Do you have the basic idea of what a credit score is? Read on for 3 surprising things you may not have known about the scores!
- Marriage predictor: The Federal Reserve did a study where they watched couples for 15 years to see how their credit scores may have affected their relationships. They found that couples with similar scores to each other at the beginning of their marriage were more likely to stay together than couples with scores that differed more. Interesting! Do you agree?
- 0 credit score: Did you know that you could potentially obtain a mortgage even with a credit score of zero? If someone never opens credit accounts their credit score will eventually become 0 but that doesn’t mean that a mortgage is out of reach. Manual underwriting may be an option where all assets and monthly bills are analyzed and could lead to a mortgage approval.
- History: Credit scores weren’t around until the 1950’s so before then people had to go and sit down with a banker to discuss getting a loan. Without credit scores to measure a person’s financial fitness, a banker could approve or deny someone’s loan request for many reasons other than financial such as if they just didn’t care for the person.