Credit Reports Explained

Improve Your Credit Score

How To Earn High Marks

You know a credit score is important in determining how much you’ll pay for credit. But what’s considered a good score?

In general, a score above 700 indicates good credit management, according to Experian, one of the three main credit reporting agencies. Most credit scores fall between 600 and 750. Of course, the higher your score, the better rates you can secure from lenders.

A range of credit accounts with a record of timely payments (car loan, credit cards, mortgages, etc.) generally benefits people. A high debt-to-available-credit ratio (meaning your credit is close to maxing out) on credit cards and installment loans usually works against an individual.

Strategies For Achieving A Higher Credit Score

  • Make timely payments. It’s the best way to improve your score because payment history accounts for 35 percent of your FICO credit score. 
  • Only seek new credit when you need it. Numerous inquiries on your credit file for new credit could make you appear risky to lenders.
  • Elect automated payment to ensure timely payments. Credit reports track every payment that is 30 days or more past due.
  • Dispute in writing any errors that appear on your credit report.
  • Ignore advertisements promising to remove bad credit. These services charge a fee for something only you can do yourself—commit to a personal debt payment plan.

You can learn more about taking control of your credit score by reading our Debt In Focus page.

If you need professional help with debt management, please call PrimeWay Federal Credit Union at (713) 799-6200 to schedule an appointment with one of our certified financial counselors.

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