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Introduction

Dreaming of prosperous days post retirement? The actualization will necessarily depend on sustainable monetary reserves that can last during one’s post-retirement life. However much one may plan and save  for a life full of plenty post retirement/ superannuation, life is capable of throwing many-a-surprise, which may involve considerable borrowing― in the words of John Lennon, “Life is what happens to you while you’re busy making other plans”. How about having help at hand, to steer one safely through life’s contingencies, in particular those after retirement? A decent credit score is just the help one needs, in this period of limited or possibly no earnings, expenses towards geriatric care, and inflationary pressures to name a few. One has to strive from the beginning of one’s professional life to achieve a threshold and eventually a benchmark credit score. Running a frequent check on one’s score, with organizations that keep these scores, referred to as credit bureaus, is essential to maintaining one’s credit health. In India CIBIL is one such organization that has earned the respect of its customers for its accurate calculation of credit scores. One could do a CIBIL score check and request for a free credit report(one needs to verify one’s eligibility to receive a free credit report, which differs for different credit bureaus).

1. A threshold credit score leads to lower premiums on one’s insurance policies

Having a reasonably high credit score is an indicator of one’s financial prudence and is known to work to one’s advantage, when negotiating an insurance policy― a high policy cover for relatively low premiums. Since a high credit score affords one the aura of financial prudence, one is likely to have a plethora of options, apropos the choice of vendors offering insurance policies and thereby a choice vis-à-vis the charges incurred in purchasing these, putting one at an advantage at the negotiating table.

2. Refinancing one’s mortgage

The reassurance of getting to have one’s mortgage payments refinanced, in case of a contingency, increases as one’s credit score increases; this guarantees peace of mind and enhances one’s risk taking initiative. This should particularly help those with an entrepreneurial mindset― setting up an enterprise with a good safety net enhances one’s ability to take risks, which are an inherent part of the process of setting up and running a business. Ergo, it behooves individual entrepreneurs, as also corporate houses, to maintain a threshold credit score and strive to set newer benchmarks in credit scores to avail of the accompanying benefits.

3. Saving while spending

With a reasonably high credit score one accrues many advantages, such as higher credit limit, which in turn comes with its share of benefits― cash-back offers, zero interest rates on full credit card payment each month, memberships of privileged clubs, among many others. However, to avail of a credit facility with maximum benefits, one has to strive to achieve a benchmark credit score.

4. Contingency payments

A high credit score helps to repose the lender’s faith in one’s ability to repay; this trust affords one the advantage of access to emergency credit― hospitalization for a major illness, repairs for house or vehicle, a social spending such as one on a wedding, or funding one’s education ― with higher margins.

5. Always the credible individual

One could avail of an emergency credit line for one’s family and friends, with instant access to emergency credit by maintaining a reasonably high credit score and thus play a reassuring person to family and friends, despite the retirement.

6. nage one’s relocation expenses

Post retirement, most individuals seek to relocate to a peaceful abode, which centers on purchasing and relocating to a second home; relocating though comes with its fair share of expenses― movers and packers, documentation involved in making legal contracts, and the like. A respectable credit score should help one to tide over this pile of expenses, without digging into the retirement savings meant for purchasing a new house.  Also read about CIBIL charges and  services you need to be aware of in India.

Conclusion

A regular CIBIL score check should help one achieve the aforesaid with reasonable ease. To begin with one must immediately request for one’s free credit report. This first step― of running a check on one’s CIBIL score check followed by pulling up one's free credit report is the first step in a lifelong journey of maintaining a high credit score. On Finserv MARKETS, a CIBIL report can be availed. Moreover, the Financial Health Check Report (FHCR) on Finserv MARKETS gives more information than just a simple credit score. It gives a detailed analysis of your financial health and aids you in improving the same.

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Ever considered quantifying your financial health in specific parameters? With the Financial Health Check Report (FHCR) on Finserv MARKETS.

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