Chances are if you are ready to retire, you already have a house, a car, or other investments, after spending your working years carefully monitoring your credit or taking the opportunity to remove inquiries to improve your score, you probably don’t want to do it anymore.
But, is it really a good idea to just forget about your credit?
Plan for Tomorrow, Live for Today
Would you like to purchase a vacation property, travel, or just enjoy new activities? As nice as it is to imagine the best of your retirement, a certain degree of practicality is required. If you are considering purchasing property, you will want your credit score to be the best it can be which may mean delaying retirement, planning to remove inquiries, or opening a new line of credit. If you plan to travel, you may want the convenience and protection of a credit card over carrying cash.
Tips for improving your credit score before retirement
- Remove unwanted hard inquiries
- Use a credit card for everyday spending
You might not need to use a credit card, but that doesn’t mean you can’t use one. By using (and paying off!) a credit card regularly, you can maintain your overall credit health. If you need to apply for multiple cards to get one, however, always remove inquiries associated with shopping around.
- Check your credit to prevent fraud
An inactive credit score is an easy target, and while checking your bureau regularly won’t improve your score, it will prevent someone else from damaging it and prevent having to remove inquiries later on.
Before you retire, remember:
Good credit doesn’t last forever, and failure to use it will result in a decline in your credit score over time. Although quick-fixes are out there, you will only have so many opportunities to remove inquiries or continue making payments before you will have to address other credit health options.