January 11, 2022
Did you make a New Year’s Resolution about improving your credit and increasing your credit score? It’s likely one of your goals for 2022, even if you do have a decent score. Unfortunately, more than half of all resolutions fail, so let us help you with this one!
A credit score is a number between 300 and 850 that lenders use to help them determine how likely it is that you will pay them on time if they give you a loan or credit card. Scores below 620 are considered low and scores above 720 are considered very good. Your credit score is built on the different types of credit you have along with payment history. A stronger score can help you qualify for lower loan rates and save you money in other areas of your life as well!
A Lower Interest Rate = Lower Monthly Payments
So, by having a higher score, you’re putting more cash in your pocket.
The items on your credit report that play a part with your credit score are called credit score factors. Some of these factors that could have an impact on your score are:
These indicate what parts of your credit history most affected your score at the time it was calculated or obtained. These factors are things that should be looked at and reviewed to determine if improving in one or all these areas could help improve your score.
Your credit score is a snapshot in time and is ever changing. Your score can be one thing today and something completely different tomorrow. Knowledge is power, especially when it comes to your credit history and credit score.
What are you waiting for? Stop by one of our locations and we will be happy to take a look at your credit with you and give you specific ways that can improve your credit score! If our schedule doesn’t work for you, you can also get your own credit report from our preferred credit bureau at Experian.com and for the time being, it’s free. You’re able to view your credit report and score with accurate details and information online. Of course, if you have any questions or concerns regarding what you see, or you simply want us to help you in ways to increase your score, let us know! We’re on a mission to strengthen your well-being and become your financial partner for life, and we stand by that. Let us help you stay on track with your New Year’s Resolution!