Credit scores
Retired, married, 82 year old here. Own paid off home. Have a home equity loan with zero balance for emergency use. Have 8 credit cards. Use two, keep the rest because I’ve had them for many years. Every month I pay off the current balance just before the due date. I realize I could pay only the last statement balance but pay current balance instead. This means the new statement balance which is reported to the credit company consists of a few days purchases, hence it bounces around between 100 and 500 dollars. Several of my cards offer free credit scores. Some months score goes up 5 points when my small balance goes down. Other times the score goes down when the balances go up. Score is in the 830 range. I always get positive comments for the long term of cards. I get negative comments for having only ten accounts. Seems like credit scores are meaningless when they get above 800
Terry Says
You’re absolutely correct! AND, they are meaningless unless you plan to purchase something on credit– a new car, or home. (Or unless you’re applying for life insurance, or a job!) And that seems unlikely at this stage.
But it’s a good feeling to know that you have a high credit score after all these years. You’ve done everything right!
