The Well

Rachel Surman | Personal Finance,Blog

A Step-By-Step Guide To Convince Someone You Love To Check Their Credit Score

February 14, 2018

We know – checking your credit score can be nerve-wracking! Your credit score, a three-digit number between 300 and 900, is an important indicator of your overall credit health. It’s used by banks and lenders to determine your creditworthiness and the higher your score, the better.

This is precisely why checking your credit score is so important. But what happens when someone you love doesn’t know their credit score, or worse, doesn’t want to check it? According to a recent study, almost two in five adults say that a credit score would affect their interest in dating that person. Yikes! 

But before you start worrying about the state of your relationship – hold on a minute. We’ve put together a step-by-step guide to convince someone you love to check their credit score (you can thank us later). 

Step 1: Explain the benefits

You know how important it is to check your credit score. But does your partner?

Knowing their credit score can:

  • Help them save money. A high credit score gives them access to better credit cards, better mortgage and insurance rates, and better interests on products like a car loan or a personal loan.
  • Help them improve their credit score. Borrowell data shows that those who check and monitor their credit score improve it the most over time.
  • Help keep their identity safe. We’ve introduced free access to their Equifax credit report, so they can see their credit history and inquiries all in one place.

Walk your loved one through each of these points to demonstrate how knowing their score can help them. If they’re looking to learn more about how credit scores work, we also have a free 7-week email course you can use as a resource.

Step 2: Help them understand what goes into a credit score

OK, so your loved one now understands the importance of their credit score. But do they know what goes into it? Here’s a quick breakdown of all the moving parts that make up a credit score:

  • Payment history: Do they make payments on time?
  • Amount of credit owed: What are the balances on their credit accounts?
  • Utilization of credit: Are they close to their balances on their credit limits?
  • Length of credit history: How long have they been building their credit history?
  • Searching for new credit: Are they looking to refinance?
  • Credit mix: What type of credit do they have and is it a good mix?

Getting your partner to understand each of these pieces will help them monitor their credit score and understand exactly what needs to be done to improve it. 

Step 3: Explain the importance of their full Equifax credit report

Great, your loved one now knows why they should check their score and what goes into it. But it’s also important for them to check get their Equifax credit report and understand the information they’ll see on it.

A credit report will show your loved one their monthly utilization, any inquiries made about their credit, trades and accounts, and their account history. If they need a bit of help understanding how to read their credit report, check out our guide here

Step 4: It’s time! Check that credit score

Yay! You’ve done it! It’s time to check your loved one’s credit scoreMake sure that they know you’ll support them (no matter what) and you’ll be there to help them improve their credit score, if needed. 

Have the best Valentine’s Day ever! Love, Borrowell.