FICO Score: Shrinking Like a Lot of Other Things

Unofficial FICO score from one of our credit cards. Others show
scores in the 700's. Nice, but we're not applying for loans anyway.

ID crooks not only steal from bank and brokerage accounts, they also take out new credit cards and loans in victims' names.

As a protective measure we froze our accounts at the credit-reporting agencies in 2015; a thief could apply for a loan under our ID but the agency will not give a credit report to the prospective lender--hence, no loan.

Since 2015 we've had to "unfreeze" the Equifax, Experian, and Transunion accounts temporarily when we took out car leases and added a credit card. In general, however, we've been simplifying/consolidating our accounts and reducing debt obligations.

Reducing debt is commonly viewed as a virtuous activity, but it does lower one's credit score. Why do credit scores matter if we, like many retirees, don't intend to take out loans? [bold added]

Even people with pristine records of on-time payments can expect their scores to slip after they stop working. While stopping work doesn’t ding your credit directly, living on a fixed income and paying off old loans can lower a score, said Ethan Dornhelm, vice president of scores and analytics at FICO.

Credit scores matter to millions of retirees even if they are less likely to apply for mortgages, loans or other debt, financial advisers said. Scores are used in a range of insurance and healthcare decisions, from setting your premiums to whether you are accepted to an assisted-living facility.

We do have enough set aside for assisted living, if that indeed is our destiny, so keeping a high credit score is not important for that purpose.

The ego had already been crushed when the IQ score started shrinking and there was nothing I could do about it.

As we go gently into that good night, the high (IQ, credit, energy) shall be made low and the low (weight, A1C, blood pressure) shall be made high.