Why?

[ease]

So I have what may be considered a dumb question....Why would I want to re-establish credit?

Once we decided to file, we began living below our means. We have a mortgage with a little equity and a perfectly well running car. We are happy living a cash lifestyle. What's the importance of re-establishing credit?

The only thing I can think of is whether our filing BK will affect our older kids' prospects for financial aid for college. They are 14 and 12.

[Logan]

So I have what may be considered a dumb question....Why would I want to re-establish credit?

Once we decided to file, we began living below our means. We have a mortgage with a little equity and a perfectly well running car. We are happy living a cash lifestyle. What's the importance of re-establishing credit?

The only thing I can think of is whether our filing BK will affect our older kids' prospects for financial aid for college. They are 14 and 12.

If you never want to get a loan again then don't reestablish credit. Will you ever sell your house and get another mortgage? Will you ever need a car loan? Your car will break someday.

Reestablishing credit isn't a big deal. If your mtg is reporting to the credit agencies then you are already reestablishing credit. I would shoot for 3 trade lines so get a couple of credit cards and pay your cable, phone bill, car insurance with them and then your credit is reestablished.

Logan

[BKOnce]

Credit is KING, spending is BEGGAR... who begs da king 4 more !!

[Logan]

Credit is KING, spending is BEGGAR... who begs da king 4 more !!

I disagree....I could continue to rent or I could buy a home. I'm a beggar if I rent and a King if I buy!