Improve your credit score
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Improve Your Credit Score


Here are some ways to increase your credit score

Credit scores are used by lenders to estimate credit risk. People with higher credit scores are often rewarded with more favorable terms, including lower interest rates on credit cards and mortgages. Typically, those with lower credit scores can be penalized with less favorable terms and significantly higher interest rates. Achieving and maintaining a higher credit score requires an understanding of how the scores are calculated and what factors can negatively impact the scores.

  • Know what’s on your credit report – request your free credit report and check it for errors
  • Make payments on time – 35% of the Credit Score is based on payment history – pay them early
  • If you're new to credit do not open a lot of credit cards or loans at one time, multiple credit inquiries in a short period of time, may reduce your credit score
  • Have more that one type of credit – for example have a credit card, auto loan, mortgage, or a secured loan
  • Closing an account doesn’t take that account off the credit report. If you pay the balance off every month it has to be done before the due date or the balance that is on there will be the balance that is reported to the credit bureaus can decrease your score
  • Pay your bill before the closing date – you will need to look at your individual statements for the individual closing dates
  • If you are unable to pay off your balance each month, pay twice a month to decrease the principle faster
  • If you are able to increase the available balance on your credit card and not use it, this will increase your credit score by keeping the outstanding balance, within a third of the amount available balance, which helps increase your credit score 
  • Watch your balance available - keeping your balance near your available credit limit will decrease your score  

For more information, please call us at 989-759-1686 ext. 503.

Get your annual free credit report at:
Transunion -

Equifax -

Experian -

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