Duration: 01:20

8 Reasons Retirees Still Need Good Credit, By Lucy Lazarony . 1. A new job, Some employers run background checks on job applicants. This process commonly includes checking applicants’ credit reports. 2. Credit checks, Businesses such as insurance companies and service providers don’t stop checking your credit after you retire. 3. Financing deals, Say you want to take advantage of a 0% interest financing offer. You’ll need good or excellent credit to get such deals. 4. Your credit cards, Some credit card lenders will cancel your current card if they see big drops in your credit scores. 5. Home repairs, Good credit can make it easier for retirees to pay for home repairs. 6. Co-signing, You’ll need good credit if a family member needs a co-signer to take on a debt. 7. Getting and refinancing loans, You’ll want to keep your credit in tip-top shape so you can get the best interest rate possible should you refinance. 8. Long-term care, Should you or your spouse move into an assisted living facility in the future, you’ll want good credit when you apply