Whether you just need advice on how to stay on track, or could use some help to get back on track, your credit union offers free and confidential financial wellness services to help you achieve your goals.
Give us a call at (318) 621-0605 or (318) 629-5622 and set up an appointment today.
Frequently checking scores and reports can be crucially important to financial
health. Consumers who have a good idea of their credit score understand where
they stand should they need to borrow money to fund a major life purchase. A low
credit score, for instance, could hinder the purchase of a new house or car.
Consumers who regularly check their credit reports are also more likely to catch
identity theft before it becomes a major problem. By regularly checking credit
reports, you may be able to catch credit inquiries you don’t recognize – catching a
potential fraudulent new account before it’s even opened.
A good credit score is very important in day-to-day life because it helps determine your day-to-day
budgeting for expenses such as premium insurance, mortgage or rental premiums, car payments and
utilities. It can also prevent the ability of obtaining money or credit for life’s unexpected expenses such
as tires, car repairs, medical expenses and rental cars. Basically, having a good credit score opens up a
world of opportunity, giving you more favorable buying power.
Tips to Raising Your Credit Score
* Check your reports annually. Everybody is entitled to a free copy of their credit report from all
three reporting agencies once every 12 months. To request a copy, visit the authorized website –
AnnualCreditReport.com – or call 1-877-322-8228. You will have to provide your address, Social
Security number and birth date to receive the reports. Taking advantage of the annual credit report
checks allows you to keep an eye out for any account activity you don’t recognize and gives you a
barometer on your borrowing habits.
* Be wise about opening and closing accounts. Think about how it might affect your credit score
before opening or closing credit accounts. While it positively affects credit scores to have a wide
array of accounts – including credit cards, personal loans, home equity lines of credit, etc. – it can be
much more harmful to open more lines of credit than you can keep up with. Falling behind on
payments can quickly drag down a healthy score.
* Make on-time payments. Payment history, or how reliably you make on-time payments, is the most
important factor considered in calculating your credit score. This information indicates to potential
lenders how likely you are to pay them back should they choose to lend to you. Consider using
automatic bill payments or setting up alerts to avoid missing payments.
* Optimize your credit utilization ratio. Your credit utilization ratio is your debt-to-limit ratio; it
measures the amount of the credit card limit you’re using. High credit utilization ratios may cause
potential lenders to think you’re overextended and unlikely to make timely payments on future debts.
* Dispute errors. If you see something on your report you don’t recognize, don’t assume it should be
there. Contact both the credit reporting company and the organization or company that provided the
information (that would be your lender or credit card company). The Federal Trade Commission
recommends sending a hand-written letter with copies of all relevant documents via certified mail.
Higher Score = Lower Rates!
View All Rates
*APR = Annual Percentage Rate
*APY = Annual Percentage Yield
Rates are subject to change without notice
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