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Old 12-01-2010, 11:40 PM
 
Location: Denver, CO
2,276 posts, read 4,628,807 times
Reputation: 2488

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Thanks for the info. I am not canceling my cards until after I buy my next house because I have great credit and don't want to be in that "in between" area after I close them. After that, I don't really care about my FICO as I don't plan to ever borrow money again. I don't plan to rent an apartment or get a car loan. If I were to ever apply for another job, I would just tell them I don't borrow money. I honestly see no downside other than possibly having to put down a deposit for utilities or a cell phone.
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Old 12-02-2010, 09:12 AM
 
4,557 posts, read 9,894,028 times
Reputation: 3892
Quote:
Originally Posted by whoisjongalt View Post
Thanks for the info. I am not canceling my cards until after I buy my next house because I have great credit and don't want to be in that "in between" area after I close them. After that, I don't really care about my FICO as I don't plan to ever borrow money again. I don't plan to rent an apartment or get a car loan. If I were to ever apply for another job, I would just tell them I don't borrow money. I honestly see no downside other than possibly having to put down a deposit for utilities or a cell phone.
Well, it does affect your car insurance rates.

I'm curious though - you say IF you were to ever apply for another job... are you self employed or retired?

Just because you have credit cards doesn't mean you have to use them. I'll have to say - and we pay ours off each month - until my husband had lost his job, I never had a clue what it was like to be unemployed. It's horrible. I would not want to be without some sort of safety net. Thankfully we did not have to live off of our credit cards, but if it ever came to that, I wouldn't not want to have at least one.

Not to mention, when it comes to travel, I'd only want to use credit cards. Wouldn't feel comfortable using debit cards.
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Old 12-04-2010, 12:34 AM
 
Location: SARASOTA, FLORIDA
11,501 posts, read 13,646,828 times
Reputation: 4879
Cannot go to zero.

Your FICO score is NOT JUST ABOUT BORROWING MONEY.

Your job, insurance etc can and will be based on your credit history and score.
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Old 12-05-2010, 08:52 PM
 
Location: Denver, CO
2,276 posts, read 4,628,807 times
Reputation: 2488
Ok as I understand it, it isn't technically a "score" of zero. It is no score at all. This results either from never having borrowed money OR not having borrowed money (or having credit cards) for a period of time. I'm not sure how long that is. I've read as little as 1 year and as much as 7 years.
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Old 12-06-2010, 07:11 AM
 
1 posts, read 1,781 times
Reputation: 10
Quote:
Originally Posted by skeet09 View Post
Never say never. You never know. Prepare for the worst and expect the best!
I got a real good laugh from this. I don't think I'd make that statement and then in the next sentence use the word "never". I'm sure that could have been presented differently without sounding hypocritical.
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Old 12-07-2010, 08:32 AM
 
Location: San Antonio, TX, USA
5,142 posts, read 11,662,960 times
Reputation: 2507
Quote:
Originally Posted by Runner of Kiwis View Post
I got a real good laugh from this. I don't think I'd make that statement and then in the next sentence use the word "never". I'm sure that could have been presented differently without sounding hypocritical.
I don't quite understand what you mean.
Never say never because you never know when you may need credit again.
Prepare for the worst and expect the best is saying that's been around a while: prepare for the worst (make sure to have an emergency fund) but expect the best (hope that things come out the way you plan).
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Old 12-08-2010, 01:51 AM
 
Location: The North
5,190 posts, read 9,333,510 times
Reputation: 4322
Its so funny to read these people with their "holier than thou" statements about how they are giving up on debt. Good for you, but you ain't exactly special. You remind me of members of cult-like churches where you are taught only if you completely eliminate all temptation will you succeed. Why not just act responsibly, take on debt only when necessary and let your credit score be what it is?

Someone with a credit history that they are not using doesn't necessarily get a declining score. If your numbers are pretty close to zero activity for a decade you'd still have around a 650 score, higher if you have some non-debt activity going on like utility bills. Age matters as well, a 60-year old with no activity is going to have a higher score than a 21-year old.
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Old 12-19-2010, 10:46 PM
 
1 posts, read 1,651 times
Reputation: 10
i have a question..if i go to another country for 2 years,my credit score now is around 750, will my credit score decrease or go to the minimum? do i have to close all my accounts if i live in a different country for about 2 years? I have a family emergency in my country and have to stay for 2 years, but im certainly going to be back after 2 years.

any suggestion or info would be much appreciated. im really tensed at the moment. Plz help!
thank you and God bless!
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