topic Re: Be Honest, When Does Your "AGE" Starts To Factor Into Your Credit Score? in Relationships and Money

Be Honest, When Does Your "AGE" Starts To Factor Into Your Credit Score?

Anonymous — Wed, 03 Jun 2020 06:34:12 GMT

I've been in the midst of my rebuild for two years now, and I have older relatives, who are also interested in building their credit, with many having no credit outside of an aunt here or there who co-signed everything from furniture to a new car for one or two of their children, luckily everything was paid off completely and on time, without missing a payment

Now, some of my family are retired, either getting retirement, disability or SSI, in some cases all three. Most of them, already own their homes, cars and trucks. I have an uncle in particular, whose favorite saying is, "I worked long enough to deserve the right to wake up and walk to the mailbox."

Anyway, they see me, a 49-year-old rebuilding my credit, while expressing to them, the benefit of using credit compared to cash/debit, especially when it comes to cash back.

So, several of them have asked me to show them the credit game.

All of their kids are grown, and the few bills they have consist of utilities, cable, internet and groceries.

They've all allowed me to purchase their expenses on my cash back credit cards and more, but, I'm not certain, if i would honestly want to get five to eight seniors invovled in credit.

What are my options?

Should i simply chalk this down as jaw-jacking or should I seriously consider getting them involved with the sharks?

Don't get me wrong, each of them still have more than enough wits to manage, especially with several sitting home and ordering stuff off of TV and in catalogs on a weekly basis.

Again, I'm 49-years-old and my aunt bought me a pajamas set, just because she saw the commercial and thought that would look good on me. Keep in mind, she didn't tell me until after FedEx delivered it, as she knew, i would have called and canceled the order.

Anyway, thanks for sufering through my novel, but to focus on the question at hand:

Is one ever too old for credit?

Thanks in advance.

Re: Be Honest, When Does Your "AGE" Starts To Factor Into Your Credit Score?

Anonymous — Wed, 03 Jun 2020 09:43:41 GMT

I think for them to suddenly have this interest you were probably the one doing the "jaw jacking" about how fun the "credit game"is! 😊

Based on your age im assuming perhaps they're in their 70's or 80's? It could come in handy. 1) credit cards limit your exposure to fraud 2) perks not found with debit cards 3) I have older relatives (80's -101 yr old) and they do need help. I'm glad they already had established credit because I'm able to put all of their expenses on the credit card for auto payment and then make one monthly transfer to pay off card. I auto transfer the cash back and, while it's not much it helps.

Even still I personally would avoid involvement with the finances / credit of elderly relatives unless there was a pressing need. I recommend passing their interest on to their adult kids- if they are trustworthy.

Re: Be Honest, When Does Your "AGE" Starts To Factor Into Your Credit Score?

SouthJamaica — Wed, 03 Jun 2020 12:52:09 GMT

@Anonymous wrote:
I've been in the midst of my rebuild for two years now, and I have older relatives, who are also interested in building their credit, with many having no credit outside of an aunt here or there who co-signed everything from furniture to a new car for one or two of their children, luckily everything was paid off completely and on time, without missing a payment

Now, some of my family are retired, either getting retirement, disability or SSI, in some cases all three. Most of them, already own their homes, cars and trucks. I have an uncle in particular, whose favorite saying is, "I worked long enough to deserve the right to wake up and walk to the mailbox."

Anyway, they see me, a 49-year-old rebuilding my credit, while expressing to them, the benefit of using credit compared to cash/debit, especially when it comes to cash back.

So, several of them have asked me to show them the credit game.

All of their kids are grown, and the few bills they have consist of utilities, cable, internet and groceries.

They've all allowed me to purchase their expenses on my cash back credit cards and more, but, I'm not certain, if i would honestly want to get five to eight seniors invovled in credit.

What are my options?

Should i simply chalk this down as jaw-jacking or should I seriously consider getting them involved with the sharks?

Don't get me wrong, each of them still have more than enough wits to manage, especially with several sitting home and ordering stuff off of TV and in catalogs on a weekly basis.

Again, I'm 49-years-old and my aunt bought me a pajamas set, just because she saw the commercial and thought that would look good on me. Keep in mind, she didn't tell me until after FedEx delivered it, as she knew, i would have called and canceled the order.

Anyway, thanks for sufering through my novel, but to focus on the question at hand:

Is one ever too old for credit?

Thanks in advance.

