Why Credit Matters as You Approach the “Golden Years”

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I just celebrated a birthday.  Well “celebrate” may be too strong a word.  At my age, I acknowledge the passing of a birthday just as I acknowledge every April 15th (tax day), or a visit from my in-laws.  With the passing of this last birthday, I have begun to contemplate that my “Golden Years” are not too far in the future.  With this in mind, there are some things that we should all keep in mind in relation to maintaining good credit for our “Golden Years.”

We should maintain good credit during our Golden Years because what is on your credit report may affect whether insurance is extended to you and how favorable the insurances rates may be when an insurance policy is extended to you.

We should maintain good credit during our Golden Years in order to have access to credit opportunities in the event of a needed purchase.  We may also need access to new accounts or credit opportunities in the event of an emergency in our lives or the lives of our family members.  You can never be too prepared.  You never know when your darling “Junior” may call with a request to be bailed out of jail after being falsely accused of shoplifting a pool noodle at the local superstore.

We should maintain good credit during our Golden Years because you may decide to relocate to a more hospitable climate.  Such relocation will require a good credit history and score in order to qualify for a loan for that retirement home.

We should maintain good credit during our Golden Years because we may need an extension of a short-term loan in the event of a needed repair to your home.

Finally, we should maintain good credit during our Golden Years if we want to travel.  There could be reward points and other benefits if you use a credit card to reserve your hotel stays, airfare and even cruise bookings.

In conclusion, we should maintain good credit at all times because we simply do not know what the future may bring.  I would rather be prepared in the event of a good opportunity or in the event of an emergency.