Are you a credit worthy Baby Boomer or Senior?
Maybe, Maybe not!
When was the last time you checked your credit?
This topic is of interest to me as I just recently asked my 80 year old father, “Do you know what your credit score is?” Not only did he not know, but he hadn’t run it in years and didn’t know how to even find out this information. This was obviously a concern to me as EVERYONE, from seniors, baby boomers, middle aged, and all the way down to young adulthood should know if they are credit worthy.
As a Baby Boomer myself, I check my credit at least once a year. I want to be sure there is nothing that will affect my ability to obtain credit. With most Baby Boomers having children in college, it is SO important to maintain good credit especially if you plan on taking out any student loans.
How’s this for a little tidbit?? Did you know that your credit score directly impacts insurance rates? Insurance companies use an “Insurance Score” which is directly related to your actual credit score. Studies have shown that those individuals with lower the credit ratings will more likely file excessive claims. As a result, if you don’ t remain in good standing credit wise, you are bound to run into this issue, as well.
Seniors and Baby Boomers should always be in the know regarding the condition of their credit. Take for instance, if a senior or baby boomer wants to move into an adult rental community, the rental community still requires a credit score. Maybe as a baby boomer, you don’t want to rent, but would rather purchase a smaller home. Unless you plan to pay cash, plan on your credit score determining whether you get a loan. Other reasons for checking your credit on a YEARLY basis are to prevent identity theft, incorrect information being on the report and at least having the ability to fight anything that could potentially affect your credit.
I have included the following links for anyone who wants to learn more information on the credit score saga!
money.howstuffworks.com/…/credit-score.htm
