How much do you value your credit score?

[Fray]

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

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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[madken7777]

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

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.

[Razick]

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.