Campbell Wealth Management - July 2021

Why Credit Score Matters in Retirement Here’s How to Make Sure Yours Won’t Drag You Down

When you are retired, it’s tempting to think of debt, loans, and credit scores as things of the past — after all, you have to live long enough for them to make you pay, right?! We’ve heard that attitude from a number of older people — and we’ve had to help more than a few of them rectify a bad situation 15 years into retirement.

your score, which can go up and down quickly. And yet, you have to be wary of the detrimental effects of those “hard” credit checks. What can be done?

As tempting as it is to go to the free credit report websites, not all of those sites perform the “soft” check as advertised. Further, you may not want to give your information away to just anyone. A better solution may come from your financial institution, loan documentation, or monthly bills from credit card companies.

Don’t let yourself be caught in similar circumstances. Even in retirement, your credit score matters, and so does the way you check it.

You can also pay the three agencies, FICO, or a reputable reporting agency a nominal fee in return for a soft check on your credit.

You probably already know about the three credit reporting agencies, and that “hard” checks on your credit can lower your score. But did you know that every 12 months, you’re allowed one free, full credit report from each agency? You can get them easily at For those trying to improve their credit score, this is a great place to start. You can go over those reports, see what is costing you, and make sure nothing in that report has been included in error. But one report per agency per year may not be enough to see the impact positive credit behavior is having on

However you choose to do it, keeping an eye on that credit score matters — even in retirement! Whether you want to travel the world and reap the benefits of a travel credit card, take out money on your house for long-needed additions or repairs, or just have the cushion of a credit card to complement an otherwise-fixed income, don’t assume that credit, like work, is a thing of the past.

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