News & Promotions What's New Current Promotions Newsletters Credit Score Financial Tips Did You Know? You can get a FREE copy of your Credit Report annually from the 3 major credit bureaus. Review your report for possible fraud and errors to improve your score. Request now at AnnualCreditReport.com. Payment History has the greatest impact on your credit score. Try to NEVER miss a loan or credit card payment. If you’re having trouble one month, contact your lender BEFORE the due date for possible solutions. Monitoring Your Credit Score? Aim to have your credit score above 700. This will make it easier to get approved for loans and credit cards. Plus, you’ll save more money by paying less interest over the life of your loans. Keep your oldest credit card active to boost your credit score. Even if you only use the card once a month for small purchases, your older credit cards will improve the average age of your credit and increase your score. A great way to boost your credit score is by lowering your Credit Utilization Ratio (CUR). To calculate this ratio, divide your total credit card debt by the total available limit. Try to keep this number below 25%. Did You Know? Soft inquiries on your credit report mean creditors (credit card companies, banks, etc.) pulled your credit – usually to prepare an offer for you. These have no impact on your credit score. Did You Know? Hard inquiries on your credit report mean you gave permission to a company to pull your credit – usually when applying for a loan. Try to limit the number of hard inquiries to avoid hurting your credit score. If you’re shopping around for loans, such as a mortgage or auto loan, keep your credit inquiries within a close time period. Most lenders will recognize you were researching rates and not in financial trouble. Never miss a bill or loan payment with Online Bill Pay. This tool will help you quickly and easily pay all your bills and also ensure you never miss a payment – helping to strengthen your credit score. One of the best ways to maintain a healthy credit score is by responsibly managing credit card debt. Only spend what you can successfully pay in full each month and always make your payment on time. An easy way to improve your credit score is to request a credit limit increase on your credit card(s). This will improve your credit utilization ratio, but only if you do not increase your spending and total balances. A mixture of loans (auto, home, credit card, personal) on your credit report helps to improve your score and lowers the risk for lenders. Financial institutions want to see you can responsibly manage various types of debt. Did You Know? Late payments can remain on your credit report for up to 7 years. If you cannot make a payment to a lender, contact them BEFORE the due date. You may be able to find a solution and avoid damaging your credit. Always check your credit score before applying for a loan. If your score is lower, work to improve it before applying. Otherwise, you may not receive the loan and the new inquiry on your report could lower your score more. Only apply for credit when you absolutely need it. Some people apply for new credit cards just to see what rate they will receive. Every time you apply for credit, your credit score is impacted. Did You Know? Car insurance companies typically factor in your credit score when determining your credit-based insurance score. Just one more reason to always strive for a great credit score. Trying to improve your credit score? Consider enrolling in auto payments for your loans and credit cards. Payment history plays the largest role in your credit score and auto payments ensure you never miss a due date. Review your Credit Report each year for possible fraud and errors for FREE! TransUnion, Experian & Equifax will all provide you a free copy of your credit report annually at AnnualCreditReport.com. Is your credit score on the rise? If your score increased since you originally bought your car, you may qualify for lower interest rates. Consider switching your loan to the credit union to lower your monthly payments. Applying for credit cards regularly will negatively impact your credit score. It may also cause lenders to believe you’re in financial trouble. This could make getting approved for loans more difficult in the future. Boost your credit score with your tax refund. Use your refund check to pay down your credit card balances. You’ll not only lower the amount owed but improve your credit utilization and unsecured debt ratios.