Good credit should be used like a muscle

According to a recent Fox Business article, older Americans, such as the Baby Boomer generation and empty nesters, are mostly in good credit shape, as they've been able to mold their credit reports over time.

The article likens good credit to a muscle, as those who continually use it can strengthen it, while those who neglect it are worse off. Thus, older Americans, who have a longer time to use their credit and pay off debts, are more likely to have better credit standings.

"[They] are probably financially in a much different position than younger cardholders, from the standpoint that most of their debt has been retired," Norm Magnuson, vice president of public affairs for the Consumer Data Industry Association, a trade association for consumer reporting companies, told the news source.

To improve credit scores, the article recommends consumers recognize that time is on their side. The longer a consumer has an account with a good record, the better a credit score becomes. Closing out accounts can actually lower scores, as consumers then have less available credit for potential lenders to judge.

Consumers may also see their scores drop if they have questionable or problematic items on their credit reports. For this reason, consumers may want to work with a credit lawyer to review their records for any marks that were reported in error or that do not meed federal guidelines. Identifying and resolving these negative issues may provide some consumers with much-needed credit score help.