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Hi folks. 49 y.o. Married w/3 adult kids (one in the home aged 18). Mortgage buyers since 1996 w/a HELOC/ReFi in 2000. MY QUESTION: Why do we still need to worry so much about our credit score? While emergencies are always a concern, we have everything we need that requires credit to purchase. Thanks.
 

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It's my understanding that employers sometimes look at credit scores of potential employees, especially for certain government or security related jobs. An employee with bad credit is a risk. Also, if your 18yo needs you to co-sign for a student loan, they'll check your credit rating. Ditto if you co-sign an apartment lease for him.

Mostly, it's for young people getting loans for cars, renting or buying a first home, and trying to get more credit cards.

Allegedly, a good rating will get you lower interest rates, and better insurance rates, since it shows you are good at making payments, and making them on time. I had one insurance company drop us cold when DH lost his job back in 2001, and his credit rating took a dive when we could not make CC payments, even though our insurance was up to date and we had no accidents.

If you're not getting ready to buy, rent, take out loans, change jobs, or increase the limit on your current cards, then it's not something to worry too much about, although keeping up on payments is always a good idea.
 
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Doing refi also has banks checking credit scores. We just did one. They get 3 scores and take the middle or lowest score. It supposedly affects the interest rate.
 
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