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Life After Brown
Retirees in the Buff
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<blockquote data-quote="UpstateNYUPSer(Ret)" data-source="post: 2895939" data-attributes="member: 12570"><p>Just read an article in today's paper that may interest retirees who thought that it would be a good idea to put their credit cards away. Turns out that inactivity can be as detrimental to one's credit score as excessive debt.</p><p></p><p>In the article, a 70 year old lady went to a local car dealer with a substantial down payment to buy a car the she really wanted. Turns out she did not qualify for the loan as she had not used any of her credit for 10 years.</p><p></p><p>The article did mention one thing that I strongly with. It said that proper credit use would ensure that the retiree would be able to co-sign for a loan or a credit card for a child or grandchild. Retirees should <strong>never</strong> co-sign for <strong>anything</strong> for <strong>anyone</strong>!!</p><p></p><p>Responsible use of one's credit should not end the day that you stop working.</p></blockquote><p></p>
[QUOTE="UpstateNYUPSer(Ret), post: 2895939, member: 12570"] Just read an article in today's paper that may interest retirees who thought that it would be a good idea to put their credit cards away. Turns out that inactivity can be as detrimental to one's credit score as excessive debt. In the article, a 70 year old lady went to a local car dealer with a substantial down payment to buy a car the she really wanted. Turns out she did not qualify for the loan as she had not used any of her credit for 10 years. The article did mention one thing that I strongly with. It said that proper credit use would ensure that the retiree would be able to co-sign for a loan or a credit card for a child or grandchild. Retirees should [B]never[/B] co-sign for [B]anything[/B] for [B]anyone[/B]!! Responsible use of one's credit should not end the day that you stop working. [/QUOTE]
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