Be Aware of Fraud Attempts!

We are seeing a significant increase in fraud and scams and want to be sure your accounts and identity are safe. Stay vigilant and protect your account, learn more about the latest spoofing scam.

Go to main content


3 Strategies for Improving Your Credit Score

Authored By: Genisys Credit Union on 9/9/2020

Adult male sitting at desk with laptop

Your credit score is a number you need to know. This score is a numeric representation of your ability to pay your bills on time and maintain good credit use. Lenders of all types, some employers, insurance companies and others use this score to determine how trustworthy and reliable you are. It pays to do your best to ensure it is the highest it can be.

First, Know Where It Stands Now

There are several steps to take here. First, get a free copy of your credit report, the file used to create your score. You can do this through www.AnnualCreditReport.com. There are no fees or sign ups required. Verify the information on your report is accurate. And, if not, file a complaint with the reporting agency (Equifax, TransUnion, or Experian).

Now, How Do You Improve It?

Your FICO score, the most commonly used credit scoring tool, breaks down specifically what factors influence your number. The scale ranges from 300 to 850. The higher the number is, the more credit-responsible you are. Lenders, such as the credit union, establish what is considered a "good score," not FICO itself. However, typically, credit scores over 700 are considered good.

Now that you're ready to boost your score take these three steps to make it happen.

#1: Pay Your Bills on Time, Every Time

Most of your score is related to your ability to pay your bills on time. This is by far the most important component of your score make-up. If you pay late, it’s on your report for seven years. To help make this possible, consider these tips:

#2: Work to Pay Down Your Debt

Reducing the amount of debt you have is always a good thing – and it saves you money. Your goal is to reach a debt-to-credit limit ratio that is under 30%. This means you're using less than 30% of the available credit.

#3: Use Credit

You can't build your credit history without using credit. Just, do it wisely.

Overall, it is possible to improve your credit score by using smart money management strategies. The key here is to work to build your credit consistently using these strategies.

 

© Genisys Credit Union and www.genisyscu.org, 2020. Unauthorized use and/or duplication of this material without express and written permission from this site’s author and/or owner is strictly prohibited.  Excerpts and links may be used, provided that full and clear credit is given to Genisys Credit Union and www.genisyscu.org with appropriate and specific direction to the original content.

Sources:

https://www.greenpath.com/monitor-and-improve-credit/

https://www.greenpath.com/counseling/credit-report/

 



« Return to "Blog"
Go to main navigation