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Author Topic: How much do you value your credit score?  (Read 9907 times)
Searing
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August 11, 2014, 09:29:32 AM
 #101

Credit score has little value if you don't plan on borrowing money from bank.
This is technically true, however most people do not have the resources to never have to borrow from the bank, especially during their earlier years (prior to turning 45ish). When people get older they will have to rely less on bank loans, but they still may need one in case of an emergency (unemployment, medical expenses among other things).


yep older....had a student loan i paid off ..so when I got my house around 2000 after the dot com crash of stock market then pres Bush the jr...got us into IRAQ...EVERYONE
was telling me to get into stocks at that point...sorry ....so I looked around and figured screw it pay the house off from 2000...who is gonna give me the equiv of a 650/m raise (NET) would be closer to 1K raise in the next few years....paid if off in 7 years months before the stock crash /great recession

good thing I did or I'd of had to keep a 2nd job for the house payments...now no debt ..just house utils ...no cc debt (amex have to pay it off each month) so that $650
house payment is gone ...of course some of that goes into the house but I can use 'denial' on that heh Smiley

Searing

If you now have no debt, and no housing payment (expect for taxes and insurance) it would be advisable to invest more money into investments (be it stocks, bonds, traditional savings accounts, or other types of investments) so you can save for a "rainy day" and for retirement. You likely do not want to be working up until you die and when you do stop working you want to be able to live comfortably. This is likely the same advice that you would receive if you were to speak to any financial adviser or financial planner.

yeah I agree up to a point....am doing so now...but way back when on my previous choices... in my case deciding to get the house paid off was equiv to 1K raise in real $$$ at my payment net $$ of $650/m back between  (got house 2000) and 2004 when I decided to just go for it and pay off the house for the above equiv 'raise' so to speak..and paid
it all off nov 2007 by the by.

of course now I invest $$$ more in stocks/etc as you state above but as far as house improvements etc..I don't have to use the home equity loan to do so..it is just there
in case my chimney falls down or something else odd mainly because I also found that instead of 1000 usd or some such for home owners insurance...full boat no deductible
that was required I have because of the home loan and the bank etc.....I by changing it to 5K deductible save  around 250 usd per year or $750.....so I take this gamble with the knowledge
that I can if disaster strikes just 'eat it' and use the 'unused' catastrophic fund which is the purpose of my home equity loan..to make up that 5K should I need to...anyway my logic and another way to save if you like them odds

again this is what I did ...risks/rewards etc admittedly in my case in 20/20 hindsight it was the right choice with the economy tanking in fall 2007 (was it?)....saved me getting
a 2nd job that is for sure...anyway my choices for illustrative purposes/angles.

anyway my 2c worth

Searing

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August 14, 2014, 03:56:22 AM
 #102

Credit score has little value if you don't plan on borrowing money from bank.
This is technically true, however most people do not have the resources to never have to borrow from the bank, especially during their earlier years (prior to turning 45ish). When people get older they will have to rely less on bank loans, but they still may need one in case of an emergency (unemployment, medical expenses among other things).


yep older....had a student loan i paid off ..so when I got my house around 2000 after the dot com crash of stock market then pres Bush the jr...got us into IRAQ...EVERYONE
was telling me to get into stocks at that point...sorry ....so I looked around and figured screw it pay the house off from 2000...who is gonna give me the equiv of a 650/m raise (NET) would be closer to 1K raise in the next few years....paid if off in 7 years months before the stock crash /great recession

good thing I did or I'd of had to keep a 2nd job for the house payments...now no debt ..just house utils ...no cc debt (amex have to pay it off each month) so that $650
house payment is gone ...of course some of that goes into the house but I can use 'denial' on that heh Smiley

Searing
If you now have no debt, and no housing payment (expect for taxes and insurance) it would be advisable to invest more money into investments (be it stocks, bonds, traditional savings accounts, or other types of investments) so you can save for a "rainy day" and for retirement. You likely do not want to be working up until you die and when you do stop working you want to be able to live comfortably. This is likely the same advice that you would receive if you were to speak to any financial adviser or financial planner.
When you have no debt like this your credit score will likely suffer and it will be hard to get credit when you really need it. Even if you have sufficient assets today you never know what tomorrow will bring to you financially.
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August 14, 2014, 04:42:31 AM
 #103

Credit score has little value if you don't plan on borrowing money from bank.
This is technically true, however most people do not have the resources to never have to borrow from the bank, especially during their earlier years (prior to turning 45ish). When people get older they will have to rely less on bank loans, but they still may need one in case of an emergency (unemployment, medical expenses among other things).


yep older....had a student loan i paid off ..so when I got my house around 2000 after the dot com crash of stock market then pres Bush the jr...got us into IRAQ...EVERYONE
was telling me to get into stocks at that point...sorry ....so I looked around and figured screw it pay the house off from 2000...who is gonna give me the equiv of a 650/m raise (NET) would be closer to 1K raise in the next few years....paid if off in 7 years months before the stock crash /great recession

good thing I did or I'd of had to keep a 2nd job for the house payments...now no debt ..just house utils ...no cc debt (amex have to pay it off each month) so that $650
house payment is gone ...of course some of that goes into the house but I can use 'denial' on that heh Smiley

Searing
If you now have no debt, and no housing payment (expect for taxes and insurance) it would be advisable to invest more money into investments (be it stocks, bonds, traditional savings accounts, or other types of investments) so you can save for a "rainy day" and for retirement. You likely do not want to be working up until you die and when you do stop working you want to be able to live comfortably. This is likely the same advice that you would receive if you were to speak to any financial adviser or financial planner.
When you have no debt like this your credit score will likely suffer and it will be hard to get credit when you really need it. Even if you have sufficient assets today you never know what tomorrow will bring to you financially.

It is kind of a paradox of how the credit system work. Normally, people who have asset and no debt should have higher credit score.
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August 14, 2014, 05:15:25 AM
 #104

Continuing the above discussion, it's really all about doing what you agree to do. If you agree to pay back borrowed money with interest, then you need to do exactly that. The law is written to require that your end of the bargain be upheld, and that is how it should be. In the end, you have to take responsibility for signing on the dotted line.

^Do not quote me on this in reference to terms and conditions. Legally, I did "agree" to Apple's terms and conditions but I do not consent to any 40+ page legalese document to use a freaking phone.
You're in for a nasty surprise when iTunes revokes your use privileges when you try using it to manufacture chemical weapons.

I would give up my plans for world domination if I had to use that piece of fancy Cupertino garbage.
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