I bought a new car 2 years ago. I may buy another one. I might want to move and take out another mortgage or perhaps a home equity loan. If I decide I want to go back into the workforce for however long for whatever reason, it will matter then. If I want to apply to an Assisted Living facility, I imagine it would be a good thing to have.
I just bought my 3rd new car ever 2 years ago. >I kept the first one (1989 S-10) for 15 years. >I still have the second one (2005 GMC) at 16 years of age. >Depending on where my finances and my health are, I may get in a "You can't take it with you" mode and trade in the one I have.
Don't have to worry about our credit score...........it's great! We continue to get raises in our credit card limit often.
I'm on the fence with this question. I can't think of anything that I would need to have good credit for but I hope that I have good credit if I need it.
I have all the credit I need, and, unless something catastrophic occurs, my credit score will see me through to the end of my days. I haven't purchased a car since 2014 and that was used. I purchased a new vehicle in 1973 and one in 1996. All others have been used and I buy used fleet vehicles if I can get them. When we bought our car in 2014, the credit manager told us we could purchase the dealership if we chose to do so.
I have everything paid for except my house which I recently refinanced to make improvements. I charge everything, monthly bills, groceries, dental, etc., on my credit card and pay it in full every month so no interest. I get a nice kickback at the year's end. Instead of paying outrageous interest, I make 1-3%. The credit card company still makes money from the businesses, but none from me. I have never been late on any payment ever, never defaulted, never filed bankruptcy, etc., yet my once 850 credit score is now in the high 500s because I refuse to play their game. Yes, I have had it used as a negative against my character, and believe me, I spell it out for the ignorant fool that dares to tarnish my character over a fake and meaningless game called credit score controlling people by playing a debt game. Slavery by debt! My auto and house insurance once tried to use it against me and after a conversation about my over 40 years of loyalty to them and why should my credit score have any bearing on my rates, they reconsidered their illegal attempts to rob me. The last time I went to refinance my house and they quoted an interest rate based on my credit score, I asked them how many late payments they saw, how many defaults they saw, etc., and then ask them for their lowest interest rate. When they started their used car salesman nonsense, I walked out. An hour later I got a call that my loan was approved for the lowest interest rate. Using a credit score as a judge of character is not only inaccurate but criminal. I don't care what my credit score is but others do and therein lies the problem.
I was in the Verizon store upgrading my phone and got a smart watch, and one of the people in there was telling me about the Verizon VISA card. It gives me double the reward points of my current card, AND when you apply through the store, they take $100 off your next month's cell bill. If I use it for auto-pay on my cell phone account instead of the card I'm currently using, I'll get a $10 discount every month. I'm not big on having a lot of credit cards (in fact, a couple of years ago I cancelled a couple I wasn't using), but I signed up for this one. Getting 4% off of groceries (and everything I buy at Walmart) was too good to pass up. So at 67 years of age, I'm still applying for credit as unforeseen opportunities arise.
Reading the other comments about the use of a credit score to literally judge the character of a person reminded me that insurance companies do this. I know someone who went through a tough patch and his credit score suffered. Allstate raised his homeowner's insurance and car insurance rates solely based on his declining credit score. Apparently they can statistically justify it the same way they statistically justify charging young males higher car insurance rates. Obviously, if you're suffering financial hardships, having your insurance costs go up is a punch in the gut. It's something to keep in mind. I'm not certain that all insurance companies do it, but odds are the number that do is more likely to increase than it is to decrease.
Since credit scores are not an accurate reflection of financial stability or dependability, it is illegal for insurance to base rates on it. Some used to but I think they have stopped. The credit score game is just to increase personal debt and keep the people dependant on the banks and government.