Is Your Credit Score Where it Needs to Be?

[ 0 ] September 7, 2011 |

Thinking of making a big purchase in the near future? Before applying for a mortgage, opening a line of credit or buying a new car, consumers should know their credit score. More often than not, we never think of our credit score and how it can impact our purchase.

Once you obtain a copy of your credit report review it for inaccurate information. There may be debts paid off that are listed as outstanding or late payments listed that were actually paid on time. To find out your score before shopping visit one of many online resources or go to Equifax, Experian, or Transunion.

If you’re at a loss as to how to improve your credit score, here are some ideas that may help you.

  • Pay bills on time
  • Keep credit card balances low
  • Only take out a new credit card when you need it
  • Apply for a low balance credit card and make modest purchases that you can pay off each month; this will help boost your credit score

Just remember credit scores impact the rates offered on loans. If you faithfully have high credit scores it tells lenders you are responsible and cautious. If you do need extra help in raising your credit score, seek out local non-profit counseling services or schedule a consultation at your local financial institution.  The IAACU has 3 Certified Credit Union Financial Counselors; Ryan Robb, Steve Slayton and Nick Brooks. All are available to answer any questions you might have.

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Category: Money Tips

About the Author ()

Calvin is a Sr. Systems Support Technician and has worked in the systems department since 2001. During a normal day, he keeps the computers running smoothly so our employees can help our members as best as possible. He has also been a member of our social media team since it was created. Calvin normally posts on computer related topics, including security, tips and tricks and new technology happenings at IAACU.

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