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FirmAndSteady

51 Contributions
146 People Helped
Have you older users noticed how your credit scoring is affected regarding old paid accounts?
I wonder how many other CK members can identify with our (my wife and I) situation concerning the use of credit during the younger and then the older adults years? We bought a home 45 years ago and paid it off approximately 25 years ago. Therefore, it shows up on NO credit bureaus and payment records. We thought this was the most simple and common-sense financial approach. The big bonus was not having to pay tens of thousands of dollars in interest all those years. We have bought and financed about ten vehicles, including a couple of motorcycles, and those accounts are long ago off the record. We have had a couple of loans over the earlier years...also paid off.
You can see the dilemma here. All our assets have been paid off many years ago. We have our home and property, and other assets, probably valued at close to a million. However, until a little more than a year ago, we had not bought (financed) a new car again. We went about 13 years with the existing autos and I had bought a later model SUV, and paid cash. I personally didn't feel the need for a lot of credit anymore. I've had a couple of credit cards for more than eleven years, and some more later ones, but it appears one gets penalized for not having an ongoing mortgage, loans, and a dozen other retail accounts (including credit cards).
I think I would rather live with credit scoring in the mid-high 700+ range, and be basically debt-free (except for the latest new auto). If I had a mortgage now, along with a dozen or so credit cards, I have no doubt my score would be over 800+. It's an easy choice for me...I'll take the first option.
If any of you have similar experiences, I would like hear about them.

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Been there, done that.  ( not even close to the million dollars )

Read my profile,  have a time line of some events for the past 5 years.

12 Credit cards with 50k Credit Limit on them,   0 used.

HELOC on the House at 50k Line of Credit, 0 used.

Make 1.25 payment on each of the Credit Cards every other month.   Counts as payment history,   keeps the card active and they send it back to me after a few months,  repeat the process.

Top Contributor
1776 Contributions
3024 People Helped

Been there, done that.  ( not even close to the million dollars )

Read my profile,  have a time line of some events for the past 5 years.

12 Credit cards with 50k Credit Limit on them,   0 used.

HELOC on the House at 50k Line of Credit, 0 used.

Make 1.25 payment on each of the Credit Cards every other month.   Counts as payment history,   keeps the card active and they send it back to me after a few months,  repeat the process.

Results 1-2 of 2Results per page: 5 | 10 | 25Page 1 of 1   Previous | Next

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