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Credit Scores and Senior Citizens

February 23, 2012 | Comments: 0 | Views: 175

Many people have questions about their credit score or report, or even how to establish credit. However, senior citizens sometimes have problems when it comes to credit. Age affects several things, but many people don't think that when they are older they will need to worry about getting credit or trying to repair theirs. Here are some of the common issues and questions that senior citizens have when it comes to this area of their finances.

First off, people wonder if their score improves over time. In a perfect world, yes it should, if you keep good habits. This means that you continue to pay bills and monthly statements off on time. However, sometimes life doesn't allow you to do so. Sometimes seniors aren't or weren't used to using credit cards to pay for things and come from a generation that mainly used cash. So, people who are in that particular generation may have used a credit card but acquired debt because they weren't used to the system. This could hurt their credit score, but hopefully if this was the case, that particular incident happened more that 7 to 10 years ago so it doesn't show up on their report. However, if they did use cards instead of cash and stayed on top of their finances, then why wouldn't they have a high score?

Because of the issue that they may only be used to using cash, seniors may have trouble opening lines of credit. This means getting a credit card, applying for a loan, or even being approved for financial plans with stores. If they have only used cash to pay for things, then they may not have even had something established for them to build upon. They also may not have ever wanted to apply for a loan since their generation normally just borrowed money from friends and family.

For many, the main issue lies in retirement. When someone retires, they normally have a bit of drop in their salary, which means they may have a harder time trying to get a loan, cash advance, or even a credit card. Hopefully though, the person already has some sort of good history to give them a better chance of being accepted for a loan.

Some life changed that senior citizens go through aren't under their control, like the death of a spouse. Not only is it difficult enough to deal with a death, but some creditors and banks try to close accounts that are in both spouses names. This can make things difficult because some lenders will only look at the person's credit that is still living. So even though they may have had excellent credit while they were together, that person's credit history on its own may not be enough.

If you are a senior and find that you are having credit issues, there is still hope. You can apply for a credit card that is for seniors, or even for people that have poor credit. This can help you build and establish you credit so that you can apply for loans or whatever else that you may need. Remember, you should be checking your reports from all 3 reporting agencies, Equifax, Experian, and Transunion. You are allowed by law to review your credit score for free every year.

MaryLou WalstonCheck Your Credit Report Saving for Retirement

Source: EzineArticles
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