JumpinJack
DP Veteran
- Joined
- Aug 19, 2013
- Messages
- 6,628
- Reaction score
- 2,971
- Location
- Dallas, TX
- Gender
- Female
- Political Leaning
- Independent
I'm about to semi-retire. I'm in my 50's. I plan on trying to get contract work, while fixing up my house to sell it and move. (It's a long story why I'm doing this and doesn't matter much, now, at this point.)
BUT, I wonder how it will affect my credit score not to have an income? I will be paying myself, so to speak, from my retirement account. But that's not counted as income.
Does anyone know? I've been so proud of my high credit score for years that I hate to see it go down.
I am semi-retired, as well. I haven't looked at my credit score in years. I made the decision to get completely out of debt and I don't ever buy anything I don't have the cash for now. That's not for everybody, but it has worked extremely well for me. I guess it's a matter of the scale of the life you want to live after leaving the full time work force.
I'm about to semi-retire. I'm in my 50's. I plan on trying to get contract work, while fixing up my house to sell it and move. (It's a long story why I'm doing this and doesn't matter much, now, at this point.)
BUT, I wonder how it will affect my credit score not to have an income? I will be paying myself, so to speak, from my retirement account. But that's not counted as income.
Does anyone know? I've been so proud of my high credit score for years that I hate to see it go down.
Good way to use credit, if you choose to. I like the freedom from concern over all the goods and services some feel they must have or seriously want. Having lived for a while, I see most of that acquisition as a temporary pleasure now. I hasten to add that my views have changed from what they once were. I discovered that all those accoutrements I seemed to require demanded more than they delivered. Good luck to you.That's how I do it, too. I have no debt, except I charge necessities every month for convenience, then pay the bill timely. I live a frugal lifestyle, and that suits me fine. Of course, this means that I don't have all the gizmos and luxury items that some of my friends have, but that's okay. I have what I need, and plenty of fun stuff. Thanks!
I retired at 40. Never impacted mine. My score's in the high 800's.
Speckle's right.
Thank you so much. What a relief. My score has been over 800 for some time, so I was worried that it would sink to the bottom. I am not sure of all the factors that go into the score, so I was afraid it was a debt to income ratio (I have no debt, but I thought they might consider the available credit on my cards or something). Anyway, I am much relieved. Thanks!
well, they do look at debt to income, but you have no debt, for the most part, right? So it should not be much of an issue. If all your credit cards were maxed out, it wouldn't be the best time to retire anyway. :lol:
I'm about to semi-retire. I'm in my 50's. I plan on trying to get contract work, while fixing up my house to sell it and move. (It's a long story why I'm doing this and doesn't matter much, now, at this point.)
BUT, I wonder how it will affect my credit score not to have an income? I will be paying myself, so to speak, from my retirement account. But that's not counted as income.
Does anyone know? I've been so proud of my high credit score for years that I hate to see it go down.
You're right...I have no debt, except the monthly necessities I charge and pay off each month. Which is a fairly small amount. But I get cash back bonus dollars, so I make a little money on that. Thanks.
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