Does Credit Score Matters After You Turn 65?

Does Credit Score Matters After You Turn 65?

As you grow old you feel that now you are free from maintaining a good credit score! You do not have to worry about those three figure score that used to let others decide whether they can lend you or not. However the truth is not same. Even after you retire or even when you turn 65 years of age you must maintain a good credit score. It matters and matters a lot. Want to know the reason? Read on

Need it for buying a new car

Turning 65 is not the end of your life but it is the beginning and hence you can always think of buying a new car. However, the truth is that when you are planning to buy a new car what will you require? Yes, you need money but apart from money you need another thing and that is your credit score. While buying your new vehicle your credit score will be checked and if it not good enough you cannot buy one. Thus, why should you compromise upon your credit score?

Refinance your mortgage

After an age when your family members reduces you will always think that you should save on expenses and one of the best way is to reduce the monthly installments on mortgage. While you go for refinancing your mortgage again your credit score will be checked and if it is not good enough you will never be able to refinance the mortgage. This makes sense why it is necessary that you get your credit score at its best always.

Supporting family members financially

Even though you have turned 65 it does not mean that your son will not ask for a financial help from you. They may not ask for money but you may be requested to be the co-signor while they are buying their own property. Now, if you do not have a good credit score you cannot be the co-signor. This way you cannot support your son financially, something that you had been doing all life through. There can be many other reasons that makes sense that why you must maintain a good credit score. When you have a good credit score you are an identity in the eyes of the lenders. It will not change even if you are above 65. Thus, make sure that you always keep checking the credit score and maintain it.