Liz Weston: Don’t let your credit scores retire
By LIZ WESTON of NerdWallet
It’s great to wipe out debt before retiring, but watch out for a potential side effect: When you stop using credit, you also stop generating enough data to produce a credit score. Not having a credit score could make it difficult to borrow if you need to, say to cover an unexpected expense or finance a move. Not only that, your credit score can influence how much you pay for insurance, a phone plan, utilities — even whether you’re approved for senior housing such as a care facility. Keep your score alive by using a credit card lightly, or revive it with tools like a secured card or credit-builder loan.
