Keep Your Credit Score High in Retirement
Most people look forward to retiring with gusto. It’s a time to sit back and relax after decades of hard work. It’s time to enjoy the fruits of your labor, but don’t get lax about your credit. Keeping your credit score high in retirement is just as important now as ever. Here are some ways you can keep that credit in good standing as you enter your golden years.
Pay Down Your Cards
Do you pay more than the minimum due each month? Paying more than the minimum due will dramatically lower the length of time required to pay off the balance and it will lower the amount of money that goes to the interest on the account. It may also help your
credit score by lowering the credit to debt ratio. The little things do make a difference.
Keep Accounts Open
Closing a credit card you don’t use may affect your debt to credit ratio, and as a result your credit report history and score. This means when you have a credit card with an open balance available it increases the amount of credit you have available.
Fix Errors in Your Credit Report
The credit reporting system is not perfect and because of errors, inaccuracies and mistakes, many consumers do not have accurate credit scores and reports and that affects the way lenders and credit issuers review your credit risk. If this is you, a bad credit report will cost you money. You can fix your credit, and there are consumer laws in place to protect you.
Fixing your credit is more than just about fixing your credit score. It is about repairing the errors so that your credit is a true and accurate reflection of your credit history. Every error, outdated and incomplete account history should be carefully reviewed, verified and corrected. It requires diligence and thoroughness in order to get the job done correctly. Inaccurate, unverifiable and incomplete information must be deleted, removed, updated or re-characterized by the credit bureaus and creditors.
Good Credit
Maintaining good credit after retirement provides you with the opportunity to refinance your home for travel or perhaps you want to start that business you always dreamed of, you’ll need funds to get it off the ground. Maybe you want to downsize to a smaller home and lower mortgage payments. Good credit is your key to the future and continued financial freedom.
