How to Manage Your Credit Score

Your credit score says a lot about how you manage your finances and impacts how you qualify for credit.  Credit card use and your payment history have the highest impact on your credit score. Establishing good credit takes time.
You can manage your score by following these few tips:
  • Check your credit report for errors.  If an error is found, submit a dispute to the credit bureau.  Free services are available to view your credit score and associated details.  You do not have to pay for this information. Be prepared though to give details about yourself for them to access the correct information.
  • Reduce the amount of credit you have outstanding. Keep your credit card balances low and if possible, pay them off each month. Attempt to use one or two credit cards where you have a greater ability to track your payments.
  • Always make your payments no later than the due date listed on the bill.  Even one late payment can hurt your credit score. Set up payment reminders or establish automatic payments through your credit card provider.  Though, these auto payments only make the minimum payment amount. Consider enrolling in Bill Pay within Online Banking where you have greater control of your payment amount.
  • Apply for and open new credit accounts as needed. A request for credit, such as a mortgage or home equity, can be negatively impacted if another credit request such as a credit card appears outstanding.

If you need assistance with your managing your credit, contact one of our bank representatives