Credit During Retirement Years

If you are retired, congratulations!  We hope you are enjoying it. 

Obtaining loans or new credit during retirement can be difficult because you no longer have a job or employment security to assure the lender of your ability to pay back the loan. 

For retirees, your credit history can make a world of difference, as well as your assets.  You may own your home or have a high level of equity (paid principal on your mortgage) or you may have investments that you do not want to liquidate.

These assets can be used as security, or collateral, when applying for a loan.  You have income from social security and may also have a part-time job to keep busy or for extra income.

Remember that the Equal Credit Opportunity Act (ECOA) does not allow discrimination by loan companies based on age, and you may file a complaint if you feel your application is being denied on that basis.  If you are over 62, you may apply for credit insurance that will guarantee your debt is paid in case of your death or incapacitation prior to paying off the loan.

If you are considering a loan, the first thing to do is to get your own credit rating. We tell you how to do this in our Reference Library article, entitled "Protect Your Credit"

If you need a loan because of outstanding debt, especially high-interest credit card balances, you can consolidate your debts at a much lower interest rate and faster track to shedding financial pressures, we can help you:

For information on a Personal Loan, Click Here

For information on Credit Repair, Click Here  

At ParkAveCredit.com, we are at your service to help you toward financial security so you may enjoy your retirement without money worries.