The question recently popped up on my radar, that if you’re not planning on taking out a loan (be it for a house, a car, or what have you) or applying for a credit card, what is the point of maintaining good credit? Well folks, I’m sure that the percentage of us who are in that boat is pretty few and far between. The person that posed the question stated that they had $300,000 in their savings and a pension that takes care of all their needs. To be so lucky! So as rare of a question as this may be, it’s still a good question to answer for those wondering how else their credit might impact them. Because the answer is in fact that credit can and most likely will impact you outside of applying for a house loan or credit card. There are many other ways the credit scores come into play on a fairly frequent basis. Claudia Buck of the Modesto Bee reported:
“If you’re not applying for a loan or a credit card, does your credit history really matter? This week, certified financial planner Kimberly Foss, owner of Empyrion Wealth Management in Roseville, Calif., has the answer.
QUESTION: Should I care about my credit rating? I don’t owe anything and have no plans to move or buy a house. I have a pension that takes care of all my needs and $300,000 in savings. I use a Costco American Express credit card and pay it off monthly. Does my credit rating matter?”
Click here to find out whether credit matters if you’re not planning on applying for a loan or credit card.
Hopefully even if you are planning on taking out a loan in the future, or plan to apply for a credit card either soon or down the road, you still read this article. It offers great insight about the other ways that your credit score will be considered for other facets in life, some of them as you can see not even obviously related to finance. Bottom line– maintain a good credit score regardless of age, social circumstance, money in the bank, or present needs and you will never have to worry about it.