1. Financing a new car.
Whether your car is on its last leg or you’re ready to splurge on a new set of wheels, your credit needs to be good enough to get a loan and the best deals.
2. Co-signing on a grandkid’s student loan.
Let’s say your granddaughter or grandson gets into the school of their dreams, but they need a little help getting the loan. If you want to be a co-signer, your credit health matters.
3. Refinancing a mortgage.
Paying off your home can take time, and many retirees have a mortgage. If rates were to drop during your retirement, would you be able to take advantage of the lower rates? That may depend on your credit.
4. Applying for a travel rewards credit card.
Many retirement dreams are filled with far-flung adventures or frequent flights to visit family. With a good travel rewards card, you can earn points to help save on travel. But to qualify for top rewards cards, your credit needs to fly.
5. Keeping good insurance rates or getting better ones.
Retirement is no time to stop looking for insurance deals. And you may find insurers consider your credit health, among other factors, when deciding on your application or premium adjustments.
6. Funding the business you’ve always wanted to run.
Just because you’re retired from having to work doesn’t mean you’ve retired from wanting to work. If you need a loan or line of credit to launch the business you’ve always dreamed of starting, your personal credit health may very well come into play. When evaluating an application, many business lenders consider personal credit, especially where the business itself doesn’t yet have a credit history of its own.
7. Protecting against identity theft and fraud.
Criminals don’t retire because you do. Even if you’re on top of your bank statements and credit card charges during retirement, regularly checking your credit is also key. It may help you detect signs of suspicious, potentially-criminal account activity you may not have otherwise seen right away.
With TransUnion Credit Monitoring, get the tools you need to keep tabs on your credit health, whether you’ve just retired or are far from calling it quits. You’ll get:
Knowing your credit should always be a part time job—at TransUnion, we like to make this job as easy as possible, whether you’re working full time or enjoying your retirement.
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What You Need to Know:
There are various types of credit scores, and lenders use a variety of different types of credit scores to make lending decisions. The credit score you receive is based on the VantageScore 3.0 model and may not be the credit score model used by your lender.
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