Smart people spend most of their earlier years saving for retirement and working to keep a good credit score. However, does a good credit score really matter when one already retires?
Good credit score may be helpful once you retire (Photo: Time)
What is a Good Credit Score?
According to Go Banking Rates, most people who are already almost at retirement age already know what a good credit score is.
FICO defines a good credit score above 670 to 739, which offers lower interest rates on loans, better credit cards, and offers other benefits. Scores that are above 740 are considered to be a very good credit score to excellent, and it can unlock even lower rates and more perks.
Now, the question arises: does a good credit score still matter when one retires? Many people would beg to disagree. However, it would still be an advantage if the credit score is in top shape in your 60s, 70s, and beyond.
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Advantages of a Good Credit Score in Retirement Age
According to NASDAQ, there are many advantages if you have a good credit score even after retirement. The following are the advantages you could benefit from if you have a good credit score.
- You may secure the lowest interest rates if you ever need a loan.
- You may be able to finance any medical bills or procedures with a lower rate if you have a good credit score.
- You may also qualify for a lower mortgage rate.
- You can move into the apartment of your choice.
- You can pay less for auto insurance.
Although these are only some of the benefits you could get, these are not all!
Indeed having a good credit score would be helpful once you retire. Maintaining and building a good credit score may help you enjoy lower interest rates, top-tier rewards, and even better places to live.
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