Oct '24 • Financial Wellness
Credit Repair 🏦
Steps to Improve Your Credit Score:
Check Your Credit Report Regularly
Start by getting a free annual credit report from AnnualCreditReport.com. This gives you a clear picture of where your credit stands and helps spot any errors.
This website is the only source authorized to fill orders for free annual credit reports you are entitled to by law. The three nationwide credit bureaus (Experian, Equifax, TransUnion) have permanently committed to a weekly credit check program, effectively ensuring better public access. Be sure to take advantage of these resources and keep track of your score!
Pay Bills on Time, Every Time
Your payment history accounts for 35% of your credit score, and making timely payments is the single most impactful thing you can do to improve it. Even paying the minimum amount due, on time, will help you maintain good credit standing. Late payments, especially those over 60 days, can severely damage your score.
Set up automatic paymentsfor all your bills on the OneUnited mobile banking app, so you don’t miss important due dates!
Use a Secured Credit Card
If you’re rebuilding credit, our UNITY Visa®, a secured credit card, can help you get back in the game of good standing. Unlike prepaid cards, secured cards report to the credit bureaus, making it easier to establish or improve your credit history.
Just starting your credit journey? Consider a secured credit card as a tool to help you build credit history while minimizing risk. Since it requires a security deposit, it’s easier to get approved, and it reports to the credit bureaus, which helps you establish a positive payment record.
Keep Your Credit Utilization Low
Don’t max out your credit limit—aim to use less than 30% of your available credit at any time. The ratio of your credit balance to your credit limit plays a crucial role in calculating your score.
Limit Hard Inquiries
Each time you open a new line of credit, a hard inquiry is made, which can lower your score. Applying for multiple credit cards in a short span can also hurt your score.
Zero in and focus on building a strong history with your existing accounts to improve your score!
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Credit Repair 🏦
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