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05-09-2014, 06:40 AM
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#1
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Confused about dryer sheets
Join Date: Dec 2013
Location: Orange City
Posts: 7
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Who am I now?
I retired 6 months ago at 59. I have a home in Ohio and bought a second home in Florida. I called the water utility in Florida to have the bill put in my name and the nice lady asked me what I do for a living. When I said I no longer work, she told me I owed them a $300 deposit. I was a little miffed and she said they could check my credit and remove the deposit but I would have to do that in person. I did the credit report and all is well but it made me think. I have never been one to associate 'me' with my job. My career was a means to an end and that end was ER. Society and the business world associate people with their jobs. Now that I don't work how do I identify myself with the finance and credit companies? Am I an entrepreneur or am I self employed? On the credit check paperwork in Florida I wrote I was self employed and my company is called FIRE. I got a kick out of it. I have a pension coming when I'm 65 and will take my SS at 70. How do I maintain my credit rating or is it even necessary?
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05-09-2014, 07:00 AM
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#2
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Moderator Emeritus
Join Date: Apr 2011
Location: Conroe, Texas
Posts: 18,731
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You maintain your credit rating by paying bills on time. I don't believe being employed is a factor in maintaining a credit rating. Just use your credit card(s), etc, and pay them on time.
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05-09-2014, 07:30 AM
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#3
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Moderator
Join Date: Dec 2007
Location: Eastern WV Panhandle
Posts: 25,346
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Quote:
Originally Posted by Booo
On the credit check paperwork in Florida I wrote I was self employed and my company is called FIRE.
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I like it!
The issue of what to put on forms when not working any longer has been discussed here before. I think you've found an answer.
__________________
When I was a kid I wanted to be older. This is not what I expected.
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05-09-2014, 10:17 AM
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#4
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Administrator
Join Date: Jul 2005
Location: N. Yorkshire
Posts: 34,130
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Quote:
Originally Posted by aja8888
You maintain your credit rating by paying bills on time. I don't believe being employed is a factor in maintaining a credit rating. Just use your credit card(s), etc, and pay them on time.
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+1
It can be tricky at times when you don't have a job and have to prove a recognized income stream.
When we rented a house for 7 months in 2011 over in England I thought we were going to have to pay in full up front because I don't have a credit rating at all over there and was retired, but I was fortunate to have a pension so was able to scan in a monthly advice and send them a copy of it by email which they accepted.
__________________
Retired in Jan, 2010 at 55, moved to England in May 2016
Enough private pension and SS income to cover all needs
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05-09-2014, 10:27 AM
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#5
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Thinks s/he gets paid by the post
Join Date: Nov 2012
Location: Madeira Beach Fl
Posts: 1,403
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I prefer professional humorist.
__________________
_______________________________________________
"A man is a success if he gets up in the morning and goes to bed at night and in between does what he wants to do" --Bob Dylan.
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05-09-2014, 12:15 PM
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#6
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Thinks s/he gets paid by the post
Join Date: Nov 2013
Location: Bay Area
Posts: 2,745
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Quote:
Originally Posted by Booo
I retired 6 months ago at 59. I have a home in Ohio and bought a second home in Florida. I called the water utility in Florida to have the bill put in my name and the nice lady asked me what I do for a living. When I said I no longer work, she told me I owed them a $300 deposit. I was a little miffed and she said they could check my credit and remove the deposit but I would have to do that in person. I did the credit report and all is well but it made me think. I have never been one to associate 'me' with my job. My career was a means to an end and that end was ER. Society and the business world associate people with their jobs. Now that I don't work how do I identify myself with the finance and credit companies? Am I an entrepreneur or am I self employed? On the credit check paperwork in Florida I wrote I was self employed and my company is called FIRE. I got a kick out of it. I have a pension coming when I'm 65 and will take my SS at 70. How do I maintain my credit rating or is it even necessary?
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This is why I wonder if I should buy a "retirement" home now while I am doing OMY. I assume I'd get less flexibility in getting a home loan when I don't have a job. And writing FIRE as my job may backfire once they call up a fire department in the city to verify my employment .
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05-09-2014, 12:29 PM
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#7
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Thinks s/he gets paid by the post
Join Date: Aug 2005
Location: Crownsville
Posts: 3,746
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Quote:
Originally Posted by robnplunder
This is why I wonder if I should buy a "retirement" home now while I am doing OMY. I assume I'd get less flexibility in getting a home loan when I don't have a job. And writing FIRE as my job may backfire once they call up a fire department in the city to verify my employment .
