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@SouthJamaica wrote:
@sarge12 wrote:Once I get my mortgage paid off and all other debt, I will gladly take the hit to my credit score. At that point I will likely SD all cards except AMEX, DC, Chase Amazon Prime Visa Signature, Discover, Quicksilver, and State Farm for insurance. I will then just let the rest close for non-use at the issuers option. Being 100% out of debt, I may not give a flip about my credit score anymore period. I'm only about 3 years away from being there, and in reality, I could be there next week if I were to be willing to take the massive tax hit that withdrawing that much from my 401k would intail. Once all debts are paid, and no future debt is needed....why would I even care what my score is?
I agree that you shouldn't take on any credit to improve your score, and that being out of debt is a blessed state.
But it's always good to keep an eye on your credit score, you never know when something might happen... a rental, a new car insurance policy, a cell phone contract, cosigning something for someone, a financial emergency, etc.
@SouthJamaica....If completely out of debt and recieving 2090 dollars after insurance in SSDI, once completely out of debt, and with nearly half a million dollars in pre-tax 401k and retirement savings, I feel fairly certain I could cover emergencies. For many, I agree, but at 60 years of age, and my medical insurance having a 6500 dollar out of pocket maximum, I feel safe without a high credit score. I have no wife or children and could actually live off my SSDI alone now even with my debt if I had to. I feel confident much of my money will out live me.
So I have an update, finally!:
After waiting...and waiting....I received a letter in early March, from Freddie Mac advising me they had purchased the loan from Wells Fargo however WF would continue to act as the servicer of the loan. ![]()
Anyway, the loan finally popped up on my wife and I's CR a little over a month ago. Scores actually popped up 10-15 points, nothing crazy. The problem I have now is that 2 months of reporting weren't included in so it only shows April, May, and soon to be June as paid on time. I'm currently going through he process of disputing that it should also report Feb and March.
All in all, it's been a rather fun experience.
@sarge12 wrote:
@SouthJamaica wrote:
@sarge12 wrote:Once I get my mortgage paid off and all other debt, I will gladly take the hit to my credit score. At that point I will likely SD all cards except AMEX, DC, Chase Amazon Prime Visa Signature, Discover, Quicksilver, and State Farm for insurance. I will then just let the rest close for non-use at the issuers option. Being 100% out of debt, I may not give a flip about my credit score anymore period. I'm only about 3 years away from being there, and in reality, I could be there next week if I were to be willing to take the massive tax hit that withdrawing that much from my 401k would intail. Once all debts are paid, and no future debt is needed....why would I even care what my score is?
I agree that you shouldn't take on any credit to improve your score, and that being out of debt is a blessed state.
But it's always good to keep an eye on your credit score, you never know when something might happen... a rental, a new car insurance policy, a cell phone contract, cosigning something for someone, a financial emergency, etc.
@SouthJamaica....If completely out of debt and recieving 2090 dollars after insurance in SSDI, once completely out of debt, and with nearly half a million dollars in pre-tax 401k and retirement savings, I feel fairly certain I could cover emergencies. For many, I agree, but at 60 years of age, and my medical insurance having a 6500 dollar out of pocket maximum, I feel safe without a high credit score. I have no wife or children and could actually live off my SSDI alone now even with my debt if I had to. I feel confident much of my money will out live me.
OK I stand corrected and humbled.





























@SouthJamaica....You were not really wrong in your statement, so no need to be humbled....I just wanted to give an accurate account of where I was coming from. My absolute necessities and regular bills now run at most 1500-1700 even with my 650 dollar house payment, so my case is not the norm, and being disabled I have much, much more than I can really enjoy. I could travel the World, but due to my health I could not enjoy doing so. I have a permenantly damaged spinal cord, and one of the many symptoms is I have very little time to make it to the rest room, and I'm not talking about #1...it is #2 that is urgent. I also have a very unsteady walk and balance issues. I do sometimes go on vacations with my sister and neices, and great neices. That is more for them, and rather than looking forward to these trips, I dread them. I am most comfortable at home, and often go 2 weeks without going further than my mailbox. The many symptoms of spinal cord damage does not prevent me from doing a lot of things....it just makes me hate doing them. Money, however is never a real issue with me, and at least for that I'm thankful. I am not writing this to get sympathy, as many have worse health issues than me and have financial worries as well, so I am much more fortunate than many.
@sarge12 wrote:Once I get my mortgage paid off and all other debt, I will gladly take the hit to my credit score. At that point I will likely SD all cards except AMEX, DC, Chase Amazon Prime Visa Signature, Discover, Quicksilver, and State Farm for insurance. I will then just let the rest close for non-use at the issuers option. Being 100% out of debt, I may not give a flip about my credit score anymore period. I'm only about 3 years away from being there, and in reality, I could be there next week if I were to be willing to take the massive tax hit that withdrawing that much from my 401k would intail. Once all debts are paid, and no future debt is needed....why would I even care what my score is?
Sarge, i'll be there October 2020 when my 15 year mortgage is paid off. Looking forward to it and no worries about any drop in Fico 8 score.
I cut back to part time work earlier this year (30 hours/week) - got to ease into retirement you know
. Unfortunately, I'll need to find alternate health insurance as Medicare won't be an option for quite some time.
@Thomas_Thumb wrote:
@sarge12 wrote:Once I get my mortgage paid off and all other debt, I will gladly take the hit to my credit score. At that point I will likely SD all cards except AMEX, DC, Chase Amazon Prime Visa Signature, Discover, Quicksilver, and State Farm for insurance. I will then just let the rest close for non-use at the issuers option. Being 100% out of debt, I may not give a flip about my credit score anymore period. I'm only about 3 years away from being there, and in reality, I could be there next week if I were to be willing to take the massive tax hit that withdrawing that much from my 401k would intail. Once all debts are paid, and no future debt is needed....why would I even care what my score is?
Sarge, i'll be there October 2020 when my 15 year mortgage is paid off. Looking forward to it and no worries about any drop in Fico 8 score.
I cut back to part time work earlier this year (30 hours/week) - got to ease into retirement you know
. Unfortunately, I'll need to find alternate health insurance as Medicare won't be an option for quite some time.
Well you never know Thomas_Thumb, I thought medicare would not be an option too when I was 54. Then I found out my little limp was spinal stenosis that had already permenantly damaged my spinal cord. Started medicare a year after going on SSDI. I was on medicare at 56, and have not worked since I was 54 and a half. You just never know...the bad part, I loved my job. I still miss it, and my forced retirement was not at all what I wanted. They unfortunately sent me for a functional capacity exam that I thought would prove I was able to work, but it proved I could never work again. My Mother worked full time until she was 82.