I agree with @Anonymous

Steer clear

It's not that they're too old. It's just that if they want to do it they need to do it independently of you.

If they want to get involved in credit, they need to handle their own stuff. IMHO you can share your knowledge with them, sure, but I wouldn't try to push them.

I personally regret the day I ever got involved in credit.

PS I think your headline doesn't fit your post. Obviously a person's age doesn't factor into his or her credit score, no more than one's race or religion do.

PPS I think this post should be in the "relationships" section.

Re: Be Honest, When Does Your "AGE" Starts To Factor Into Your Credit Score?

Anonymous — Wed, 03 Jun 2020 12:55:08 GMT

I give my Mom a few BASIC suggestions and let her figure out the rest.

She has a general cashback card and a JetBlue card and knows to pay for items with a card to get some kind of reward back. She's plenty with it, but I think seniors just want to keep it simple and not be thinking SUBs are which of a dozen cards to use for what.

Heck . . a lot of times I'm generally just using one card at a time for the same reason.

Re: Be Honest, When Does Your "AGE" Starts To Factor Into Your Credit Score?

Shawn19AL — Wed, 03 Jun 2020 13:31:37 GMT

My mother does not understand credit. Shes has money stashed around the place that I have to make sure she puts up because she will forget. She has two credit cards which I manage.

Re: Be Honest, When Does Your "AGE" Starts To Factor Into Your Credit Score?

Anonymous — Wed, 03 Jun 2020 14:18:13 GMT

@Shawn19AL Point is exactly it. If they live long enough chances are they will need help as age related memory and cognitive age impairments kick in.

Re: Be Honest, When Does Your "AGE" Starts To Factor Into Your Credit Score?

Anonymous — Wed, 03 Jun 2020 16:05:54 GMT

There is actually a strong correlation between age and credit scores but not in the way the OP is thinking. He/She is talking about the rewards/benefits of using credit cards but that's not the same as a credit profile and its related credit score. The correlation between age and credit scores is unavoidable given the methodology used to calculate credit scores.

While it is illegal for a lender to consider age when making lending decisions, it is easy to see the relationship between credit score and age. Older consumers , on average, tend to have longer credit histories i.e. the "aging factors" that contribute so much to credit scores. But all this assumes that these older consumers started using credit early enough to have built a significant credit history.

Conversely, if you are older but have rarely or never used credit your profile would not be as robust as someone who has used credit their entire adult life and your scores will be no different that if you were 21 and just starting to build a credit history.

Re: Be Honest, When Does Your "AGE" Starts To Factor Into Your Credit Score?

Anonymous — Wed, 03 Jun 2020 17:19:38 GMT

I think that for some individuals it might be harder to rebuild at an older age simply due the restraints that come with age, such as lower income. And possibly depending on how old, one's abiltiy to manage extra financesand remembering more due dates etc.

CCC's also might wonder what has happened in that 20+ years gap of not having any credit products? Then all of a sudden you're wanting credit.

Re: Be Honest, When Does Your "AGE" Starts To Factor Into Your Credit Score?

Anonymous — Wed, 03 Jun 2020 17:51:28 GMT

My first question is why are they trying to build/rebuild. Is it just to have credit or do they need it? From what you've shared, they dont need it. If they are already of the mindset to save for it then buy it, they don't need it. When I look back at the monetary value of my rewards cards in comparison to my income it really is almost insignificant. I honestly save more from cutting out unnecessary spending then I do putting charges on my card.

I say, let them be.

Re: Be Honest, When Does Your "AGE" Starts To Factor Into Your Credit Score?

Anonymous — Thu, 04 Jun 2020 04:35:33 GMT

No, my question was exactly what you inferred.

I just got lost telling the story, but I did want to know when your age started to affect your FICO score, as well, as potential to obtain new credit.

Re: Be Honest, When Does Your "AGE" Starts To Factor Into Your Credit Score?

Save-n-Invest — Fri, 05 Jun 2020 17:17:06 GMT

Does a person's age effect FICO? The lenght of the credit history has some significance, no?

There really is no credit game. Pay as agreed and the person should be good. Maybe I'm not reading the question correctly. If the question is what magic number does a person lose their marbles and can not manage finances there is no specific age. Dementia is not a given.

A senior may want to estabish credit for many reasons. There is a convenience to not carrying cash. Debit cards lack the protections of credit cards. ATM's are not always the safest place to be. Now, in this area at least, bank lobbys are closed. Good luck getting any useful amount of cash.

