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January 29, 2020

How To Boost Your Credit Score

Follow these steps to improve your credit score and unlock lower interest rates.

A strong credit score can help you qualify for the best interest rates when you’re looking at buying a home a car, or applying for a credit card or other personal loans. A better interest rate can mean big savings over time. The less money you pay in interest rates, the more you have to meet your future financial goals. Here are steps to maintain a healthy credit score or improve it over time.

Pay your bills on time.

Avoid missed or late payments on everything from your mortgage to credit card bills to monthly cable bills. Look into setting up autopay for recurring bills to ensure you never miss a payment.

Maintain a healthy ration of available credit to credit balance.

Avoid using all your available credit or keeping high balances on multiple cards or accounts. Try to not let balances exceed 30% of your total credit limit. Also, it is best to pay your balances in full each month to avoid interest charges.

Avoid opening several accounts in a short time.

Only open accounts as needed. It’s best to avoid opening new accounts or making large purchases on credit before other large purchases, like when shopping for a mortgage.

Keep credit cards open, even if you don’t use them.

A long, stable credit history and available credit can boost your credit score.

Check your credit report often.

We recommend checking your credit report at least once every year and before making a big financial move, like applying for a mortgage or car loan. This helps you be certain your report is accurate and free of unusual activity.

A strong, healthy credit score shows lenders that you manage your finances well over a long period of time. It leads to accessing the best borrowing terms in the future. For more information about maintaining good credit or helping improve your credit, stop by your local Citizens First Bank branch, we’re happy to help.