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Do I really need to repair my credit ?

I am 38 years old and I completed a consumer proposal 1 year ago. I am content with paying rent and I don`t plan on owning a home in the future. I own my car outright, and most everything else I have. I am using a prepaid credit card when needed. If I don`t plan on ever using credit again, should I bother going through all the steps of improving my credit score (by getting a secured credit card, a small loan, etc.). Is there any other valid reason why I should rebuild my credit ? Any other reasons besides monetary ones ?

Posted from: Quebec

One Response to “Do I really need to repair my credit ?”

A licensed trustee said...

If you honestly don’t think you’ll ever want/need ti use credit again then you may be completely indifferent to what your credit bureau report says…

The problem I see with this strategy is that it takes time to build a decent credit report. If at some point in the future you suddenly decide that cresdit might be a good thing then it may take you two or three years to build up enough of a history to qualify.

What I’m saying is that since you don’t need credit right now you shouldn’t be overly concerned with your credit report, but if it were me, I’d still do some very basic things to start rebuilding just incase you need to apply for credit in the future.