The people referenced in the original post are debt free and pay as they go for goods and services. They have steady income. The only way to learn if credit will be granted is to apply.

The question of when do people lost their wits comes up frequently regarding many subjects not credit and finance exclusively. Anthony Fauci will be 80 years old on Christmas eve. I certainly would not try to match wits with Dr. Fauci. Maybe some here would and could.

Last week I was getting a haircut. The stylist commented that your generation has progress to wahtever she was babling about. I had no comment but smiled as I refrained from telling her we put that little computer in her pocket. That gizzy she needs to find her way home every day. Her demo has Zuck.

She does a great haircut. She's talented and personable. The your generation comments are just part of the lexicon now. Something to bring a smile and dismiss.

Re: Be Honest, When Does Your "AGE" Starts To Factor Into Your Credit Score?

Anonymous — Sun, 21 Jun 2020 00:33:01 GMT

Why not have them pull their credit reports? Since some are homeowners, purchased cars, have cable, cell phones, other utilities, and probably had a Sears card at one point, their situation may not be that bleak. Good luck!

Re: Be Honest, When Does Your "AGE" Starts To Factor Into Your Credit Score?

JeffMO — Sun, 28 Jun 2020 16:55:54 GMT

@SouthJamaica wrote:
@Anonymous wrote:
I've been in the midst of my rebuild for two years now, and I have older relatives, who are also interested in building their credit, with many having no credit outside of an aunt here or there who co-signed everything from furniture to a new car for one or two of their children, luckily everything was paid off completely and on time, without missing a payment

Now, some of my family are retired, either getting retirement, disability or SSI, in some cases all three. Most of them, already own their homes, cars and trucks. I have an uncle in particular, whose favorite saying is, "I worked long enough to deserve the right to wake up and walk to the mailbox."

Anyway, they see me, a 49-year-old rebuilding my credit, while expressing to them, the benefit of using credit compared to cash/debit, especially when it comes to cash back.

So, several of them have asked me to show them the credit game.

All of their kids are grown, and the few bills they have consist of utilities, cable, internet and groceries.

They've all allowed me to purchase their expenses on my cash back credit cards and more, but, I'm not certain, if i would honestly want to get five to eight seniors invovled in credit.

What are my options?

Should i simply chalk this down as jaw-jacking or should I seriously consider getting them involved with the sharks?

Don't get me wrong, each of them still have more than enough wits to manage, especially with several sitting home and ordering stuff off of TV and in catalogs on a weekly basis.

Again, I'm 49-years-old and my aunt bought me a pajamas set, just because she saw the commercial and thought that would look good on me. Keep in mind, she didn't tell me until after FedEx delivered it, as she knew, i would have called and canceled the order.

Anyway, thanks for sufering through my novel, but to focus on the question at hand:

Is one ever too old for credit?

Thanks in advance.
I agree with @Anonymous

Steer clear

It's not that they're too old. It's just that if they want to do it they need to do it independently of you.

If they want to get involved in credit, they need to handle their own stuff. IMHO you can share your knowledge with them, sure, but I wouldn't try to push them.

I personally regret the day I ever got involved in credit.

PS I think your headline doesn't fit your post. Obviously a person's age doesn't factor into his or her credit score, no more than one's race or religion do.

PPS I think this post should be in the "relationships" section.

For someone that regrets it, you sure have quite a showing But I'm curious why you regret ever having gotten into the credit game @SouthJamaica

Re: Be Honest, When Does Your "AGE" Starts To Factor Into Your Credit Score?

SouthJamaica — Mon, 29 Jun 2020 00:08:10 GMT

...I'm curious why you regret ever having gotten into the credit game @SouthJamaica

Because I hate owing money. The whole thing is a big trap for suckers and I, regretfully, took the bait.

Re: Be Honest, When Does Your "AGE" Starts To Factor Into Your Credit Score?

JeffMO — Mon, 29 Jun 2020 06:13:45 GMT

@SouthJamaica wrote:
...I'm curious why you regret ever having gotten into the credit game @SouthJamaica
Because I hate owing money. The whole thing is a big trap for suckers and I, regretfully, took the bait.

Ok, gotcha

Re: Be Honest, When Does Your "AGE" Starts To Factor Into Your Credit Score?

Boragard — Thu, 17 Sep 2020 08:08:18 GMT

I personally do not ever think its too old to do anything. As long as there is a passion for learning. I say teach them all they are willing to learn. You may be impressed at their efforts in a year or two.