What's Your Ultimate Credit Goal?

[Anonymous]

I think I have met all my credit goals. Back when I began rebuilding, my goal was to pick on all the agencies that had baddies on my reports. Paid off each of my baddies and went to war with each of them until every single one was deleted and was certain an item would never reappear.

It was a huge let down (LOL) when every single baddie was gone and I built up my files and scores. Applied and have recieved everything I want.

So now my ultimate credit goal is to let everything age and hope I can get to the high 700's.

To continue socking money away and continue to build savings so someday I'm in the position to tell anybody I want to pound sand.

[grillandwinemaster]

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@driftless wrote:
We have really rebuilt our wealth over the last few years. A recent inheritance is going to put us well in the comfortable categories. Do scores, matter to me? Perhaps even more. We are considering purchasing rental properties and growing some of my business ventures. I am far more focused now than when my scores were low, but I am guessing that is a chicken - egg discussion.

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Excellent point! 

Investment property is my goal as well. 

[grillandwinemaster]

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It was a huge let down (LOL) when every single baddie was gone and I built up my files and scores. Applied and have recieved everything I want.

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Why was it a huge let down? I followed your battle with PRA, I was hoping you would gain some good points from that. 

[Anonymous]

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@grillandwinemaster wrote:

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It was a huge let down (LOL) when every single baddie was gone and I built up my files and scores. Applied and have recieved everything I want.

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Why was it a huge let down? I followed your battle with PRA, I was hoping you would gain some good points from that. 

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LOL! I gained HUGE points getting rid of them! I honestly had so much fun cleaning my files, when it was over, it just felt weird. Happy as ever, but I spent a year and about 25-30 hours a week soley cleaning my files. When I was done, I had like, nothing to do...

Sounds strange, I know. But true....

[sarge12]

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@grillandwinemaster wrote:

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@sarge12 wrote:

Ultimate credit goal...hmm, other than 850 credit scores I don't guess I have one. I have 15 cards, yet really need none. I maximize rewards, but don't need the money. I guess I just like playing the game...it's something to do, that I can do. There is not much left that fits in the catagory of something to do, that I can do. Ironic how life works, 5 years ago, I could not do all the fun things in life due to working all the time, and not enough money. Now I have all the money I could need, do not work at all, but can not do all those fun things in life due to physical disabilities. Wish I could work all the time again.

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Life can be ironic, and life will throw curve balls at you when you least expect it, that's for sure. Scores in the 850's is something to aspire to.  

I have a question for you, w/o getting too personal, would you say that maintaining a better, higher Fico score is easier for you now that you don't need the money? Or do you see no difference in effort compared to when you needed the money? Just trying to see if there a "slight" corelation between Fico and income...

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Much, much easier. With income at around 2 times my monthly expenses paying everything is super easy. This makes it difficult when advising others. Low utilization is real easy when you always PIF, but not very helpful for the guy with 30000 dollars worth of debt on credit cards who's struggeling just to pay the minimum. If they are younger and healthy, I would trade places with them though. In a second!

[Anonymous]

Great question. I'd have to say my ultimate goal would be. To ultimately be able to be at a point in my credit journey to never to have to worry about any credit decision that I need to make. If I need to but a car or buy a house I know I would have creditors wanting my business instead of searching for someone who would approve me. Again great question and great responses. Fun read.

[Enjay]

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@Anonymous wrote:
Great question. I'd have to say my ultimate goal would be. To ultimately be able to be at a point in my credit journey to never to have to worry about any credit decision that I need to make. If I need to but a car or buy a house I know I would have creditors wanting my business instead of searching for someone who would approve me. Again great question and great responses. Fun read.

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This was exactly it for me. I do not miss the days when I had to worry whether or not I'd be embarassed at the car dealership or if my rental application would be accepted.

[driftless]

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@grillandwinemaster wrote:

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@driftless wrote:
We have really rebuilt our wealth over the last few years. A recent inheritance is going to put us well in the comfortable categories. Do scores, matter to me? Perhaps even more. We are considering purchasing rental properties and growing some of my business ventures. I am far more focused now than when my scores were low, but I am guessing that is a chicken - egg discussion.

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Excellent point! 

Investment property is my goal as well. 

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I have always thought that this board should set up another sub-form: "Beyond the Rebuild". I can appreciate why many collect cards, try to build the total CL's high, etc., but I view those activities as narcissistic and self-defeating. I would rather have a conversation about what you can do to build wealth once you have 4 - 6 cards (max) with high CL's, scores at least 720 - 780 scores, etc., on how you are going to use your new found creditworthiness to grow wealth and not just add meaningless CC's and CL's. Investment and rental properties would certainly be in that conversation.

Any moderators listening?

- Driftless

[UncleB]

This is an excellent question!

In my case, I was a rebuilder and my goal was to out-last the lingering 'baddies' I had on my credit reports, while at the same time picking up quality new accounts where possible.  It was when I started working on this that I learned about rewards cards, which for my frugal lifestyle are a perfect match. 

I now have pretty good scores (743-780) so I guess I'm out of "rebuilder" mode and am simply "building" - which is to say that I'm making up for lost time in getting quality accounts that were previously out of reach.  I also like to save money, and getting money back on purchases I have to make anyway is a good hobby for me... how many hobbies can you think of that require little work, and actually make you money?

Since I'm frugal by nature (I always shop sales and use coupons when I have them) I can't see myself outgrowing the rewards game as some might... it's actually just become an extension of my normal spend now.  The question for me is, what now?

For the moment, I'm trying to concentrate on enjoying the fruits of my labor.  As others have mentioned, it's nice to know that if I need to buy a car or get an apartment there would be no 'sweating' while my credit is pulled... there might be other concerns, but credit isn't one of them.  After years (literally...16 years) of being held back due to credit blemishes, I can say now that having that extra freedom is priceless.

[grillandwinemaster]

Good points to Enjay, Disabled-Vet and Uncle B. I can totally relate to the anxiety caused by getting your credit ran for credit or services approval. 

I'm just now to the point where I can have my utility's in my name and not need a deposit! I just crossed the threshold where the cable companies approve ME for service w/o needing to put the bill in somebody else's name. ( usually parents name) I recently was able to walk into a premium cell phone service provider and Not be worried about being able to establish service with them.  Good times indeed!