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Do I need a credit score?

By Terry Savage on July 16, 2023 | Credit/Debt

I am retired and have not purchased anything on credit for over 7 years. I have no outstanding bills. I recently purchased a new car, but because I had no credit score, I was going to be charged 14% interest. I luckily had enough saved to pay cash for the car. Is it worth it to reestablish a credit score via a credit card or a short term signature loan?

Terry Says

It might be a good idea to take out a credit card, and charge something every month — then pay it off on time and in full. That will establish your good credit. Even though you don’t want to buy anything, it can lower your auto insurance premium to have a good score. m

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