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Old 05-26-2014, 05:21 AM
 
Location: Los Angeles area
14,018 posts, read 17,763,041 times
Reputation: 32309

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One of the few benefits of old age may well be that we can forget about jumping through all the hoops to keep our credit scores high, such as maintaining a low percentage of credit card utilization, etc. The normal trajectory of aging from a financial point of view is that we eventually pay off our house and also end up in the house that will be the final house we will own because we will either die there or have to go into an assisted living facility and/or nursing home.

So first, we will never buy another house, therefore never need another home loan. Second, we will never need another loan of any kind at all, as a lifetime of saving has built up reserves adequate for our needs. Even cars can easily be purchased for cash, provided we don't need high-end cars. I paid cash for my MazdaSpeed3 in 2007.

About six or eight years ago I placed freezes on all three credit reporting bureaus for the purpose of preventing identity theft. Therefore I don't even have a credit score (or perhaps technically I have the lowest possible credit score because I do not "have" any credit history at all until I unfreeze my accounts at the three bureaus).

Furthermore, I will never need another credit card, because I have a good one with a $10,000 limit; I can't imagine needing more than one, as I have only had one for a long lifetime and that has worked just fine for me.

In the Personal Finance sub-forum of the Economics Forum here, there are lots of threads about people agonizing about strategies for maximizing their credit scores, and it occurred to me that the lack of such a worry is perhaps one of the few benefits of old age. The primary benefit of old age is probably not having to go in to a full-time job five or six days a week, but it would be another thread topic to discuss what we like most about being older.
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Old 05-26-2014, 05:57 AM
 
Location: zippidy doo dah
895 posts, read 1,333,644 times
Reputation: 1928
Quote:
Originally Posted by Escort Rider View Post
One of the few benefits of old age may well be that we can forget about jumping through all the hoops to keep our credit scores high, such as maintaining a low percentage of credit card utilization, etc. The normal trajectory of aging from a financial point of view is that we eventually pay off our house and also end up in the house that will be the final house we will own because we will either die there or have to go into an assisted living facility and/or nursing home.

So first, we will never buy another house, therefore never need another home loan. Second, we will never need another loan of any kind at all, as a lifetime of saving has built up reserves adequate for our needs. Even cars can easily be purchased for cash, provided we don't need high-end cars. I paid cash for my MazdaSpeed3 in 2007.

About six or eight years ago I placed freezes on all three credit reporting bureaus for the purpose of preventing identity theft. Therefore I don't even have a credit score (or perhaps technically I have the lowest possible credit score because I do not "have" any credit history at all until I unfreeze my accounts at the three bureaus).

Furthermore, I will never need another credit card, because I have a good one with a $10,000 limit; I can't imagine needing more than one, as I have only had one for a long lifetime and that has worked just fine for me.

In the Personal Finance sub-forum of the Economics Forum here, there are lots of threads about people agonizing about strategies for maximizing their credit scores, and it occurred to me that the lack of such a worry is perhaps one of the few benefits of old age. The primary benefit of old age is probably not having to go in to a full-time job five or six days a week, but it would be another thread topic to discuss what we like most about being older.
My understanding is that credit scores are used for a number of things such as insurance rates on auto/house/etc . Many organizations as well are doing credit checks when one applies for a volunteer condition and that also would apply to applications for part-time/full time jobs. So the concern for credit scores looks to be something that will continue to follow us all . Probably will become a part of a family tree search..........................
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Old 05-26-2014, 06:15 AM
 
Location: Pennsylvania
16,377 posts, read 10,364,355 times
Reputation: 28593
When you volunteer they want your credit score? Why?

That'd be a place I wouldn't volunteer.
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Old 05-26-2014, 06:24 AM
 
3,518 posts, read 5,183,483 times
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My volunteer work involves children. They never checked my credit score, but did a background check using my fingerprints. Neither my home or auto insurance have ever asked for my credit scores.

