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Reasons Why Senior Citizens Need a Good CIBIL Score

  Fri, Apr 28, 2017     written by : CSF-Team

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.

  1. Senior citizens are most vulnerable to identity theft. Retirees ignore their credit scores completely often assuming that they won't ever need it. This kind of mindset incites con-people to forge their identities as there is little risk of being caught. So to nip all such unlawful intentions in the bud it is important to regularly monitor one's credit report.
  2. 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".

  3. You never know when you will fall short of money. Whenever the word "credit" is thrown in a conversation, one immediately thinks of big ticket loans such as a home loan. However, there could be a small medical emergency which is otherwise not covered by health insurance plans. What then? You may have to contemplate taking a small personal loan.
  4. 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?

  5. Senior citizens are time and again concerned for their safety. You may want to shift to a smaller apartment for a plenty of reasons. For example, logistically easier to manage, safer premise, perhaps it is closer to a hospital etc. Once again with home buying you could need a home loan as well. Having a poor score could dampen your plans.
  6. Picture this. Your life is going as per plan. But not for a loved one. They are in dire straits and all you want to do is help them out desperately. At such a critical stage having a strong credit score can come in handy. It can provide you with easy access to personal loans which can be used to help a family member. Or, you could co-borrow with the person you wish to help and give them a second chance to try out their luck.

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.