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Old 07-15-2014, 11:26 PM
 
Location: San Antonio Texas
11,434 posts, read 16,505,406 times
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I'm talking about ppl that are in their 70s and up who no are fortunate enough to have their mortgage paid off and live in their own home. Safe to say that they no longer have to have that new car, buy a new home, student loans, etc. Yet, they are still concerned that somebody will report a bad debt to the credit bureau. I've never really understood this type of behavior. Can anyone explain it?
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Old 07-15-2014, 11:53 PM
 
Location: Out there somewhere...a traveling man.
39,642 posts, read 47,934,290 times
Reputation: 110610
For one insurance rates are determined by credit score no matter the age. Credit card rates are determined by credit score.
Many do not have paid off mortgages. Many lease cars, where credit score plays an important part.
Here's a good article about credit scores and retirees.
Retirees: Your Credit Score Still Matters | InvestorPlace
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Old 07-16-2014, 12:09 AM
 
1,162 posts, read 1,365,890 times
Reputation: 1641
Integrity.
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Old 07-16-2014, 12:11 AM
 
Location: Wisconsin
21,554 posts, read 44,171,868 times
Reputation: 15180
This is the Health Insurance forum, not the Retirement forum..

Subject of credit scores/ratings for Retirees was explored extensively on the Retirement Forum, here:

No more worry about credit scores - one of the few benefits of old age?
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Old 07-16-2014, 11:23 AM
 
3,046 posts, read 2,868,165 times
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Quote:
Originally Posted by MDrenter223 View Post
Integrity.


Correct the babybomer and the generation before them take pride in doing things ther right way. Unlike today were I don't give a crap attitude is rampit. Us older people were taught to be honest and hardworking, and not to pass the buck. And because of the I don't care attitude by some younger people of today it's harder to get credit. Also back before the boomers there were no credit cards. A mans word was sometimes all that was needed.
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Old 07-16-2014, 01:52 PM
 
Location: SW Florida
9,787 posts, read 7,083,387 times
Reputation: 14371
Quote:
Originally Posted by wehotex View Post
I'm talking about ppl that are in their 70s and up who no are fortunate enough to have their mortgage paid off and live in their own home. Safe to say that they no longer have to have that new car, buy a new home, student loans, etc. Yet, they are still concerned that somebody will report a bad debt to the credit bureau. I've never really understood this type of behavior. Can anyone explain it?
I guess they just object to the idea of having a black mark against their good name, as in, the principle of the thing. Even if that ding will never affect anything they still want to do.
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Old 07-16-2014, 04:32 PM
 
Location: Prescott AZ
6,141 posts, read 9,125,189 times
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This is the Retirement Forum. Isn't it????
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Old 07-16-2014, 04:45 PM
 
Location: Wisconsin
21,554 posts, read 44,171,868 times
Reputation: 15180
Quote:
Originally Posted by Ariadne22 View Post
This is the Health Insurance forum, not the Retirement forum..

Subject of credit scores/ratings for Retirees was explored extensively on the Retirement Forum, here:

No more worry about credit scores - one of the few benefits of old age?
Quote:
Originally Posted by PhxBarb View Post
This is the Retirement Forum. Isn't it????
Yes, it is. But, OP began the thread on HEALTH INSURANCE in the early a.m. which is where I posted my comment - where thread remained for 18 hours untll moved here just a few minutes ago. Check the dates/times of the posts.

Further, subject has already been explored extensively, very recently, here:

No more worry about credit scores - one of the few benefits of old age?

Threads should be merged so the discussion stays in one place.

Last edited by Ariadne22; 07-16-2014 at 04:54 PM..
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Old 07-16-2014, 04:47 PM
 
6,579 posts, read 2,814,880 times
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Quote:
Originally Posted by MDrenter223 View Post
Integrity.
You said it all.
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Old 07-16-2014, 05:18 PM
 
Location: East of Seattle since 1992, originally from SF Bay Area
29,977 posts, read 54,735,596 times
Reputation: 31356
Seriously, I know many people in their 70s, including my parents that have bought a house and cars. Not everyone that age is in the last house they will live in, nor do they have a home that's paid off. We will be moving when we retire, probably at 68, and while we may have enough equity to pay cash in another city, we may still end up with a mortgage. You cannot discriminate in lending on the basis of age, so people at 80 who are not epected to reach 110 can still get a 30 year mortgage if they have the income and credit rating. I would not expect the 2014 car we just bought at age 62 is not likely to last until we are in our 80s. One of my aunts was driving until age 98.
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