-Pay Your Bills on Time:
Late (aka: ‘delinquent’) payments have a huge negative impact on your overall score. The more you’re on time with bills, the better your score will get.
-Don’t Open More Cards than Necessary:
Multiple new accounts can start to lower your account ‘age’ and in turn, drop your score as well.
-Be a Responsible Manager:
Having Credit Cards is good, as long as you are good about keeping track of them (limits, payments, etc.). Having no cards at all can be a higher risk, so be on top of the ones you do have.
-Maintain a Low Balance:
A higher ‘outstanding debt’ can really affect your overall score – it can be lowered over 50 points just by maxing out a card!
-Keep an Eye on your Credit Report:
From time to time, outdated or inaccurate details can show up on your Credit Report – this too can really damage your Credit Score. Check your Report often, and if/when you see an error file a claim to get it fixed.
Just having a credit card isn't going to increase your Credit Score – you have to use the card to really establish a strong credit. Even if it’s a card you only use on groceries, get it – and use it wisely!
Last, but certainly not least --
Improving your Credit Score can take years of diligent spending and dedication to watching your finances – it may not be easy, but we can promise that it will be worth it. Commit yourself to practicing Financial Fitness today!
Good Credit can be essential to living without financial stress. If you’d like to talk with one of us, or get help pulling your free Credit Report, call or stop in – we’re here for you! Our Member’s financial being is always our priority. We are People Helping People.
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