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OF WHAT BEARING DOES THIS REALLY HAVE FOR THOSE OF US WHO ARE RETIRED?
I can see an issue it if is true for the 30-something crowd who have to buy big ticket items. But few retired people need to buy big ticket items that they need a giant good credit score for. They'll sell cars to most people who are not dead drunk when they arrive at the dealership.
As a senior, or for that matter any younger person, it feels like an invasion of privacy to have our retirement savings information along with our buying habits, distributed to marketing driven individuals. There is no real need for it other than corporate greed and the loss of control of our own privacy is a big deal to some of us. Why not just run our information on the big board like they do the stock market? Some seniors have more trouble than others resisting marketers for big ticket items or ponzi schemes which makes the lack of privacy even more of a concern. If someone is interested in and tracking how much I spend at a thrift store, this is just going too far.
OF WHAT BEARING DOES THIS REALLY HAVE FOR THOSE OF US WHO ARE RETIRED?
I can see an issue it if is true for the 30-something crowd who have to buy big ticket items. But few retired people need to buy big ticket items that they need a giant good credit score for. They'll sell cars to most people who are not dead drunk when they arrive at the dealership.
Not a big deal as far as I'm concerned.
Many people plan to live retired the same way they lived working and not scaling back so the same purchasing pattern might be in order. Interest rates are still going to be impacted.
Many people plan to live retired the same way they lived working and not scaling back so the same purchasing pattern might be in order. Interest rates are still going to be impacted.
You did say "many people" so I would have to agree, but many of us also conform to the pattern of the poster you were responding to. I am 67, love my paid-off townhouse and its location and have no plans to ever buy another home. I last bought a new car three years ago and paid cash. If I live long enough to ever buy another car (I usually keep them about 15 years) it will also be for cash. I have one single credit card - balance paid in full every month - and I don't know what my credit score is and I don't care if I even have one.
It would be interesting to know (but probably unknowable) what percentage of seniors over age 70 (just to pick a round number) fall into the category which you described above and what percentage fall into the category which I represent.
You did say "many people" so I would have to agree, but many of us also conform to the pattern of the poster you were responding to. I am 67, love my paid-off townhouse and its location and have no plans to ever buy another home. I last bought a new car three years ago and paid cash. If I live long enough to ever buy another car (I usually keep them about 15 years) it will also be for cash. I have one single credit card - balance paid in full every month - and I don't know what my credit score is and I don't care if I even have one.
It would be interesting to know (but probably unknowable) what percentage of seniors over age 70 (just to pick a round number) fall into the category which you described above and what percentage fall into the category which I represent.
I suspect the answer to that will be very dependent on location, location, location. Retirement income probably correlates with working income and higher income areas probably have folks with higher retirement incomes. Transplant that retirement income to a lower income/cost of living area and the buying power of that retirement income increases. That being said most of the people I know will still be exercising purchasing power if healthy at age 70 plus. As you get older your assets need to last you not as long and if they haven't decreased your situation has probably improved. Until now I kept cars 12-15 years but those days are over. The financial variables are now more threatened by politics than anything else. I understand your point.
As reported on ABC 7 news, FICO credit scores now include a behavior risk score which could increase if you shop at a discount store or use your credit card at a casino. Many retired folks like to shop at thrift stores but could this hobby hurt your credit score? As a senior, should you care?
How much financial information regarding seniors retirement accounts, and others, be collected and distributed?
That is the stupidest thing I have ever heard of. Where I lived in San francisco the elderly using the Goodwill Store were cash poor but where usually sitting on two or three rental properties worth a million each. Some bright young suit came up with that dumb idea
That is the stupidest thing I have ever heard of. Where I lived in San francisco the elderly using the Goodwill Store were cash poor but where usually sitting on two or three rental properties worth a million each. Some bright young suit came up with that dumb idea
Cash poor usually results in the inability to react to unexpected bills without falling behind. Falling behind means a lower credit score.
Cash poor usually results in the inability to react to unexpected bills without falling behind. Falling behind means a lower credit score.
These people choose to be cash poor rather than sell or borrow against their properties. Their shopping at thrift stores has nothing to do with their wealth, only their priorities.
These people choose to be cash poor rather than sell or borrow against their properties. Their shopping at thrift stores has nothing to do with their wealth, only their priorities.
If you take into consideration the β and σ, these people you speak of are insignificant for the purpose of determining what defines risk.
Regardless of anyone's wealth, or lack of, my post was about our buying habits being being used to anticipate behavior by the score keepers. For me, I like the thrift stores as I can usually strike up a conversation with folks of my own age and discuss our finds. I happen to have a great credit score and resent the fact that what I thought was an innocent hobby would be looked as a predictor of some problem behavior. Sometimes, I even get really wild and buy a lottery ticket so does that make me at risk for my gambling habit?
I don't understand the post about these people are insignificant for the purpose of determing what defines risk as the score keepers use individual information against individuals not a broader group.
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Need for credit after age 70
