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No, it’s never too late to work on building your credit. You may feel that in the second half of your life you have missed the credit train, but this is not the case. 

Credit applications do not have any limitations or cutoffs. 

The Equal Credit Opportunity Act prohibits creditors from discriminating against you due to your age. Credit does generally build up over time (or with age) if you are making good credit decisions, but it certainly does not take a lifetime for you to attain a good credit score. 

The process for you to build credit is the same whether you have no credit or bad credit. It can be easiest to start with a secured credit card. This is a card that you make a security deposit on to obtain a credit line. As you make the payments on time and all the time, your credit history will build and your score will increase. 

It is always a good idea to make sure that your debt balance to credit limit ratio stays low. Your goal for this figure should be no higher than 30 percent. 

Here is the breakdown of factors that determine your credit score:

  • Payment history 35 percent
  • Credit usage 30 percent
  • Time of credit history 15 percent
  • New credit 10 percent
  • Types of credit you have 10 percent

Remember to check out your credit reports at least once each year for any mistakes. You need to dispute these if there are any errors. 

Patience is your best ally in building up a strong credit history and score, so the earlier you start, the sooner you will reach your goals as with most things in life.