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Having an excellent credit score in retirement is a blessing. Here’s why.

Refinancing is possible. Every person seeks to settle all his mortgage before he hits the golden years. However, not everyone is able to attain such a goal. Based on a 2011 Consumer Financial Protection Bureau, approximately 30% of homeowners age 65 and above still pay their mortgage debt.

Having a good score is useful in two things. It can help you secure the lowest rate on a refinance, which could reduce your monthly payments, and obtain the best rate on a mortgage as well. Also, you can use the equity for purchasing a property, learning a hobby, or other pursuits.

Traveling You want to see the world, right? You can get the best deals with great rewards if you maintain a good credit history. Use these credit cards responsibly and keep it as debt-free as possible. Think this way: if you do not have any cash to pay for your purchases, do not use your cards at all.

Averting stolen identity. Identity theft does not stop when you retire. And retirees are normally the primary target of fraudsters. If you do not pay close attention to your credit rating, chances are you may be victimized. It is way easier to trail your expenditures, reports, or scores than to recoup any loss due to identity theft. As of present, several banks enable their clients to monitor their credit ratings for free.

Purchasing a new car. You need two things when buying a new car: a loan and an auto insurance. Several insurers refer to a prospective client’s score to determine premiums and other fees. Their computation is different from the FICO score, but is anchored on the same factors. Most American states charge a lower premium if you have an impressive credit score.

Having a great idea. At least half of the millennials do not prioritize retirement planning. And not all retirees do not stop working. Many of them follow through on their dream or venture (or develop) a new business. If you are keen on establishing a new project, having a strong credit score can help you achieve it.