I’ve spent two decades chasing the perfect credit score. I opened as many credit cards as were offered to me. I used one or two frequently, paying off the balance monthly. A few years ago, my friend asked me why having an excellent/perfect credit score was important to me. I answered that I valued the economic privilege and access to credit that it afforded me.
When I had to extensively renovate a rental property and no bank would lend me the needed funds, I noticed that my great score and mid net worth didn’t help me secure financing. I chose to dust off two of my credit cards to fund this project. Not the best move mathematically speaking, but I made this decision by prioritizing the improvement of the property.
While I find it easy to remember which payments to make at which time, I don’t have that information written down anywhere. My Mourners will find it to be a mess. I’m going to simplify the process by closing the unused credit cards, saying farewell to most of my credit. In Canada, debt is not inherited. I can reduce the paper work that my Executor has to do, so I will. I’m going to have a half-page document that outlines which credit cards are active and when payments are due to which creditor.
What do you make your credit score mean about you as a person?