Welcome to a new week and a new theme here on the One Minute Retirement Tip Podcast. I’m your host Ashley Micciche, co-owner of True North Retirement Advisors, an independent financial advisory practice managing $300 million in client assets. I’m a Chartered Retirement Planning Counselor, a frequent speaker, radio and podcast guest, and I love talking to anyone who will listen about making a plan for the retirement you envision. 

The theme this week on the One Minute Retirement Tip podcast is: Improving Your Credit Score After Age 60.

The idea for this week’s theme comes from a loyal listener of the One Minute Retirement Tip. This listener writes: Here is my situation. I am 53 years old. I have paid off numerous car loans. I have paid off numerous credit cards. I have paid off my house mortgage.  I currently have a net worth of about $1.6 million. I’m  still working, not yet retired. I have two credit cards. Each has a $10,000 limit. One of my credit cards has a $3500 balance and the other credit card has a $9000 balance. My current credit score  is 725. This seems awfully low for someone with a credit history such as mine.  

Thanks to this listener for submitting this question for this week’s theme. I think I know why his credit score is lower than he thinks it should be, and I also have a solution that could be a quick and easy win to raise his credit score. Stay tuned, because on Friday’s episode, I’ll give my answer to his question. 

You too can send me your questions to be featured on the podcast - just send me an email to [email protected]. At the very least I will respond to your question via email, and if I think it has broad application to the podcast audience, your question may even be featured in a weekly theme on the podcast. 

Other than answering this listener’s question, I’ll also share with you why your FICO score still matters in retirement, the 5 factors and their weightings that determine your credit score, how to boost your credit score by focusing on credit utilization and your payment history, and lastly, why thanks to some recent legislation now under consideration in Congress, why your FICO score could be in for a complete overhaul. 

So whether you’re looking to get approved for higher credit limits, refinance your mortgage in this low interest rate environment or just save money on your home insurance, nearly all of us can benefit from a better credit score...and I’ll show you how to boost yours this week. 

I hope what I have to share with you this week will help you make smart and thoughtful decisions with your retirement. And while I am careful to not lead you astray, personal finance is not an exact science. There is no one-size-fits-all solution for everyone, so I encourage you to disregard anything I say that may not be helpful for you, and to consult your own financial, tax, and legal advisors regarding your own individual situation. 

That’s it for today. Come on back tomorrow, where I’m talking more about why your FICO score still matters (big time!) in retirement. 

Thanks for listening! My name is Ashley Micciche...and this is the One Minute Retirement Tip. 

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Tags: retirement, investing, money, finance, financial planning, retirement planning, saving money, personal finance