Credit and retirement

Is your credit score still important when you retire?

Your credit score can impact your finances at any stage of life—including at crucial decision points like retirement. By managing and monitoring your credit score, you may be able to keep more options open for your golden years.



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Credit impact

Will retirement affect your credit score?

Retirement alone may not impact your credit because your age, income and employment status are not reported to credit bureaus—but changes to your lifestyle might. As you go from earning paychecks to drawing on Social Security and pension funds, your budget and spending habits may change, and that may affect your credit utilization. Paying off a mortgage or auto loan could also result in shifts to your credit score. Stay in the know with free credit reports from CreditWise.

Tips to help maintain your credit score during retirement

Maintaining a good credit score throughout your retirement years could be vital to continued financial wellness. Errors, fraud and poor habits may negatively impact your credit score and limit financial options. Monitoring your credit may be a smart first step into life’s next chapter.

Follow these steps:


Monitor ID theft

Getting a free credit report and automatic alerts from CreditWise may help you fight fraud.


Pay bills on time

Use our free Credit Score Simulator to see how paying late could hurt your borrowing power.


Keep an eye on your credit utilization

Keeping credit utilization in check can be vital—especially if your income has decreased.


Maintain accounts

Think twice before closing old accounts—a higher average account age may boost your score.


Requirements may vary from one issuer to another with regard to new credit card application approvals. Many companies may consider retirement income in addition to your credit history.

By responsibly managing credit cards and loans and routinely monitoring for fraud, you may be able to build or rebuild your credit at any age, income level or employment status.

This may result in a “soft inquiry” or “soft pull” which should not change your credit score.

Related Resources

More CreditWise Resources

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