from FREEDMAN FINANCIAL | August 12, 2016

Tarnishing Your Credit Score

Are your "smart" money moves lowering your credit score?

You think you've done everything right? Paid off the mortgage early, paid cash for the cars, and so on; but is it possible you may have hurt your credit score by being so "cash" smart?

Many seniors are finding it harder to get the "best rates" on securing large loans because of their credit scores. That's because credit scores are partly based on payment history. If it's been a decade or more since you've paid a mortgage or car payment, the credit bureaus have little reference of your ability to pay on time. Often times a loan officers may have to offer you a higher rates due to your lack of credit history.

Another disadvantage for seniors when applying for loans is their debt-to-income ratio. If you've been out of the workforce for a while and don't have "earned income," a lender may have a more difficult time being convinced that you're eligible for the "best rate". This can also lower the amount of money the bank is willing to lend you.

Learn More About Credit Scores

Car Rental Insurance, Do You Need It?

Rental car insurance can be redundant, but in some situations it could be the right thing to do.

You've just gotten off the plane. You're ready to start you trip and then the rental car agent gives you the spiel on insurance. You pause and think for a moment. What does your gut tell you to do?

Here's what you need to look at before you opt in or out of rental car insurance.

First, look at your own auto insurance policy. Do you have sufficient liability insurance? Do you have comprehensive & collision coverage? Many drivers with older vehicles drop this coverage and that could be a problem if you were in an accident.

Rental insurance often covers personal injury and property in the car. However, your health, homeowners and auto policy may be adequate enough to allow you to opt out of that particular coverage.

Also, if you pay with your credit card (as most people do), your credit card company may offer rental insurance as a benefit. Be sure to contact your credit card company and make sure you understand the terms, deductibles, etc.

But truth be told, there are a few instances when signing up for rental coverage is in your best interest. Click on the link below to learn more.

When Should you Opt In for Car Rental Insurance?

IN CASE YOU MISSED IT

Freedman Financial's Blog

Read our latest blog post here, as well as find other postings that may be of interest to you.

Weekly Market Commentary

Earnings Update: We Were Hoping for More

Divorce & Social Security Benefits

Many divorcees are unaware that they may be entitled to social security benefits.

We'll say it again. Social Security can be complicated.

Many divorcees are unaware of the ex-spousal benefit piece of the Social Security program. As a divorcee you may be eligible to receive benefits based on your ex-spouse's record without impacting their benefits;

If you were married for at least ten years.
Your ex-spouse is at least 62 years old, and more...

Click on the link below to learn more

Understanding Social Security & Divorce

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Investment advice offered through Freedman Financial, an SEC registered investment advisor.