Nearing Retirement

Managing Your Credit Rating

Credit ratings are an important measure of a person’s financial wellness. Think of them as a report card for your finances. Lenders review credit ratings to determine the risk associated with the requested loan. The higher your credit score is, the more likely it is you will repay your loan. As a result, individuals with high credit scores often enjoy lower interest rates and more financing options when borrowing money.

Considering many home mortgages are 30-year loans, any reduction in interest rate can add up to significant savings. Not sure where your credit stands? Here’s how you can review and improve your score: