Is Your Credit Score Costing Your Business Money?

Dec 08, 2022

Even during retirement, having a good credit score remains important. Insurance companies use credit scores to help determine premium rates; the higher your score, the lower your rates will be. A high score means you're seen as being more responsible and less of a risk. Here are some suggestions on doing exactly that, according to experts in credit repair in Austin:

Monitor credit reports and accounts

Doing so allows you to monitor the unauthorized use of your credit and determine if you have become a victim of identity theft or financial cybercrimes. It also lets you find errors that may affect your credit score.

Use your credit accounts.

Retirees often use their credit cards less frequently, which can lead to account closures due to inactivity. Additionally, the account may not be factored into your credit score if there is insufficient activity.

Remember that your credit history length can represent as much as 15 percent of your entire score. As such, a lack of history could result in penalties, lower your score, and force you to seek credit repair in Austin. So try using your credit card to pay for small expenses and reduce the need to use it for paying outstanding balances or debt with it.

Avoid co-signing

It’s common for a family member or friend to ask a retiree to help them secure a credit card or loan. You might think you’re helping, but it can become costly for you down the line. When you co-sign, you become financially liable for their debt, impacting your finances and credit score if the person cannot pay back or request refinancing.

Get help

If your score needs improvement, don’t hesitate to get help from a legitimate company that offers credit repair in Austin. A credit repair company is essentially a negotiation expert. They can contact the credit reporting bureaus on your behalf to have inaccurate or negative information removed so that you can gradually improve your credit over time.