3 Quick Tips for Improving Your Credit Score | Cleveland Bradley County Teachers Federal Credit Union

In the modern financial system, our credit scores dictate everything about the decisions we can make as borrowers. From mortgage qualifications to loan repayment schedules, anytime you need to qualify for funding, your credit score is one of the top things that lenders consider about your application.

Unfortunately, credit takes time to build, effort to maintain and if something happens that dings your credit score, it can take years to repair that damage. While there is no substitute for continually building up your credit score over the years, if you are trying to raise your number, there are some everyday actions you can take to help you reach your goal.

Tips for Improving Your Credit Score Quickly

1. Pay Your Bills on Time, Every Time.
Regardless of what other financial choices you make, paying your bills on time is the single biggest factor that plays into your credit score. Late payments will stay on your credit report for up to seven years, and even if you are doing everything else right, they can seriously impact your credit. Paying bills on time is a great way to show lenders that you are taking your borrowed funds seriously, regardless of other credit mishaps that may be in your history.

2. Check Your Credit Report for Errors.
While they are rare, errors on your credit report can happen—and they can harm you significantly if they are not dealt with. Consumers are entitled to a free credit report from the nationwide agencies once every year so request yours and go over it in extreme detail to look for any errors.

3. Make Payments as Frequently as You Can.
While some loans or other types of borrowed funds may implement penalties for frequent payments, for credit cards, you can typically make payments as often as you want—and you should do so! Making frequent payments keeps your credit utilization low which is a major factor in your overall credit score. Additionally, this can be a proactive way to prevent debt, as you do not have to worry about being surprised with a high bill when your due date rolls around.

If you would like to learn more about credit scores and financial health, we are here to help! Contact us today to learn how we have helped countless area teachers take charge of their finances.