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Seniors and credit
Tips for Seniors wanting credit
When a spouse dies
Seniors
needing help with their credit can request a free credit evaluation.
Click here for a FREE online credit evaluation - no
obligation, no cost!
Click here to order credit repair services online now!!!
Learn more about
credit repair services here. When a Spouse Dies
The Equal Credit Opportunity Act states that a creditor is not
allowed to either close or alter the terms of a joint credit account based
on the death of a spouse. A creditor can request that you update your
credit application or reapply. A creditor will often request this if they
believe that the living spouse's income is insufficient to maintain
payments or if the credit account was originally opened based solely or in
part on the income of the deceased spouse.
The creditor will review the new application and from it will decide
whether to extend, limit or otherwise alter the credit limit. It is the
creditor's obligation to advise an individual, in writing, of their ruling
within thirty days of receiving the credit application. During this thirty
day period, the previous credit agreement remains in effect. If the
creditor rejects the new application, they must either provide you with a
specific reason(s) why the application was rejected, or advise you of your
right to request this information.
These same regulations apply whether a spouse has died, upon retirement,
once the age of 62 is reached, marital status has changed or a name has
changed.
Know your Credit Accounts
It is often advisable that both spouses understand the number and types
of credit accounts they hold. This will help each spouse understand how
their credit rating may be effected upon the death of the other spouse.
Many older women open small, individual credit accounts in order to
establish their own credit history in case their spouse dies.
When applying for individual credit, request that the creditor take into
account all credit accounts and history of those accounts held in the
spouse's name. This is applicable both before and after the death of the
spouse. If it can be proven, from your own individual banking history, for
example, that you have made payments on the spouse's credit account, a
creditor should use this information in assessing your personal
creditworthiness.
If Denied Credit
If a creditor denies credit, is it an individual's right to know why. If a
Senior believes that a creditor has discriminated against them based on age,
they may file a complaint with the Federal Trade Commission and even sue
the creditor.
Seniors who are denied
credit may be particularly in need of credit repair services.
Click here for a FREE online credit evaluation - no
obligation, no cost!
The U.S. Government webpages dedicated to Seniors
offer a wealth of information useful for Seniors, including
credit and financial
information. CNN's Money pages offer excellent information on all
matters related to Senior's
personal finance.
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