What if I don't do anything?

[bookworm]

My debts were discharged, and my case closed last summer. I know that after a while, people will apply for a secured credit card in an attempt to rebuild their credit.

What I want to know is, what will happen to my credit score if I never get another credit card, or a loan, or finance a car? If I do nothing, will my score go up, or down?

I know that, because I never plan to borrow ever again, the point is rather moot, but...humor me.

[TheBajan]

It's my understanding that after everything drops off of your credit history, your score will go to nothing. In the meantime, it will gradually fall as time passes with no new credit. I could be wrong but that is what I've been told.

[tobee43]

no credit is almost as bad as BAD credit. it's good to keep a bit up.

i know you feel this way now, but later on in life, a situation may present itself you may need cash or pay for an unexpected emergency, just to book a flight, or hotel it makes life easier for you. we started out slow...using our first cards just for our groceries for the month and then immediately paying them off. we built up slowly with cap one and barcley and i think i have a 5k line with merrick bank now as well.

an example: we have a terrible year where one of us was very ill, i can't tell you how handy the cards came in to fly my kids in to be with me and lend a hand. i had the CASH, but it was so much easier, here's my charge book your flight and book a car and get here. i immediately paid the costs, in the meantime, i know my 12 year old car (i pray daily for just another 2-3 years) will lasts, but if i need to purchase one and decide i want a loan i want to be able to get one. although, truth be told i most likely would pay in cash with whatever is in my auto fund, i just like having the choice. we never know what life brings.

[bcss]

I have been doing a little saving each month since my discharge. I want to get the "just for emergencies" use of credit out of my head and only use my own money from a rainy day fund for such emergencies. I know what you feel about credit. I've got one card since, have done some credit clean up, but part of me just doesn't care. If I can't afford it I can't afford it. Good luck with your quest.

[msm859]

My debts were discharged, and my case closed last summer. I know that after a while, people will apply for a secured credit card in an attempt to rebuild their credit.

What I want to know is, what will happen to my credit score if I never get another credit card, or a loan, or finance a car? If I do nothing, will my score go up, or down?

I know that, because I never plan to borrow ever again, the point is rather moot, but...humor me.

Not everything in life is "planned". If you don't trust yourself that might be a consideration. Otherwise, you can greatly build your credit up over time by getting 2 or 3 credit cards and if you never carry a balance it will not cost you anything. The sooner you start the better as "aging" is very important in your credit scores.

[Nicar]

Having good credit is not only for credit cards, but you need to think about jobs and insurances. Some or most major companies will review your credit to extend you a job offer, or give you good insurance rates!

[lillymarlene]

Aren't utilities now even reported to your credit history? I'm not sure but I've been told that. Then, also what about rent or mortgage payments? I've noticed that my mortgage payments are still reported on my credit reports.