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We\u2019ve all seen the commercials for checking your credit score, and some even talk about ways to boost it, but if you\u2019re over 50 and well established, does the number really matter that much?<\/p>\nWe\u2019ve all seen the commercials for checking your credit score, and some even talk about ways to boost it, but if you\u2019re over 50 and well established, does the number really matter that much?<\/p>\n
According to the FICO\u00ae Score model, the average credit score in America is 714. And with the length of your credit history accounting for a significant portion of your score, it makes sense that those older than age 56 have the highest scores.1<\/p>\n
Your credit score determines if you\u2019re able to obtain a mortgage and the corresponding interest rate on the loan. The better the number, the better your rate, which could save you a pretty penny over the length of the loan. The same applies to other large purchases such as cars and boats.<\/p>\n
According to an AARP article, most financial pros say good credit matters at any age. The reasoning is that while you may not be in the market for a home or a boat, unexpected things happen at any age, and having the wherewithal to borrow money when you need it can make a big difference.<\/p>\n
So, if you\u2019re someone with stellar credit and few to no missed payments, you may feel it\u2019s crucial to keep a high credit score. But what about when the unexpected turns your clean slate a little muddy? According to industry experts, medical bills aren\u2019t reported, so they won\u2019t necessarily drop your score down. Defaults can be damaging, but how badly will depend on where your score lies and how you\u2019re handling other payments.<\/p>\n
Suggestions for keeping up a good credit score:<\/u><\/strong><\/p>\n