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The above is from the link. Your credit score can be one of your biggest assets in retirement and at a minimum you should shoot for a 760 but preferably an 800 or above which gives you some wiggle room. Higher credit means the best interest rates possible which frees up money for other things. If not yet retired it can free up money to be invested.
Those of us who just don't like debt at all don't need to worry about our credit score. I am 66, and like many in my age bracket, my house is paid off. I have always paid cash for my cars and kept them a long time. I have one credit card with no annual fee and its balance is paid in full every month. Several years ago I put a freeze on all three credit bureaus in order to prevent identity theft. I will never need credit again, but if that prediction turns out to be wrong all I have to do is undo the freezes. I just read on the Personal Finance Forum about someone who checks her credit score every week! I had never heard of such a thing. I have never checked mine. The two times in my life I bought houses I guess the lender must have checked it for me.
Credit Impact | Credit.com
Credit influences many things that affect our daily lives, including our home and job. In this article we look at when and how credit is used. Prepare your credit for apartment hunting, job applications, insurance shopping, and opening new utility accounts.
Credit makes everything easer and cheaper from buying a new car to even getting reservations if you want to travel.Its no difference between tha being young.
Those of us who just don't like debt at all don't need to worry about our credit score. I am 66, and like many in my age bracket, my house is paid off. I have always paid cash for my cars and kept them a long time. I have one credit card with no annual fee and its balance is paid in full every month. Several years ago I put a freeze on all three credit bureaus in order to prevent identity theft. I will never need credit again, but if that prediction turns out to be wrong all I have to do is undo the freezes. I just read on the Personal Finance Forum about someone who checks her credit score every week! I had never heard of such a thing. I have never checked mine. The two times in my life I bought houses I guess the lender must have checked it for me.
I have to agree with Escort Riders post. I've been retired for 10 years, paid everything off a long time ago, pay as I go along and if I do use the one credit card I have, as I frequently do for air miles, I pay it off immediately. So if I ever need any credit my score at the present is 915.
I wouldn't recomend retiring if you don't have your house in order (everything paid for) at the retirement time, since many negative factors can effect your lifestyle and finances besides your credit rating.
I have to agree with Escort Riders post. I've been retired for 10 years, paid everything off a long time ago, pay as I go along and if I do use the one credit card I have, as I frequently do for air miles, I pay it off immediately. So if I ever need any credit my score at the present is 915.
I wouldn't recomend retiring if you don't have your house in order (everything paid for) at the retirement time, since many negative factors can effect your lifestyle and finances besides your credit rating.
Your credit rating gets used more than just buying things. That's why I posted the link. Many insurers use credit scores to set rates. Moving and getting utilities can be impacted by credit score. Having your house in real good order when you retire can make your credit score even more important. You may want to buy a second or even a third home and your credit score will come into play. Just because you retire doesn't mean you have to go into lock down, if you have planned well now is the time to crank it up a notch or two. You can have your primary house paid for and get a mortgage on your vacation home and not pay cash even if you have it. With a paid for house, great credit and a very low debt to income ratio you can do wonders in the vacation housing market today and I know this from experience.
I'm like Escort too. I don't plan on taking out another mortgage or loan ever. It is a false economy to pay interest charges. Ever add up what things cost when you include the interest? Even with a tax deduction figured in, the actual cost is staggering. Consequentially, my credit score is very good. And there's a lot more money in my pocket since I became debt free.
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Some people don't need a credit score.
