Credit Myths? Maintaining High Credit Scores. What Can You Do?

Having good credit is vital at any age. There are a lot of credit myths that are out there. Everyone you talk to has a wild idea about what will move your credit score up or down. Having good credit is essential at any age. Don't ignore issues with your credit reports. While your credit changes over time, your health changes as well. Preparation for these changes should be part of your retirement plan.

A better credit score lowers the cost of future credit. More money in your pocket is a good thing, especially as you get closer to retirement. The credit bureaus consider several things. However, some of the items in their reports could be erroneous. You need to pay attention and do so regularly.  

Plus, one of the best ways to see if you may have been a victim of identity theft is through the information in your credit report. If you have been a victim of identity theft, you might not have a clue, but the result is your credit history could be in ruins. 

You're authorized to one free copy of your credit report every 12 months from each of the three national credit reporting companies.

Your credit score is part of each report. But is there a magic bullet to increase your credit score?

A good credit history is one of many things to be concerned about as you prepare for your future retirement. Saving money in 401k's and IRA's, getting more equity in your home, and paying attention to your health all will lead to a more successful retirement. 

There are several ways to increase your credit score.

Credit Scores Change - So Does Your Health

Your credit score changes over time but so does your health and body. These changes in our health and body often lead to needing long-term health care. The costs are tremendously expensive and adversely impact our income, assets, lifestyle, and legacy.

Planning for a successful retirement requires several things, one of which is a plan for the future costs and burdens of aging. Long-term health care is a cash flow issue, but it is also a family issue. Don't place the responsibility of future caregiving on your family - or wipe out assets with paid care—the affordable solution - Long-Term Care Insurance.

 Prepared for Aging? 

Affordable LTC insurance will protect those savings and ease that burden placed on loved ones. Default caregivers tend to be women --- daughters and daughters-in-law. A little advance planning will make sure you not only not run out of money but make sure your family remains 'family' and not caregivers. 

Experts suggest you always work on keeping your credit score high - and start planning for long-term care before you retire - ideally in your 40s or 50s. 

Be sure you seek the help of a trusted and qualified specialist to help navigate the many options available to you and your family.