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Old 07-16-2014, 07:20 PM
 
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My thought is that as we age we increase our need for a newer model car with the latest safety technology and improved crash protection. Others may differ but along with other mentioned reasons like integrity credit scores will remain important as wll credit cards and points instead of cash and no points. Credit cards need not mean debt.
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Old 07-16-2014, 10:41 PM
 
Location: too far from the sea
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I care about my credit score and lately I've been wondering why. I'm never going to buy another house, I pay cash for cars and just buy a cheap car anyway. I can't see spending a small fortune on a car.

For me, I actually think it's a case of old fashioned integrity. Like when my ex left me with thousands of $$ worth of cc card bills--cards taken out in my name that I didn't even know about. I paid them all off. One had gone to (collection? whatever they call it) and I paid that too even though they said I didn't have to. I must have been crazy to do that but I did it anyway.

I'm thinking of taking an expensive trip with my husband and throwing a lot of it on a cc. I'll get points with it but probably my good credit will take a hit. Thing is, if we don't take that trip now, we may never get another chance.
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Old 07-17-2014, 08:00 AM
 
Location: ☀️ SWFL ⛱ 🌴
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Quote:
Originally Posted by in_newengland View Post
I care about my credit score and lately I've been wondering why. I'm never going to buy another house, I pay cash for cars and just buy a cheap car anyway. I can't see spending a small fortune on a car.

For me, I actually think it's a case of old fashioned integrity. Like when my ex left me with thousands of $$ worth of cc card bills--cards taken out in my name that I didn't even know about. I paid them all off. One had gone to (collection? whatever they call it) and I paid that too even though they said I didn't have to. I must have been crazy to do that but I did it anyway.

I'm thinking of taking an expensive trip with my husband and throwing a lot of it on a cc. I'll get points with it but probably my good credit will take a hit. Thing is, if we don't take that trip now, we may never get another chance.
Using your card won't hit your credit rating at all, just the opposite. Good credit comes from using your card and of course paying the monthly bill. I resisted using a credit card for similar reasons as you, cash was better in my mind. I've come full circle and rarely use cash now. That monthly credit card bill is a good way to track spending. I never wanted to use it for purchases under $10, but it's those purchases that can quickly build up unseen and can be hard to account for, so now I do. I only pay cash where credit cards aren't taken and then I usually choose not to shop there in the future, unless it's for something not found elsewhere, which isn't often.
I have a good overview of our spending with our credit card statements and excel spreadsheets.

And about those points and cash back programs: they probably are a loss to credit companies with people that pay their bill off monthly, but I'm sure they are playing the odds and making more money with the majority that don't pay in full and pay the interest rates every month.

Last edited by jean_ji; 07-17-2014 at 08:31 AM..
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Old 07-17-2014, 08:38 AM
 
29,815 posts, read 34,900,894 times
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Using your card and paying in full each month normally helps your credit score. It shows your ability to pay. That is part of the advantage of using a card over cash and paying in full each month. Credit cards create a paper trail that cash doesn't.
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Old 07-17-2014, 09:45 AM
 
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Yes, INTEGRITY and a sense of pride and as a symbol of accomplishment. And doesn't a good credit score also affect your credit card interest rates? For some of us who struggled greatly to achieve financial success in our old age, the good credit score is rather like a diploma; we made it over the 800 mark.
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