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

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Regular Contributor

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

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.

14 REPLIES 14
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Contributor

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

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. 

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Message 2 of 15
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Re: Be Honest, When Does Your "AGE" Starts To Factor Into Your Credit Score?


@Caneaus2020 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 @kkboom 

 

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.


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Message 3 of 15
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Valued Contributor

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

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.

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Message 4 of 15
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Regular Contributor

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

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. 

Message 5 of 15
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Contributor

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

@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. 

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Message 6 of 15
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Senior Contributor

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

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.

 

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Message 7 of 15
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Senior Contributor

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

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. 

 

 

 






Message 8 of 15
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Contributor

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

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.  

 

Message 9 of 15
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Regular Contributor

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

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.

Message 10 of 15
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