Why You Shouldn't Neglect Your Credit Score

With all the things you have to be concerned about in life, you’d think by the time you hit your 50s or 60s, you could stop worrying about having a good credit score. You may have bought and sold homes, paid off credit cards, successfully negotiated lease agreements, and paid off brand new cars in your day. You are a good credit risk — heck, I’d loan money to you. So why should you care about your credit score at this stage of the game? You might not even have plans to move and apply for a new mortgage. You might intend to drive your car for 250,000 miles, or until your wheels make their last turn. But sometimes life has other plans for us. Benjamin Franklin once said, “The only two certainties in life are death and taxes.” I would add “change when you least expect it” to his list. A change may involve taking out a loan or some other kind of credit check, so you need to be vigilant about keeping a very good or excellent score. According to Banco Capital Corp, a “good” score is generally 720 or higher. Here are some times a great credit history and score could come in handy as you approach your golden years: