A good CIBIL score ensures speedy approval and beneficial loan terms and conditions, which is why a good credit score matters. But does retirement affect a person’s credit score and is credit score important after retirement? Let us answer these questions in detail.
Understanding the Importance of Credit Scores for Retirees
Credit information bureaus consider several factors while preparing a borrower’s credit report, such as their current debt situation, repayment history, credit card utilization ratios, hard enquiries made on them, etc. However, an individual’s credit score is independent of an individual’s age, religion, income and job status. So, retirement does not directly affect an individual’s credit rating. However, when people retire, they start cutting on their expenses. Those who have planned their retirement well, assume they will be able to spend the rest of their life on the money they have saved over the years and therefore, they conveniently forget about their credit scores. Proper financial planning can certainly help retirees spend the rest of their life comfortably without having to work. However, a financial emergency can happen at any time and when this happens, it does not matter whether you are working or retired, a loan can turn out to be the best answer. However, if your credit rating is below 750, you will have a hard time availing a loan, especially if you are a retired individual with no stable source of income. On the other hand, if your credit score is excellent, availing of credit will become easy, even if you are retired as such is the importance of credit rating in the credit world.
Let us now look at why credit score matters even after retirement.
Reasons Why Credit Score Matters After Retirement
1.It Will Help You Avail of Low Insurance Premiums
Not many borrowers know this, but insurance premium companies also check an applicant’s credit score while deciding the insurance premium to be charged from them. Individuals with a good credit score are seen as reliable and trustworthy people by these companies. Not only are these people more likely to pay premiums on time, they are also more likely to be more careful towards their health and well-being. Thus, insurance companies charge a low insurance premium from clients who have an excellent credit score. On the other hand, if your credit score is below 750, chances are your insurance company will increase the premium amount to cover up for the risk involved.
Also Read: 7 Tips to Help You Improve Your CIBIL Score
2.It Will Help You Avail of a Loan on Good Terms and Conditions
After people retire, if they are living in a big house, they usually move to a smaller one as it is far easier to maintain a smaller house than a big one. Sometimes, people think it better to buy their own house instead of living on rent. Unfortunately, lenders do not sanction Home Loans to individuals who are more than 75 years of age and at the most 70 in case of self-employed businessmen. In this case, your only option is to go for a personal loan. However, if you do not have a good credit score, your lender will charge you a high rate of interest. On the contrary, if your credit score is excellent, you will be offered the best housing loan deal, which will make buying your home and repaying the loan far easier.
3.You Can Take a Loan to Start Another Business
People who have worked all their lives find it difficult to sit at home and do nothing after they have retired. Similarly, many people want to pursue their dream or passion and start a new venture after they have retired. However, starting something new requires one to have access to money. Here again lies the importance of credit score after retirement – if your credit score is good, you will get easy access to loans. Further, you will also get the loan on beneficial terms and conditions, such as low interest rates, higher loan sanction and long loan tenor.
Also Read: Easy Ways to Maintain a Good Business Credit Score
4.Availing of a Good Credit Card Also Becomes Easier
After you retire, it is crucial that you get yourself a credit card that fetches you high reward points and cashbacks. However, you will be able to get yourself such a card only if you have an excellent credit score and credit rating.
Final Words
Just because you have retired, it does not mean your credit score is any less important. Unforeseen situations can happen at any time and when these situations arise, loans turn out to be the best answer to problems. If you are retired and your credit score is below 750, it will be very difficult for you to get access to a loan. On the other hand, if your credit score is excellent, your being retired will make no difference and you will be able to avail yourself a loan on best terms and conditions. This is why credit score matters after retirement and why you should make sure yours stays good even after you have retired.
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3 Different Loan Against Property Types You Should Know About2024-02-13 | 5 Min
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loan+against+property Loan Against Property
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Easy Ways to Pick the Right Loan Against Property Tenor2024-05-14 | 3 min
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cibil Cibil
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How to Check, Calculate, and Improve CIBIL Score?2024-01-11 | 2 min
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tax Tax
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How to Save Tax for Salary Above 30 Lakh?2023-08-07 | 6 min
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tax Tax
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How to Save Tax Between Rs 20 to Rs 25L Salary in India2023-07-19 | 6 min
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home+loan Home Loan
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10 Smart Steps for Effective Home Loan Management2024-02-16 | 5 min
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home+loan Home Loan
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Advantages for First-Time Home Buyers2023-07-14 | 4 min
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home+loan Home Loan
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Understanding Loan-to-Value Ratio (LTV) and its Calculation2023-11-28 | 4 Min
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home+loan Home Loan
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How to Determine Your Ideal Credit Score for a Home Loan?2024-03-28 | 4 min
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home+loan Home Loan
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Would it be Possible for Me to Apply for a Second Mortgage?2024-05-22 | 3 min
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cibil Cibil
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Easy Ways to Maintain a Good Business Credit Score2024-01-10 | 5 min
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cibil Cibil
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Impact of Late Payment on CIBIL Score?2024-03-08 | 6 min
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home+loan Home Loan
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Common Myths About Home Loans: All You Need to Know2024-04-08 | 5 min
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5 Benefits of Availing of a Home Loan at an Early Age2024-05-10 | 3 min
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7 Smart Ways to Boost Your CIBIL Score for a Home Loan2024-05-09 | 6 min
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cibil Cibil
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Pay Minimum Amount Due on Your Credit Cards Will Impact Your Credit Score2024-03-11 | 5 min
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cibil Cibil
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Here’s How a Short-term Loan Can Help You Improve Your CIBIL Score2024-03-25 | 5 min
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cibil Cibil
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How Can I Raise My Credit Score From 360 to 800 Within a Year?2024-03-21 | 5 min
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home+loan Home Loan
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What is an NOC Letter and Why is it Important?2024-05-14 | 3 min
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tax Tax
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Income Tax Structure in New Regime: New Tax Exemption Limit 20232024-05-08 | 4 min
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loan+against+property Loan Against Property
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Top 5 Issues Regarding Loan Against Property Application Rejection that You Might Face2023-02-14 | 5 min
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tax Tax
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Know all About Top Up Loans and How to Avail of Tax Benefits2023-12-12 | 5 min
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home+loan Home Loan
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5 Tips for Lowering Home Loan Interest Rates in 20232024-03-19 | 5 min
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home+loan Home Loan
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How Can Your Credit Score Impact Your Home Loan Interest Rate?2024-02-13 | 6 min
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Everything You Need to Know About Home Loan Tax Benefits2024-04-23 | 6 min
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cibil Cibil
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Does a Name Change Affect Your Credit Score2024-01-07 | 4 min
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home+loan Home Loan
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Home Loan Balance Transfer: Benefits, Eligibility, and More2024-05-15 | 3 Min
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home+loan Home Loan
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Benefits of Submitting a Digital Home Loan Application in Current Times2023-12-20 | 4 min
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home+loan Home Loan
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Common Mistakes to Avoid When Applying for a Home Loan2023-12-04 | 2 min
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home+loan Home Loan
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Differences Between Fixed and Floating Interest Rates2024-05-15 | 2 min
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cibil Cibil
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Everything You Should Know About Your CIBIL Score2024-02-09 | 7 min
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tax Tax
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Top Benefits of Using an Online Income Tax Calculator2023-12-28 | 5 min
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cibil Cibil
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What is Credit Score and Its Impact on Loan Availability2023-03-27 |
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cibil Cibil
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What Does Your Credit Score Tell About You?2024-06-11 | 5 min
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cibil Cibil
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Know How Mortgage Loan Affect Your CIBIL Score2024-02-05 | 5 Min
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home+loan Home Loan
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ITR Filing for Home Loan – Know the Right Process to File Your Income Tax Returns2024-02-16 | 5 min
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cibil Cibil
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Why is a CIBIL Score Measured Between 300 and 900?2024-05-07 | 4 min
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cibil Cibil
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What are the Types CIBIL Errors & How to Correct Them?2023-11-22 | 6 min
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cibil Cibil
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What is CIBIL? Understand How It Works and Its Importance2024-01-31 | 6 min
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tax Tax
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What Does It Mean to Have a CIBIL Score of -12023-06-16 | 4 min
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home+loan Home Loan
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Home Loan Terminologies2024-06-01 | 3 min
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cibil Cibil
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What Are Tradelines and How to Find Them On Your Credit Report?2024-05-28 | 4 min
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home+loan Home Loan
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Ways to Check Bajaj Housing Loan Account Numbers2024-04-05 | 3 min
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home+loan Home Loan
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What Do You Need to Know About Home Loan Foreclosure?2023-03-23 | 5 min
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cibil Cibil
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Introduction to Credit Information Bureau India Limited (CIBIL)2024-04-15 | 6 min
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home+loan Home Loan
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Section 80EE: Claim Deductions on the Home Loan Interest Paid2023-02-17 | 6 min
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home+loan Home Loan
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What is the Process to Get Your Home Loan Approved Fast with Bajaj Housing Finance?2024-02-15 | 6 min
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home+loan Home Loan
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What are the Different Types of Loans Available in India?2024-01-02 | 5 Min
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cibil Cibil
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What Does a Zero or Negative Credit Score Mean?2023-02-24 | 4 min
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cibil Cibil
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How Many Credit Inquiries are Too Much in a Year2023-09-21 | 2 min
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cibil Cibil
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How to Check CIBIL Score Online?2023-03-14 | 5 min
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home+loan Home Loan
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Top 5 Home Loan Benefits for First-time Woman Buyers2024-05-14 | 5 min
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home+loan Home Loan
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Importance of an NOC Letter after Closing Your Home Loan2023-12-14 | 6 min
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home+loan Home Loan
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Benefits of a Joint Home Loan with your Spouse2023-08-04 | 4 min
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home+loan Home Loan
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How to Pick the Best Home Loan Tenor that Suits Your Budget2023-06-29 | 5 min
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home+loan Home Loan
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How Digital Platforms Are Revolutionising the Face of Housing Finance2023-12-21 | 7 min
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home+loan Home Loan
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What is the Ideal Down Payment for a Home Loan?2024-05-16 | 5 min
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tax Tax
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Comparison Between New Tax Regime vs Old Tax Regime2024-04-10 | 5 min
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home+loan Home Loan
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Know All About the Home Loan Foreclosure Procedure2023-12-20 | 5 min
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cibil Cibil
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10 Common Myths About CIBIL Score2024-03-27 | 4 min
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cibil Cibil
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Check CIBIL Score with PAN Card for Free, in 3 Steps2024-02-27 | 5 min
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home+loan Home Loan
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Advantages of Including a Co-Applicant on Your Home Loan2024-01-21 | 7 min
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home+loan Home Loan
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What is the Difference Between Top-up Loan and Home Improvement Loan2023-01-11 | 5 min
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home+loan Home Loan
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Are Registration Charges Compulsory When You Opt for a Home Loan?2024-04-15 | 5 min
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home+loan Home Loan
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Can I Take a Home Loan and a Personal Loan Together?2024-01-17 | 4 min
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home+loan Home Loan
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Should You Take a Home Loan Even If You Have Enough Money to Buy a House?2023-01-30 | 3 min
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home+loan Home Loan
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7 Common Problems You May Face While Applying For Home Loan2024-01-18 | 7 min
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home+loan Home Loan
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What Happens If Home Loan EMI Bounces? Know the Consequences2023-07-11 | 5 min
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home+loan Home Loan
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Hybrid Flexi Loan vs. Personal Loan: Which One is Better?