Getting Credit During Retirement Years

Have you retired from your job and want credit during your retirement years? Well, this may not be easy because most of the lenders would refrain from giving credit during your retirement years. However, you do need to worry. If you play your cards well, you can easily get credit. As per the federal Equal Credit Opportunity Act (ECOA), age should not be a consideration while sanctioning a loan.

While applying for credit, a lender or any financial institution looks for certain factors that assures them they will get their money back. These factors include credit rating, job security and credit report. At your age, you may not be having a credit history or a job. A creditor invariably looks for a person with a job, whom he feels can return the money. If you want to get credit during retirement years, you will have to assure the creditor by telling him about your sources of income, which can include your savings account, your home, part-time job, social security, pension, stocks or bonds. However, if you are aged above 62, things can work in your favour. You can have a credit-related insurance, which assures that it will pay off your credit even if you die. Fortunately for you, this insurance does not consider you age.

A creditor will definitely analyse your credit history. Even during retirement years, you need to have a credit report. Check your credit report by identifying the credit report companies, like the credit bureau, and see if it is correct. You can get the address of credit reporting agencies from yellow pages. Three major credit reporting agencies are Equifax, Experian and Trans Union. If you come to know that your credit report is incorrect, you can always get it done correct, as per the Fair Credit Billing Act (FCBA). However, if you do not have a credit history you can easily create one by getting a credit card from a departmental store or getting a small credit. Easy! You can open up two kinds of credit accounts: Individual or Joint account. You can have a joint credit account with your spouse.

All these factors can help you get a loan. However, if you are denied loan because of your age, Equal Credit opportunity Act allows you to question the company. If you feel there is discrimination you can also sue the company.

It can be a tiring effort getting credit during retirement years, but with little care it can be definitely be achieved.

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Special Notice: This can be very dangerous to your credit!
Avoid the credit check pitfall!

Before you start applying everywhere, realize this:
2 or more recent credit checks (inquiries) will negatively affect your credit score. Your credit score can be seriously damaged!
But, you can avoid this pitfall and still be able to apply at several companies if you are turned down, you can go to the next lender and apply without worry about your credit being damaged.
Here is how it works:
If you order a copy of your credit report in advance, a lender can pre-approve you with a
faxed copy of your credit report.
If they decide to reject the loan, you can continue to apply at different lenders until you find one that accepts you. Still no credit checks against you!
Before completion of the loan process your actual lender will probably need to do a final check on their own, but now you have only one inquiry on your records instead of two or
three or more!
Note: when you purchase your credit report, it does not show up as an inquiry!
It is a good idea to know in advance what your credit score is and if there is any incorrect information on your reports.
Unfortunately, most recently reported by CBS and NBC, and CNN,
79% of all credit reports have some incorrect information.
You really need to know what is on your credit record!
Be sure to get the one with all 3 credit bureaus reports as you will need all three.
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