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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