You have had enough of the rat race and now you are looking forward to your "relaxation days". No, we are not talking about a holiday but your retirement days. Certainly all this while you have toiled hard to pay off your debts and have probably built a strong credit history with a high credit score. Perhaps, you are now debt free. Don't lose all of it by assuming you don't need a good credit score anymore.
Often people tend to believe that retirement fund would be sufficient to meet the needs of an old couple. And that credit would not be needed any further. In your prime years you probably took a home loan, a car loan, a few credit cards and perhaps a couple of other loans. Certainly you won't be buying a house or a car now; you probably won't need a personal loan to settle a dependant kin etc. These are some common ideas that people connect with their grey hair days. But it is not as simple as it sounds.
Having a good credit score is important throughout your life. Never let your guard down regarding credit. Here are some reasons on why senior citizens would need a good CIBIL score.
A credit report is a window not just into the credit past of an individual but also to the recent and current credit related activities. Thus, if someone tries to steal one’s identity, a credit report can often help spot it. As a senior citizen you would never want your arduous efforts, which you took in building your score, go down an "illegal drain".
By experience, you know how important a credit score is for approval of any credit facility. If you have allowed your score to slide in numbers, then it may not be possible for you to secure credit when there is a need. As such you may be required to evaluate taking personal loan bad cibil score. As a senior you know time is short and you don't want to spend that toiling in score building, do you?
Nothing in life is permanent and it seldom goes as per your plans. You know, emergencies don't come with prior intimations. They just come crashing at any point in time. Therefore by being prepared for them you ensure a safe passage ahead.
Even if you are lucky to not be a victim of identity theft, make efforts to maintain your creditworthiness. When senior citizens begin to ignore their score, it falls over a period of time. By making small and regular transactions, which are duly repaid in time, you can ensure your credit report is being fed with positive updates and thereby you will be able to maintain your credit score with ease.
Your score is like a child. It needs nurturing with care and attention. As a senior you know how to do that the best.