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Getting Credit When You're Over 62
Credit is an important money management tool for both young and older consumers. Yet the elderly, particularly older women, may find it difficult to get credit.
If you're an older consumer who has paid with cash all your life, you may find it difficult to open a credit account. That's because you have "no credit history" of how you paid on credit. If your income has decreased, you may find it harder to get a loan because you have "insufficient income." Or, if your spouse dies, you may find creditors trying to close joint accounts. A "joint account" is one for which both spouses applied and signed the credit agreement.
Under the federal Equal Credit Opportunity Act (ECOA), it's against the law for a creditor to deny you credit or terminate existing credit simply because of your age. This article explains your rights and offers tips for applying for and maintaining credit.
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erase, fix, or repair bad credit.
