Credit Cards for Seniors

First of all, seniors should check their credit report, and it is also recommended not to close long-held accounts and use secured credit cards in order to build credit.

Is It Harder For Seniors To Get Credit Cards?

Older people, like everyone else, need credit cards. They need them to finance daily purchases, to buy clothes, to earn rewards toward vacation and so on. However, Experian claims that people born between 1946 and 1964 carried about 4.8 credit cards in the second half of 2019. You'd be surprised to know that this is more than any other generation in the report!

Many people believe that older people have the highest chance of getting a credit card because they have a lot of time to build a good and long credit history and show their responsible borrowing habits. In fact, there is some truth in this. What's more, the Equal Credit Opportunity Act prohibits lenders from discriminating against credit card applications because of age!

However, old people still occasionally face problems getting a credit card. Below you can explore the main points that may affect your creditworthiness.

Why Seniors Can Get Rejected When Applying for a Credit Card?

There are several main reasons that can affect whether older people get approved:

  • Income

You probably know that when you apply for a credit card, lenders will ask you to provide your annual income. This is necessary so that the bank can be sure that you can really pay off the loan received. However, if you are currently retired, then you most likely do not have a job and a stable income, which means you live on a smaller amount. Sometimes this can affect your ability to get money for your needs.

However, you should pay attention to the fact that in addition to the traditional salary, you can include all the income you receive. These include dividends and interest, Social Security benefits, income from retirement, investments, part-time jobs, spouse income and so on.

  • Credit files

Many older Americans work hard all their lives to pay off their mortgages and have some savings, so they often think that their credit score is not that important. However, if one day you are faced with large expenses, the need to make a large purchase or, for example, to rent an apartment, then you will understand that the credit is still of great importance. Thus, in order to have a FICO credit rating, you must remember to report your credit activity to credit bureaus at least once every six months.

So, if you have paid off your debts and have not had any credit activity for a year or more, then you may be denied due to the fact that the credit bureaus do not have enough information about you. So, if you don't have enough information in your credit files to create a credit score, you may have difficulty getting a credit card.

  • Mix Of Credit

Also, you should pay attention to the fact that the constant use of credit cards does not guarantee that you will be able to get a new credit card when you need it. If your credit file contains only credit card accounts but no other types of credit (such as Mortgages, Installment Loans, and so on), this can worsen your credit and reduce your chance of getting financing.

You may run into this problem as the mix of credit is often important for credit scoring models. So if you have variety of accounts, it shows your experience with different types of loans, which means you have a good mix of credit. Pay attention to this point before applying for a new credit card.

  • Co-signing

Another point that can negatively affect your ability to get a credit card is co-signing. If you previously co-signed on a loan for your children or grandchildren, then this could also negatively affect your credit.

You probably know that when you co-sign a loan, your payment history is also reflected in your credit reports. Thus, if the person with whom you co-signed a loan misses payments, then this will negatively affect your credit.

How Can Seniors Increase Their Chances of Getting Credit?

While retirees may face a number of challenges getting a credit card, there are still a few tips that can help them improve their chances of getting approved. Let's look at the main ones:

  • Pay attention to your credit report. Of course, the very first thing you should do is to constantly check your credit report in order to know what condition it is. You also need to make sure that there are no mistakes that could negatively affect your credit. If you find a mistake you need to report it as soon as possible.
  • Use a secured credit card. If you are looking to improve your credit then a secured credit card can be a great option for you. It works just like a regular credit card, however you will need to make an upfront deposit which will act as your credit limit. It also protects a card issuer in case you can't get your money back on time. Once you improve your credit with a secured card, you can switch back to a regular credit card.
  • Say goodbye to long-held accounts. Even if you're trying to improve your credit score, don't close old credit cards, as the length of your credit history and the average age of accounts also affect your credit score.




When tackling a home renovation, the costs can add up quickly. A seemingly small kitchen remodel can leave you on the hook for thousands of dollars.

The right loan can make or break your home renovations. Whether you are looking for a specialized home improvement loan for a specific type of renovation or a broad loan that can be used to fund more general home upgrades, you’ll find plenty of options to choose from.

Let’s explore the best loans for home improvement and which ones might suit your specific needs and finances.

What is a home improvement loan?

A home improvement loan is any type of loan that offers the funds you need to maintain, repair, or improve your home.

Often, “home improvement loans” are unsecured personal loans that are marketed as being for home improvement. There are also some niche mortgage loan products intended to be used for certain types of home renovations.

Current uncertain economic environment leads to retirement worries for many americans

Nationwide Retirement Institute research finds that the economy, inflation, and pandemic are all accelerating consumers’ worries about retirement.

