Retirees in the Buff
- Thread starter Catatonic
- Start date
UpstateNYUPSer(Ret)
Well-Known Member
Just read an article in today's paper that may interest retirees who thought that it would be a good idea to put their credit cards away. Turns out that inactivity can be as detrimental to one's credit score as excessive debt.
In the article, a 70 year old lady went to a local car dealer with a substantial down payment to buy a car the she really wanted. Turns out she did not qualify for the loan as she had not used any of her credit for 10 years.
The article did mention one thing that I strongly with. It said that proper credit use would ensure that the retiree would be able to co-sign for a loan or a credit card for a child or grandchild. Retirees should never co-sign for anything for anyone!!
Responsible use of one's credit should not end the day that you stop working.
In the article, a 70 year old lady went to a local car dealer with a substantial down payment to buy a car the she really wanted. Turns out she did not qualify for the loan as she had not used any of her credit for 10 years.
The article did mention one thing that I strongly with. It said that proper credit use would ensure that the retiree would be able to co-sign for a loan or a credit card for a child or grandchild. Retirees should never co-sign for anything for anyone!!
Responsible use of one's credit should not end the day that you stop working.
UpstateNYUPSer(Ret)
Well-Known Member
This may surprise you but it is not always about you.
oldngray
nowhere special
Co-sign is something to be very cautious about but I wouldn't say it should never be done. Just use extreme caution. That loan will show up on your own credit report and your responsibility to pay if the other person doesn't. I did it for my sister once and she did repay the loan but it did temporarily hurt my credit rating.
BakerMayfield2018
Fight the power.
oldngray
nowhere special
If you have a good credit rating the exact numbers are pretty meaningless. Definitely important if you are borderline but when you get to the higher numbers it makes little to no difference.
UpstateNYUPSer(Ret)
Well-Known Member
I co-signed for both of my kids while they were in school.
I am talking about someone in their 70's or 80's being asked to co-sign.
UpstateNYUPSer(Ret)
Well-Known Member
My daughter and son flipped a coin to see which one would be changing my diapers when the time comes.
She lost.
She lost.
UpstateNYUPSer(Ret)
Well-Known Member
I was right at 820 before I opened up a revolving charging account with Wells Fargo when I had a BathFitter shower installed. ($5,400) Brought me down to 805.
My son is sitting at right around 740. He needs to put his damn credit card away.
Like ONG said, once you get above 800 it really doesn't make that much of a difference.
