Credit Scores

If you are in the market for a new home, car or are trying to get a personal loan, there is one thing that you must know: your credit score. You may already know the importance of your credit score as it is determined by a report that contains all of your credit activities. The goal is have the best (highest) score possible in order to get the best rates. Here are a few simple tips that can help you boost your score:

1. Pay all of your bills on time. This one component makes up 35% of your credit score total. Take a moment today to look at all of your monthly due dates and write them down on a calendar You can set a reminder in your cell phone or on your computer to keep up with these dates as well. Also, if you are having trouble remembering when to pay which bill, take a moment to sign up for Bill Pay online to eliminate stress. If you commit to paying each bill on time, then your credit score will begin to show improvement.
2. Reduce your overall debt. Of course, your goal here is to strive to be debt free, but while you are making those payments, work on widening the gap. This gap is what you want to increase between your credit limit and the actual amount you owe for that card. The larger this gap is, the better your credit score will be.
3. Call in the experts. If you are unsure of where to start, then you may want to check out some resources. Here are some free online resources to help you improve your credit score or if you would like to chat with someone, feel free to stop by one of our branch locations.

Do you have any helpful tips for boosting your credit score? Please share your tips and thoughts with us! Be sure to check back next week for fun ideas for charitable giving instead of just writing a check.