I totally agree with the OP. I, too, have frozen my credit scores since 2007 and have never encountered a problem with it. It's nice to have that level of protection against identity theft.
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Old 05-26-2014, 06:36 AM
 
Location: too far from the sea
19,894 posts, read 18,907,505 times
Reputation: 33821
I've realized the same thing. I don't care much about my credit card score anymore. I don't have to worry about getting that home loan. I'm not rich so I may have to borrow money or use a cc if I want to travel extensively but other than that, who cares? No pressure to maintain an excellent cc score.
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Old 05-26-2014, 06:58 AM
 
29,815 posts, read 34,907,142 times
Reputation: 11735
My credit score is and will always be a high priority. We are buying a new car and financing with our credit union at 1.99 percent. The money from the car we are selling is being invested as I feel the odds of beating the 1.99 percent. Don't insurance companies use credit scores and I am not sure we are done buying houses and they check credit scores when they turn your utilities on don't they?
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Old 05-26-2014, 07:09 AM
 
Location: Glenbogle
730 posts, read 1,029,196 times
Reputation: 1046
Your credit score is absolutely used for rating purposes for any kind of insurance, and for some other purposes as well.

Need homeowners (or renters) insurance? Your premium will depend in part on your credit score.

Need auto insurance? Your premium will depend in part on your credit score.

Want life insurance? Your premium will depend in part on your credit score. The Influence of Credit Scores on Life Insurance

Want longterm care insurance? Ditto.

Think you may want or need to live in a rental (apartment, condo, or sublet)? Your prospective landlord will likely want to check your credit score to see if you're likely to pay your rent on time or to be a deadbeat.

You may think that you'll never apply for a job again, but life is full of surprises and you may find at some time in your remaining lifespan you may need to at least look for part-time employment. Most employers do run an applicant's credit score nowadays.

Applying for a new cell phone plan? The reason the carrier asks for your social security number is so that they can run a quick credit check. Many utilities (gas, electric, etc) do this as well. Remember: None of these businesses are required to accept you as a customer. It's solely at their discretion and if in their opinion your credit score doesn't meet THEIR standards (whatever those standards are) they're perfectly within their rights to say Sorry, we don't want you.

All that aside, I happen to be proud of my excellent credit score. Why wouldn't I want to keep it that way?
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Old 05-26-2014, 07:17 AM
 
29,815 posts, read 34,907,142 times
Reputation: 11735
Quote:
Originally Posted by StressedOutNYer View Post
Your credit score is absolutely used for rating purposes for any kind of insurance, and for some other purposes as well.

Need homeowners (or renters) insurance? Your premium will depend in part on your credit score.

Need auto insurance? Your premium will depend in part on your credit score.

Want life insurance? Your premium will depend in part on your credit score. The Influence of Credit Scores on Life Insurance

Want longterm care insurance? Ditto.

Think you may want or need to live in a rental (apartment, condo, or sublet)? Your prospective landlord will likely want to check your credit score to see if you're likely to pay your rent on time or to be a deadbeat.

You may think that you'll never apply for a job again, but life is full of surprises and you may find at some time in your remaining lifespan you may need to at least look for part-time employment. Most employers do run an applicant's credit score nowadays.

Applying for a new cell phone plan? The reason the carrier asks for your social security number is so that they can run a quick credit check. Many utilities (gas, electric, etc) do this as well. Remember: None of these businesses are required to accept you as a customer. It's solely at their discretion and if in their opinion your credit score doesn't meet THEIR standards (whatever those standards are) they're perfectly within their rights to say Sorry, we don't want you.

All that aside, I happen to be proud of my excellent credit score. Why wouldn't I want to keep it that way?
Bada Bing, worked hard to earn it so stay proud. Once again it is interesting as the OP raised an interesting point and once again our individuality comes out.
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Old 05-26-2014, 09:22 AM
 
Location: Loudon, TN
5,807 posts, read 4,857,183 times
Reputation: 19522
Quote:
Originally Posted by sayulita View Post
My volunteer work involves children. They never checked my credit score, but did a background check using my fingerprints. Neither my home or auto insurance have ever asked for my credit scores.

I totally agree with the OP. I, too, have frozen my credit scores since 2007 and have never encountered a problem with it. It's nice to have that level of protection against identity theft.
They don't ASK for your credit score, they pull it from the credit bureau (soft hit). It is used by virtually every insurance company.
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Old 05-26-2014, 09:26 AM
 
Location: Edina, MN, USA
6,956 posts, read 7,402,814 times
Reputation: 16299
I have a high credit score and as others have mentioned, it's used for many things today. What about tomorrow? We've all seen how fast things change - maybe your credit score will determine whether or not you get that elected surgery and in what order. Maybe it will determine whether you get into that retirement community you want to go to. This will be the new scarlet letter - high scores - go to this line. Low scores - go to that line. People are always dreaming up new ways to classify people and determine their worth.

As it is today, you either need a high credit score or you need a really low one to get anything.
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