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Started By
Message
re: Older OT'ers - How much do you really care about your credit?
Posted on 3/14/16 at 5:31 am to Redbone
Posted on 3/14/16 at 5:31 am to Redbone
Credit scores are a scam. Do not worry about it unless you have to borrow money on a regular basis in order to conduct your business affairs.
Privately, you should never borrow money except to pay for your home. The more you borrow, the more your house is built on a deck of cards.
My neighborhood street has seen three bankrupt family's have to have their home forclosed in the last year. One was a physician, one a CEO of his grandfathers company, and one was a car dealership executive. I bet they all had GREAT credit scores while they were running up debt. Until they did not. The world uses a credit score to evaluate how early they are "buying in" on your debt load. It's a suckers game.
Save for things and pay them off. You will sleep better.
Privately, you should never borrow money except to pay for your home. The more you borrow, the more your house is built on a deck of cards.
My neighborhood street has seen three bankrupt family's have to have their home forclosed in the last year. One was a physician, one a CEO of his grandfathers company, and one was a car dealership executive. I bet they all had GREAT credit scores while they were running up debt. Until they did not. The world uses a credit score to evaluate how early they are "buying in" on your debt load. It's a suckers game.
Save for things and pay them off. You will sleep better.
0
Posted on 3/14/16 at 5:34 am to theantiquetiger
quote:
Older OT'ers - How much do you really care about your credit?
Enough to pay a red light camera ticket.
Posted on 3/14/16 at 5:37 am to theantiquetiger
quote:
I'm older, live in a nice $400K home that will be paid for in less then 15 years, have a few credit cards with great lines of credit.
Douche alert. Little do you realize, a 400k house makes you one of the poorer people on the OT
Posted on 3/14/16 at 6:53 am to fightin tigers
quote:
I'm about half your age and face the same problem. I have been told to just carry a credit card and use it every now and then.
Bull shite system.
My score nosedived because I paid off a loan. Apparently that makes me a deadbeat.
Posted on 3/14/16 at 6:57 am to theantiquetiger
I do not obsess over my credit, but I do want to see it stay in the 700's. I don't try to keep it there, I simply monitor it.
Posted on 3/14/16 at 6:58 am to Bestbank Tiger
Don't need credit. Retired and I pay cash for everything. Everything I own is paid for.
I do have a credit card or two, but only use them for booking rooms or whatever.
I do have a credit card or two, but only use them for booking rooms or whatever.
Posted on 3/14/16 at 6:59 am to theantiquetiger
I'm not nearly old enough to not care about my credit score.
Posted on 3/14/16 at 7:00 am to Bestbank Tiger
quote:
My score nosedived because I paid off a loan. Apparently that makes me a deadbeat.
The last credit score I did had an explination of what drags you down...mine? My house is paid off
Dave Ramsey says it best, your credit score determines how well you play kissie-faces with the bank. He has a point, don't banks pay to keep Fair Issac running?
Posted on 3/14/16 at 7:38 am to theantiquetiger
I just retired and have only a portion of a mortgage left to pay from my lump sum rollover of my pension & 401K & IRA. Debt free after that and I now carry only a debit card and one major credit card that I would occasionally use for the same reason most OP responses state. I've never seen my credit score and may take a peek at it for grins...... 
Posted on 3/14/16 at 7:56 am to Yewkindewit
quote:
I've never seen my credit score and may take a peek at it for grins......
Checked mine and was shock to see how high.
Posted on 3/14/16 at 8:00 am to theantiquetiger
After my divorce my credit was wrecked took me a good seven years to get it back where I want it. So I will say it is very important to me
Posted on 3/14/16 at 8:03 am to theantiquetiger
I don't need it so I don't really care that much about it.
Posted on 3/14/16 at 8:07 am to Supermoto Tiger
quote:
Enough to pay a red light camera ticket.
Well shite! The OT told me to ignore and nothing would happen and it would not affect my credit!!!
Posted on 3/14/16 at 8:22 am to Farkwad
Where do you even go to check it? I have one credit card that I use to book things and that is it but would like to know my score in case I decide to finance a car instead of paying cash in the future.
Posted on 3/14/16 at 8:54 am to theantiquetiger
I'm more worried about my debick than my credick.
Posted on 3/14/16 at 8:55 am to madamsquirrel
A lot of credit cards offer your score in their online services now. Citi and Barclay's for sure.
I don't worry about my credit score. It takes care of itself because we use our credit responsibly and at this point in my life we have a pretty extensive history.
I don't worry about my credit score. It takes care of itself because we use our credit responsibly and at this point in my life we have a pretty extensive history.
This post was edited on 3/14/16 at 8:56 am
Posted on 3/14/16 at 8:57 am to theantiquetiger
quote:
I'm older, live in a nice $400K home that will be paid for in less then 15 years, have a few credit cards with great lines of credit.
Congratulation on your life in the 1%.
Show off.
Posted on 3/14/16 at 8:57 am to VABuckeye
Correct, credit can be a very useful tool to people that know how to use it. Problem is that there are not very many of those people
Posted on 3/14/16 at 9:19 am to madamsquirrel
Madam couple apps for your phone or tablet you can download to check your credit and doesn't affect your score:
Credit karma and mint
I use these just to monitor my credit. 3 credit cards that I have that give me my fico score every month: Discover, American express, Cap 1
Credit karma and mint
I use these just to monitor my credit. 3 credit cards that I have that give me my fico score every month: Discover, American express, Cap 1
Posted on 3/14/16 at 9:20 am to yellowfin
How did I know you were gonna mention you were to young too post in this
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