mate in a long term relationship, and these disappointments can take a little of the joy out of your daily walk of relationship and marriage.

And in Jessica’s LaShawn’s date with Mr. Right, he had her at hello…but it was quickly goodbye due to Jessica’s chronically low credit score. If Jessica had filed for bankruptcy well before her dream date appeared and had thus already started the amazingly quick post-bankruptcy credit score recovery process, she would probably have received that offer of a second date. But she was not proactive and did not file for bankruptcy. Jessica just ignored her declining credit situation because it was too uncomfortable to face. The result? Sadly, for Jessica the story is “white picket fence postponed”.

Get on with your life and start living now: Consider bankruptcy as a strategic tool for your long term dating, relationship and marital hapiness. You will be shocked at how quickly your creditworthiness is restored post-bankruptcy.

And while you are at it, spread the good news that there is hope for the future through bankruptcy- people need to know, and if you won’t tell them, they will never learn.

[Special thanks to Jessica Silver-Greenberg, for writing “Perfect 10? Never Mind That. Ask Her for Her Credit Score.” NY Times, Page A1, Wednesday, December 26, 2012.]

Considering the need for a bankruptcy filing to get your credit back on track? Contact us at 253-383-1001 for an appointment in Tacoma, Puyallup, Olympia, Chehalis, Renton or Bremerton.