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You might think your credit worries will vanish once you retire. But that is far from true. To truly enjoy a retirement free of credit stressors, you must monitor your credit spending closely.<\/p>\n\n\n\n
Looking for tips to monitor and maintain a healthycredit score after retirement? Here are the top five from our vault.<\/p>\n\n\n\n
Did you know credit reports sometimes contain errors like extra charges, missing information, etc.? What\u2019s more, if left unchecked, these errors could have a long-term negative impact on your credit score. So, make it a point to check your credit reports regularly post-retirement. Additionally, keep a tab on your CIBIL score too.<\/p>\n\n\n\n
These days, many online websites allow you to check your score for free, and some even allow you to download a free report.<\/p>\n\n\n\n
Additional Read<\/strong>:<\/strong> 5 Cool Habits for Gaining a Good Credit Score<\/a><\/p>\n\n\n\n Having a favourable credit utilisation rate can do wonders for improving your CIBIL score. In fact, most experts suggest a CUR of under 30% is ideal, even post-retirement. So, the question is- your CUR under the suggested limit? Check the CUR for each of your credit lines and the overall CUR to find out.<\/p>\n\n\n\n To calculate your CUR for a single credit line, divide your balance with your credit limit and multiply the number by 100. Doing this gives you a CUR percentage. For the overall CUR, add the balance from all your credit lines and divide the total with the sum of all your credit limits.<\/p>\n\n\n\n Thinking of closing an account after clearing your debts? Well, don\u2019t. Instead, pay off your debts and leave your credit lines open, especially if they have a long credit history. This helps you maintain a low CUR and improve your CIBIL score, and provides a source of backup funds if you ever need them during an emergency.<\/p>\n\n\n\n Paying your dues on time can help you maintain a good credit score. And one way to never miss a payment again is to set auto-debit for your debt repayments. Another advantage? You never have to worry about penalties on your debt repayments if you repay your dues on time.<\/p>\n\n\n\n Similar to your credit accounts, keep your credit cards open after you pay off all your dues. Again, this helps you increase your CUR and bump up your CIBIL score.<\/p>\n\n\n\n Remember, banks tend to close inactive credit cards, so you might have to put in some additional effort to keep them active. One easy way to do this is to charge a small recurring account every month to your card and use it to make bill payments.<\/p>\n\n\n\n Additional Read:<\/strong> Do\u2019s and Don\u2019ts to Improve Your Credit Score<\/a><\/p>\n\n\n\n Retirement may pose a few challenges to maintaining a healthy CIBIL score. However, implementing the above tips can help you a great deal. Get started; click here to use Tata Capital\u2019s free credit rating calculator to perform a credit score check<\/a> today!<\/p>\n","protected":false},"excerpt":{"rendered":" You might think your credit worries will vanish once you retire. But that is far from true. <\/p>\n2. Check your credit utilisation ratio<\/strong><\/h2>\n\n\n\n
3. Keep your accounts with a long credit history open<\/strong><\/h2>\n\n\n\n
3. Set up the auto-debit feature to pay off debt<\/strong><\/h2>\n\n\n\n
4. Keep your credit cards active<\/strong><\/h2>\n\n\n\n
Conclusion<\/strong><\/h3>\n\n\n\n