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I brought up a similar question a few months back, theorizing that it would be easier to buy my next home and get a mortgage on it while I was still working. However, a couple members said that as long as I could show some kind of income stream (dividends, capital gains, etc) and an ability to pay, I should be okay.
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05-09-2014, 12:50 PM
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#8
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Full time employment: Posting here.
Join Date: Mar 2012
Location: seattle
Posts: 646
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Quote:
Originally Posted by robnplunder
This is why I wonder if I should buy a "retirement" home now while I am doing OMY. I assume I'd get less flexibility in getting a home loan when I don't have a job. And writing FIRE as my job may backfire once they call up a fire department in the city to verify my employment .
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I found that the bank my wife & I applied to for refinances on two rentals did chafe a bit at my lack of a job. My wife is still engaged with her business and the bank made the decision to qualify us on her income alone. I had the impression that without her income, that in spite of heavy assets and yet a small dividend stream, we may have had some problems. I did not bother to ask the hypothetical question, though.
Paying the bills keeps the credit golden as said above.
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05-09-2014, 01:12 PM
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#9
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Thinks s/he gets paid by the post
Join Date: Sep 2013
Location: Cincinnati, OH
Posts: 4,373
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It is kind of sad that the utility/bank/other have to identify you by your job. I have said numerous times over many years: I work to live, not live to work.
__________________
The problem isn't artificial intelligence, it's natural stupidity.
You can't spend yourself to prosperity.
Semi-Retired 7/1/16: working part-time (60%) for now [4/24/17 changed to 80%]
Retired Aug 2, 2017; age 53
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05-09-2014, 01:22 PM
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#10
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Apr 2013
Posts: 11,078
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Quote:
Originally Posted by 38Chevy454
It is kind of sad that the utility/bank/other have to identify you by your job. I have said numerous times over many years: I work to live, not live to work.
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Dr's offices too. Spent too much time with specialists this year. Everyone wants to know your occupation. I'd say retired, they'd look at my age, always some comment.
MRG
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05-09-2014, 01:29 PM
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#11
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Recycles dryer sheets
Join Date: Jan 2013
Location: Lafayette
Posts: 268
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Quote:
Originally Posted by bld999
I found that the bank my wife & I applied to for refinances on two rentals did chafe a bit at my lack of a job. My wife is still engaged with her business and the bank made the decision to qualify us on her income alone. I had the impression that without her income, that in spite of heavy assets and yet a small dividend stream, we may have had some problems. I did not bother to ask the hypothetical question, though.
Paying the bills keeps the credit golden as said above.
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Several months after I lost my j*b in 2010, I tried to refinance my 5.75% mortgage to the going rate at the time (IIRC, around 4%). Even though I had severance and a hefty savings, I could not refinance. It really irritated me that I was continuing to make the much higher payments, yet the banks didn't think I could "afford" a payment that was hundreds less. The government programs in place to help people with their mortgages did not include helping unemployed people.
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05-09-2014, 01:39 PM
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#12
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Thinks s/he gets paid by the post
Join Date: Mar 2009
Posts: 2,985
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Although the ability to borrow may be impacted by retirement, the credit rating won't. The credit rating is only one part of the loan approval. My credit rating is excellent although I show absolutely no employment or work history at all. Maybe my almost 35 years with the same large company are prehistory in origination.
__________________
Took SS at 62 and hope I live long enough to regret the decision.
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05-09-2014, 01:44 PM
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#13
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Thinks s/he gets paid by the post
Join Date: Mar 2009
Posts: 2,985
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Quote:
Originally Posted by robnplunder
This is why I wonder if I should buy a "retirement" home now while I am doing OMY. I assume I'd get less flexibility in getting a home loan when I don't have a job. And writing FIRE as my job may backfire once they call up a fire department in the city to verify my employment .
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I'm planning that strategy right now as I am OMY myself. Although I currently don't need it my equity line expires next May. The bank has sent me the warning letter about my whopping $700 balance and the expiration. I plan to either renew or check out my local bank before ER as I don't see getting the best terms or any terms later.
__________________
Took SS at 62 and hope I live long enough to regret the decision.
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05-09-2014, 01:49 PM
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#14
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Nov 2010
Location: Sarasota, FL & Vermont
Posts: 36,374
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I wonder if they would count my Roth conversions as income if I apply for a loan since on the Form 1040 it is shown on the same line as pension income.
Silly perhaps, but since in many cases their screens are form over substance I suspect they would and I could just provide them with copies of my 1040 as documentation.
__________________
If something cannot endure laughter.... it cannot endure.
Patience is the art of concealing your impatience.
Slow and steady wins the race.
Retired Jan 2012 at age 56
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