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How many people actually care about their credit?

New Contributor

How many people actually care about their credit?

Just had an interesting conversation with a co-worker who was talking to me about not wanting to pay his cellphone bill anymore, I had mentioned he shouldn't do that because it will hurt his credit and he said basically "I don't care about my credit". Basically had a living for today and not tomorrow attitude, which got me wondering if people in general don't care until it's time to get a house or a car, etc. Seems a lot of people don't really care until they need it, which I was one of those people so I know life can get in the way and current bills and situations can occupy more of your time.

 

How do you feel? Do you think the majority of people don't really work on or care about their credit?

 

Mod's: I guess this is just a general credit question but not sure if it belongs here or smorgasboard so feel free to move it if need be.

Current Score: 639 (3.06%) 19pt gain

Message 1 of 21
20 REPLIES
New Contributor

Re: How many people actually care about their credit?

Based on my experience, I've met tons of people in their early/late twenties that don't even have a credit card because they're scared to spend money they don't have.

 

Each time I facepalm, and just keep silent because explaining credit to people who aren't open to hear it isn't worth the time. Let them be, and do your own thing. 

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Message 2 of 21
Regular Contributor

Re: How many people actually care about their credit?

I think many young people or those who are not looking to make a big purchase (house, car) just don't realize how big of an impact a "seemingly" small negative (such as a late payment) can have on your life later on.  I certainly was one of them.  My thinking used to be "hmm so what  if I made one late payment --- I paid on time the other eleven times of the year."

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Message 3 of 21
New Contributor

Re: How many people actually care about their credit?

Yeah, I also didn't push the credit lecture down his throat because I could tell he didn't really care. He is about 25yrs old so about the age range you both mentioned. I also didn't pay much attention to lates either so I have 3 now beause I thought my student loan was still in deferment and I was kind of like "whatever" at the time too, not realizing how important they are to my score, so I am kicking myself for that now. I have talked to several people though since really hammering on fixing my credit and notice most around me even those who who make significantly more than me don't really care about their credit score or even know what it is. Even my g/f was like that until I made her a myfico account so she can keep an eye on her credit. She cares more know since we've talked about it, but before that she never really cared either,

Current Score: 639 (3.06%) 19pt gain

Message 4 of 21
Established Contributor

Re: How many people actually care about their credit?

A lot of my college friends don't care for credit, I try to tell them about how important it is but they always brush it off.

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23 year old building credit since age 17. FICO: 783
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Message 5 of 21
New Contributor

Re: How many people actually care about their credit?

They'll care when they're paying high interest rates on a car and you're rolling around at 0% APR Smiley Happy

Current Score: 639 (3.06%) 19pt gain

Message 6 of 21
Established Contributor

Re: How many people actually care about their credit?


MrCrabs wrote:

They'll care when they're paying high interest rates on a car and you're rolling around at 0% APR Smiley Happy


Indeed Smiley Very Happy

Amex PRG: NPSL | Amex Blue Cash Everyday: $15,300 | Navy FCU Cash Rewards: $19,500 | Chase Marriott Rewards: $7,500
Chase Freedom: $5000 | Discover It: $5000 | Barclays Extra Points: $5000
23 year old building credit since age 17. FICO: 783
NPSL
Message 7 of 21
Valued Contributor

Re: How many people actually care about their credit?

I'm like a myFICO walking advertisement, find myself caught up talking about how important credit is for those of us who can't afford to pay cash for everything!! And even those of us who can, the rewards cards basically give free money if used properly!!

Many of my friends don't understand how credit works nor do they understand how big of a positive impact it can make on their lives when it comes time to apply for an auto or mortgage loan. Better to be proactive than reactive!!

Starting Score: (June 2014) TU08: 663 | EQ04: 640 | EX08: 685
Current Score: TU08: 757 | EQ04/08: 757/758 | EX08: 761
Goal Score: 800 across the board

Total Credit Line - $186,050 | Utilization - 16.8%
Message 8 of 21
Established Contributor

Re: How many people actually care about their credit?


Reincarnated wrote:

Based on my experience, I've met tons of people in their early/late twenties that don't even have a credit card because they're scared to spend money they don't have.

 

Each time I facepalm, and just keep silent because explaining credit to people who aren't open to hear it isn't worth the time. Let them be, and do your own thing. 


Couldn't of said it better myself.

 

I use to be one of those people, infact when collections agencies would call me and explain how this would damage my credit I laughed at them and said "Go ahead, theres not much damage you can do than whats already there!" and hung up the phone.. They rarely called back, guess they assumed I was young and a loss cause.

 

You don't appriciate credit UNTILL you need it. Most people say psshhh credit? I got money, who needs credit?!

 

Then one day I tried to get an Apt and was denied rent because my score was sooooo low. Thats what opened my eyes.

 

But to answer your question OP, most people dont care untill they either hit a certain age or certain point in their life where they NEED it

Message 9 of 21
Regular Contributor

Re: How many people actually care about their credit?

...don't forget about getting better car insurance rates.

Message 10 of 21