How To Keep Your FICO Fit After 55

Cara Lanz
How To Keep Your FICO Fit After 55
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Hitting my mid-50s meant I survived growing up in the 70s. From bouncing around in the way-back of my parents’ station wagon to wearing shirts with never-ending collars, I made it through every groovy moment.

I fretted about turning 30, felt old turning 40, and realized by 50 and beyond life is too short to take the number so seriously. Besides, I have too much on the horizon to look forward to.

Looking Ahead to Retirement

These days, my daydreams drift to the not-so-distant future: retirement, downsizing my home, and spending more time with friends and family. So, now is the time to figure out my financial power and how I’m going to turn those dreams into reality.

Turns out, it just might depend on my credit score.

Why You Need a Strong FICO Score in Your 50s

I used to think good credit was only important for the young, establishing themselves as trustworthy, bill-paying citizens. I’m already a card-carrying member of the responsible adult club, but I still need to think about my credit score as I consider what lies ahead in retirement.

Renting or Purchasing a Home

I might downsize to a smaller home, relocate to another area, or winter in a warmer climate. If I buy a new home, my credit score will affect my ability to secure a mortgage. And the better my credit, the better the interest rate I will receive. Even if I rent a home, the property manager will probably check my credit score as part of the application process.

Traveling

I have big plans to see the world. But I may not be able to use my debit card for certain things like renting a car. So, if I’m going to use a credit card when I travel, I might as well find one that offers rewards like miles or cash back perks. That I can use to travel some more. But my credit score will determine if I qualify for the best rewards credit cards.

Medical Expenses

Health care costs are only on the rise. And I need to be prepared. If I need to have an expensive procedure done, I may need to take out a loan or set up a payment plan. A healthy credit score will help lessen the pain of making financial arrangements to pay for my medical expenses.

Maximizing Fixed Income

More older Americans are carrying mortgages on their homes, credit card debt, and other consumer loans well into retirement. And every dollar matters on a fixed income. It may be necessary to refinance loans at a more favorable interest rate to lower monthly bills. Which will all depend on a strong credit score.

How to Have Healthy Credit After 55

Knowing how to keep my credit score healthy is really important to me. I don’t want to make a mistake that might cost me dearly in my retirement years.

So, when I heard about Credit Sesame as an extra set of eyes on my credit, I knew I needed to find out more.

About Credit Sesame

Credit Sesame is a totally free service that provides me with a ton of information about my credit score and makes recommendations if I need to improve it. Here’s whatCredit Sesame offers:

Free credit score check

Credit Sesame pulls my free FICO score from TransUnion so I can easily see what is affecting my credit. They will even make recommendations to help keep my credit score in check.

Free credit monitoring

I’ll get real-time alerts if anything fishy happens on my report like a suspicious inquiry or fraudulent activity.

Free credit report card

Credit Sesame’s credit report card is different than the free annual credit report I can get from the credit bureaus because it reveals records of my credit history, types of credit, balances and available credit, accounts in collections, recent credit, and bankruptcy, tax liens, and court judgments. Super helpful things to know.

Free identity theft protection

Credit Sesame offers $50,000 in identity theft insurance and will help me through the process of dealing with identity theft, should it ever happen.

It’s just a number

Between my credit score and my age, I can only change one of them. So, I’m going to enjoy planning my future and all the life changes that are ahead of me, knowing Credit Sesame has my back in keeping my credit score in check.

As for my age? I will embrace it and hope I never act it.

Learn More Here