Continued financial repercussions from the pandemic, new concerns over market volatility and high inflation are leading two-thirds of Americans (66%) to worry more now than they did before about their retirement income, according to the Nationwide Retirement Institute’s ninth annual Social Security Consumer Survey. That’s a 10 percentage-point spike from 2021.

Adding to those concerns, most consumers (70%) across generations worry that Social Security will run out of funding in their lifetime. One in three adults (33%) not currently receiving Social Security benefits believe they won’t get a dime of what they’ve earned when they retire.


If you’re doing well financially, treating yourself occasionally or helping a loved one in need may be something that fulfills you and brings you joy. However, these actions can become problematic when they happen repeatedly and begin to take a toll on your financial life. To stay on track towards your financial goals while maintaining strong relationships with the people closest to you, it’s often necessary to set and maintain healthy money boundaries.

What Are Money Boundaries?

In general, boundaries define what you’re willing—and more importantly, unwilling—to accept from yourself and others. They provide a way to maintain your identity and wellbeing within your personal and professional relationships.

More specifically, money boundaries are the limits you set for your finances. In some cases, you may set financial boundaries for yourself. For example, you may have a personal budget that guides your spending each month.

13 Best Passive Income Apps In 2022 And Beyond

A commonly asked question is, what’s the difference between active income and passive income?

The answer is pretty simple: active income is what you get for exchanging your hard work, time, and skills for a salary. 

On the other hand, passive income is any additional income acquired by simply investing and letting your money grow on its own, without putting any effort into it on your part. The investments can be of any type such as:

financial investments affiliate marketing product sales

It can even involve making money via shopping, playing video games or even watching movies online.

Let’s take a look at the 13 best passive income apps that you can use to make easy money:

Don’t Miss Any Updates. Each week I’ll send you advice on how to reach financial independence with passive income from real estate.

Tips When Taking Care of an Elderly With Allergies

Allergies are not only uncomfortable and annoying, but they can also be a major health concern, especially for our senior loved ones considering the effects of aging.

That is why, whether they have been diagnosed with an allergic condition, have had occasional bouts during allergy season, or have simply developed them out of the blue, it is essential to know how to handle them properly.

We are listing down some of the ways you can help them manage their allergies whenever it comes:

Know how to recognize the symptoms immediately

While there are tell-tale signs of allergies, such as a runny nose and sneezing, your senior loved one’s symptoms may be different. Instead, it may manifest as ear congestion or watery eyes.

Reduce their exposure to triggers

To do this, you must first know what their usual triggers are. Some of the most common triggers include pollen, grass, dust, smoke, and cold.

Apartments for Seniors on Social Security

Now the elderly on Social Security can get help using various programs such as Subsidized Housing for Multifamily, Public Housing and Housing Vouchers.

Housing for Social Security

Older people who do not have a good source of income cannot afford a decent life, since their means are limited. Of course, the government knows about the existence of this problem and is trying to solve it and improve the life of pensioners. That is why low income seniors that live in bad conditions can find the best accommodation even if you can not afford it.

What Advantages Do Senior Playgrounds Have?

First of all, such playgrounds are free, so pensioners do not have to pay for membership. Also, the equipment helps to use various muscle groups so that pensioners can develop their strength and endurance.

What Advantages Do Senior Playgrounds Have?

First of all, such playgrounds are free, so pensioners do not have to pay for membership. Also, the equipment helps to use various muscle groups so that pensioners can develop their strength and endurance.

What Age Is Elderly?

It is difficult to unequivocally answer the question of whether a person at the age of 60 is considered elderly, since some people may feel great to continue working, others can no longer get out of bed due to health problems.

No one can give a clear definition of old age. Some people believe that they are already old at 60, so they think that their life is already coming to an end. However, it is important to pay attention to the fact that older people still head big corporations, become presidents, run their own businesses, and so on. That is why people are still arguing what age is considered old. Keep reading to find out the details.

Where To Have A Retirement Party?

Depending on your preferences, you can choose any place where you and your colleagues will be comfortable. Explore different options, from a party, to an evening at the country club, a picnic or a lunch together.

Despite the fact that retirement is a new stage in life, this does not mean that you should be upset. What's more, retirement is a great occasion to celebrate, throw a party, and spend time with your family. Even if you haven't been looking forward to this day and feel like you're not the age to party, remember that you deserve it after so many years of hard work.

However, if you want to throw retirement celebrations, most likely you have no idea where to start, when and where to have a party, who to invite and so on. Below you can explore all the information you need to know in order to throw a party that you will remember for a long time!

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