I read this great article recently that explored people needing credit scores once their mortgage has been paid off and they’re not planning on buying a new car, refinancing their home, etc. Bottom line? Credit scores are still important! Baby boomers included. People might think that at some point in life, they can rest easy and not worry about their score. Well, what about taking out student loans for kids or grandkids if they don’t have enough credit themselves, or unexpectedly go back to grad school? Or purchasing a boat, a vacation home, or something else fun that might come up in retirement. The point is, even if your home is paid off and you don’t foresee a “big ticket loan” in your future, you should still be checking your credit report to monitor its accuracy and still be working on maintaing a good credit score– or actively trying to improve it, if it’s not the best. You just never know when something will come up and you’ll be glad your credit is rock solid. Here’s what Oklahoma’s semiweekly newspaper, the Broken Arrow Ledger, had to say about it:
“Maintaining a good credit profile is important at all stages of life, even for baby boomers who may have paid off their mortgages and don’t anticipate the need for more big-ticket loans. But it’s important to remember credit scores are used for more than just borrowing money, and you never know when an opportunity or emergency might pop up where credit is needed.
To be sure, maintaining good credit can benefit everyone from vacation home shoppers to those seeking college tuition loans, and it can help you acquire financing in the event that you’d rather use credit than cash. What can baby boomers do to maintain good credit scores or improve lower scores?”
Click here to read about why credit scores matter in all walks of life, especially at the Baby Boomer age.
So remember, you’re never too old to learn something new, set a new goal, dream a new dream, or need a good credit score. OK, so the first three are actual quotes… I made the last one up. But that doesn’t make it any less true.