Getting older doesn’t mean you can ignore your credit score. In fact, your credit health matters just as much after 60 as it did in your 30s or 40s. Many people believe their financial habits are set in stone by retirement, but that’s not true. Credit scores still affect your ability to get loans, rent an apartment, or even qualify for better insurance rates. The problem is, there are a lot of credit myths floating around—especially for people over 60. Believing the wrong thing can hurt your score and make life harder. Here are seven credit myths that could destroy your score after 60, and what you should know instead.
1. Closing Old Accounts Will Help Your Credit Score
It’s common to think that closing old credit cards is a good move, especially if you’re not using them. But closing old accounts can actually lower your credit score. Here’s why: your credit history length is a big part of your score. When you close an old account, you shorten your average account age. That can make you look less reliable to lenders. Also, closing accounts reduces your available credit, which can increase your credit utilization ratio. If you want to keep your score healthy, keep old accounts open unless there’s a strong reason to close them, like fraud or high fees.
2. Your Income Directly Impacts Your Credit Score
Many people believe that having a higher income means a better credit score. That’s not true. Your income is not part of your credit report and doesn’t affect your score. What matters is how you manage your credit—paying bills on time, keeping balances low, and not applying for too much new credit at once. Even if you’re living on a fixed retirement income, you can still have a great credit score by managing your accounts well. Don’t assume that a drop in income will automatically hurt your credit.
3. Checking Your Own Credit Hurts Your Score
Some people avoid checking their credit reports because they think it will lower their score. This is a myth. When you check your own credit, it’s called a “soft inquiry,” and it has no impact on your score. Only “hard inquiries,” like when you apply for a new loan or credit card, can affect your score—and even then, the impact is usually small and temporary. Regularly checking your credit is smart, especially after 60, because it helps you spot errors or fraud early. You can get a free credit report every year from each of the three major bureaus at AnnualCreditReport.com.
4. Carrying a Balance Improves Your Credit
You might have heard that carrying a balance on your credit cards helps your score. This is false. Carrying a balance just means you’re paying interest for no reason. What actually helps your score is using credit and paying it off in full every month. Your credit utilization ratio—the amount you owe compared to your credit limit—should stay low. Aim for under 30%. If you can pay off your cards in full, do it. There’s no benefit to carrying a balance, and it can cost you money.
5. Your Credit Score Doesn’t Matter After Retirement
Some people think that once they retire, their credit score doesn’t matter anymore. That’s not the case. Your credit score still affects your life in many ways. You might want to refinance your mortgage, get a car loan, or even move to a new apartment or senior living community. Many landlords and lenders check credit scores, no matter your age. Even some employers look at credit reports. Keeping your score healthy gives you more options and can save you money on interest and insurance.
6. All Debt Is Bad for Your Credit
It’s easy to think that having any debt is bad, but that’s not true. Responsible debt—like a mortgage or a car loan that you pay on time—can actually help your credit score. What hurts your score is missing payments or maxing out your credit cards. Lenders want to see that you can handle debt responsibly. If you have no debt at all, your credit file might be too thin, which can make it harder to get approved for new credit. The key is to use credit wisely and pay your bills on time.
7. You Can’t Rebuild Credit After 60
Some people believe it’s too late to fix their credit after 60. That’s not true. You can rebuild your credit at any age. Start by paying all your bills on time, every time. If you have old debts, work out a plan to pay them down. Consider a secured credit card if you need to build positive history. Over time, your score will improve. There are many stories of people in their 60s, 70s, and beyond who have rebuilt their credit and improved their financial lives.
Protecting Your Credit Score Is a Lifelong Job
Your credit score doesn’t retire when you do. It keeps working for you—or against you—no matter your age. Believing these credit myths can make life harder and more expensive. The good news is, you can take control. Stay informed, check your credit regularly, and make smart choices. Your future self will thank you.
What credit myths have you heard or believed? Share your story in the comments.
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Travis Campbell is a digital marketer and code developer with over 10 years of experience and a writer for over 6 years. He holds a BA degree in E-commerce and likes to share life advice he’s learned over the years. Travis loves spending time on the golf course or at the gym when he’s not working.
