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My Money Monday, Feb. 5: Raising your credit score

Here are some tips that could help you.

Posted: Feb. 5, 2018 1:22 PM
Updated: Jun. 20, 2018 2:03 PM

Topic: Improving your credit score
Link: https://www.firstalliancecu.com/blog/how-do-i-improve-my-credit-score

Q: You hear a lot of talk about credit scores, what’s the fastest way to improve your score?

A: At First Alliance, we are asked this question a lot. Unfortunately, there is no quick way to fix a credit score, it definitely takes time. The best advice we give our members is to make your payments on time each month. This is critical. Timely payments are a big factor in improving your credit score.

Q: What are some other factors that impact your credit score?

A: The number of loans and credit cards you have opened are another important factor to pay attention to. Too much debt can negatively impact your score. So, avoid taking on credit that you don’t need, like store credit cards. While the discounts can be great, there is really no need to have multiple balances on multiple credit cards. One or two credit cards are all you really need.

Q: How often should you be reviewing your credit report?

A: You should be checking your credit report and make sure the information is accurate annually. You are legally allowed to do this for free once per year. We always recommend using the website AnnualCreditReport.com. You’re looking to make sure that there are no errors, that the balances are correct, and that the credit accounts that you have on your report are actually yours. This also helps detect identity theft.

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