Why Seniors Don't Have to Worry about their Credit Scores

Like most people, seniors try to pay their bills on time in order to keep their credit scores high. The better your credit, the greater the chances of getting a loan, mortgage, and credit card at a low rate. But too many seniors skimp on their onw needs trying to make payments on old debts in order to maintain a higher credit score. In this video, Attorney Eric Olsen explains why it's OK for many seniors to let their credit scores sink and focus on paying on necessities instead of old debt.

Time Stamps
0:00 Introduction to Attorney Eric Olsen and his debt and credit knowledge
1:21 Why credit scores aren’t as important for seniors as for younger people
2:32 For many low-income seniors, their income is protected by federal law
3:34 For many low-income seniors, necessities are all they can afford
4:08 If you’re a low-income senior, even if your credit score is high, no legitimate lender will lend you money
5:59 If you want to keep a single credit card with a low balance, go ahead, as long as you use it
7:16 Many judgements and late payments aren’t reported on credit reports
9:08 If a senior stops paying a credit card and gets sued, it’s not the end of the world
10:18 Seniors think they need good credit to rent a home, but HELPS Nonprofit Law Firm can help them
16:06 How to contact HELPS
16:31 Don’t sacrifice everything to keep your credit up

In this video, Attorney Eric Olsen, Executive Director of the HELPS Nonprofit Law Firm, explains why low-income seniors struggling with debt shouldn't worry about paying bills in order to maintain their credit scores. The former bankruptcy attorney details why seniors don't need high credit scores like younger people do. Among the reasons:
* much of their income like Social Security is protected
* they don't need to buy a car, and may not be able to afford one
* they may already own their home
* if they need to rent a new home, the HELPS Nonprofit Law Firm will help explain to a prospective landlord that their income is protected and why they would make a good tenant.

The former bankruptcy attorney also lays out that if you’re a low-income senior, even if your credit score is high, no legitimate lender will lend you money. He recommends paying for your needs instead of trying to pay off your credit cards. If you want to keep a single credit card with a low balance, go ahead, as long as you use it, but low-income seniors should let the high-balance cards go.



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Like to save money? Please watch: "The Best Senior Citizen Discounts"
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[gabby]

These videos are great because they not only help the senior, but they help the people that the seniors are interacting or doing business with. Those business people are clueless about what Seniors rights are. Many landlords are
seniors themselves and don't know these things

[helenruch]

Thank you for this program. I am 80 and struggling to pay off a lot of medical bills that got dumped on me because my insurance carrier said another insurance company was responsible…so neither paid and the doctor offices came after me. Of course I am on Medicare and have no savings and live on my SS check. If I didn’t have my little mobile home, I would be on the streets. Rent is $1200 or more plus elec., phone etc and I only make $1389.00/mo and that is too much to pay for low income housing. No we are not treated fair.

[barbarafallin]

I'm debt free and my credit score is 845 and, 73 years old and live my best life

[Eyagsf]

Thank you for your help. This country is in a sad state when it makes it’s aging, hardworking citizens suffer so much.

[georgeu]

That was very educational. I just went and filed chapter 7 at 62 years old. I felt very bad that I had to do it. I have never been behind on my credit card payments. I had Bank of America for 20 years. I called Bank of America to see what they lower my interest rate from 20% during the coronavirus they said the only way they can lower it. I would have to close the account and they would give me 2%. Send me a letter to say if they approved it or not. I continue to pay $600 a month they continue to take $500 of it at least. Because of Bank of America I was forced to file chapter 7. I take full responsibility of charging so much I will never do it again I do not want to see or hear about a credit card. Unless it's a unsecured card. These Banks will take advantage of you watch out.

[jennifertraas]

You have no idea how you have just alleviated the stress I have had over the past 4 months !
I am a 74 yr old on a fixed monthly SSI with no other income and have been drowning credit card debt since having to move back to NY and incurring an increased $1350 monthly rent and utilities debt

[susangill]

This is very interesting because I was just turned down from renting a senior govt subsidized apartment because of 'derogatory credit'. So I definitely will be in touch to get a Landlord Letter to enclose with my next application. Thank you.

[Paula-pokx]

Thank you. A few years ago I got into credit card debt and couldn’t pay, now my credit rating is 509 and it makes my car insurance higher. I have to disagree, good credit is very valuable.

[albertvasquez]

Our so called best country on earth treat our seniors like crap. In a nutshell.

[billrook]

I'm 69 years old. I bought a used low mileage 2020 Ford F-150 yesterday. My credit score was 814. My credit union handed me a check in 20 minutes.

[pgreene]

Being an advocate for seniors is appreciated. The moto is leave no child behind. We should also have a motto leave no seniors behind- past 65 of age pay their mortgage off, or car loan off. That would be helpful to all. Thank you for sharing your videos.

[ldeeptogiola]

This is all me! I am in this predicament seriously! Why are the Debt Relief programs are so persistent to have me sign up with them? I should just let my cards go. I’m not able to pay my debts. Thank you so much! 🙏🙏God bless!!

[prettywoman]

Thank you both for sharing all of this important information. I've always had excellent credit score all my life and as a senior it's a relief to know I don't have to worry about it any longer like I once did.

[mariecasaletto]

I had to use my credit cards to eat, buy food. I was living on 800.00 a month. Now I get more money and are trying to pay them down. It willtake a long time.

[patriciachamberlain]

Thank you so much for verification of my assumption of not worrying about my credit score...I'd been doing so and suffering because of same. One card, low balance, cancelling the rest, or allowing them to cancel themselves.
Oh what a relief it is.

[Dee.C]

Thank you for the information . I am 61 and disabled . My husband is going to be retiring next June at 65 . We will have our car paid off 5 more payments so that is no stress . We have $8000 in credit card debt plus some medical debt incurred during the pandemic. Now I can breath .

[dorisreyes]

Thanks for your program I have learned something today that I did not know about seniors and their credit. I am one of those seniors at age 76 and are concerned about keeping my credit in good standing while I am on Social Security. I am a veteran but I am not a disabled veteran. I am purchasing my own home and will give you a call.

[susangenereux]

Hi I was able to get hold of your firm so glad my call went Thu. The lady I talked to was so nice and helpful. So glad you are here to help us you are angels thank you again looking forward being your client.

[cynthiagelmirez]

Thank you so much for giving this information - very helpful and considerate. Definitely something seniors may need - especially during these challenging times. God bless you guys!

[SSsmith]

Yes my medical bills at a credit bureau affects my credit