Mortgage almost paid off - now what?!!

Farway

Flugelhorn said:

PennyForThem_2 said:

Kim1965 said:

Odd isnt it , a person who has never been in debt cannot get credit. Having said that I cannit forsee a scenario where by I would need it. 

I get up to 50 odd days interest on my current account by using a CC.  I also get protection if I pay for an item over £100.  I get (probably) an interest free loan over a number of months for a big purchase - say £500 + .  That is why I value having a high credit rating score.  

If i was  genZ / Milenial then it is essential for rent/house purchase mortgage.

I have a very high credit score but no mortgage, credit card or loan (12 years +)   - would I still be able to get a loan if needed?

There really is no such thing as a credit score, it's a made up number by the reference agencies to flog their reports.

Every lender takes every application on merit, you do not carry a magic number around, and every lender has different criteria, although some are common, like no CCJs, ex bankrupts etc, settled abode, lived in same house for X years, on the electoral roll, home owned or rented, annual income, how long in job or unemployed?

And of course, how much do you want & how long?

Flugelhorn

Actually don't need a loan, just curious that there seems to be this thing of having a mortgage / credit  etc etc makes you a better bet - interesting about the credit score, I got mine out of curiosity but goodness knows where they get the info from

Albermarle

 could being mortgage-free get in the way of deals for car, holiday home or daughter’s university costs?

Not sure how you think Uni costs could be affected. Your daughter will get a student loan herself. The maximum she will get will be affected by your family income, not by any sort of credit score.

Albermarle

Kim1965 said:

Im sure if i wanted a credit card the bank i have been with for 40yrs and never been overdrawn woukd give me one. 

If you get a credit card and pay it off every month, then you should look for one that offers the best cashback/discounts.

I have a Barclaycard that pays 2% on all supermarket and fuel purchases and 0.5% on other purchases. Before anyone asks I got the card years ago, and they still pay this discount although it has not been available for new customers for many years.
So by using this card, instead of paying cash, I gain about £250 per year.

Indout96

Flugelhorn said:

Actually don't need a loan, just curious that there seems to be this thing of having a mortgage / credit  etc etc makes you a better bet - interesting about the credit score, I got mine out of curiosity but goodness knows where they get the info from

We have no mortgage (paid off 10 years ago) no consumer debt of any kind. I do have two credit cards but never use them (£12,500 over both - available funds)
My Experian score is 999 
Clearscore is 728 - this has just gone up, no idea why.

I am 60 and semi retired (work 2 days a week) and wife is fully retired so its not like we have a massive amount of money coming in each month.