Redwood Credit Union

THE BOTTOM LINE Your credit rating doesn't happen by itself. It's the work of a lifetime of good financial habits. Begin when you're young by paying your bills on time, avoid borrowing more than you can repay, and keep a watchful eye on your credit report. Those are the key steps to building a robust credit score. AS A SENIOR CITIZEN The kids are gone, the house is paid oˆ – or close to it – and the student loans are a distant memory. You probably don't need as much credit now as you did when you were younger, but don't cancel your low- fee credit cards. That card you've had for 40 years tells potential lenders that you are a person who knows how to handle debt. You get the best rates on loans and credit cards, lenders are eager for your business, you get approved for higher limits and you can easily get the funds you need to face any crisis or opportunity that comes your way. At this stage in life, you need to safeguard the credit history you've so carefully built. Check your credit report annually and challenge any discrepancies you find. Watch for signs of identity theft. Be prepared to put a credit alert on your account if you see suspicious activity on your credit report. If you've co-signed a loan for anyone, keep those lines of communication open and be prepared to step in if they start to miss payments. Be alert for fraudsters who prey on senior citizens, especially online. Keep your credit card active. Use it to make purchases you can easily pay oˆ every month. Continue to pay your bills on time. A checking account targeted to your needs is a must for managing your bills and accounts. RCU oˆers a senior checking account to ages 55+ that includes the same benefits as our free checking account plus dividends paid on balances of $500+ and a waived fee on RCU check orders.

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