In our previous posts, we briefly discussed what a credit score is and how it is calculated. What if your score falls in the low range? No fear! There are ways to increase your credit score and improve your credit. Improving your score can be simple, as you will learn from the Seton Center Credit Cafe. For now, here are the 5 ways to improve your score provided by My Great Lakes:
- Always pay bills on time.
- Keep low balances on credit cards.
- Monitor your credit report to ensure there aren’t any mistakes.
- Avoid too many credit inquiries in a short period.
- Protect your finances! Keep financial records in order and always watch for fraud and scams.
It may be hard to see how you can improve your credit if you’ve heard any of the myths surrounding credit reports and scores. But let us assure you–they are only myths! Let’s debunk a few of them:
Myth 1: Checking your report will hurt your score. This myth is only true if the inquiry is followed a credit application for a new loan for credit card. Regular check-ins on your credit report do not hurt your score.
Myth 2: Better job, better score. False. Neither your job title nor your income has a direct effect on your credit. Only information found on your credit report does. You can have a job earning six-figures a year and still have a lower credit score than someone earning below the poverty level.
Myth 3: Your credit score measures your value as a person. This is 100% false. Your credit score is important, but it does not measure your value. Good, honest people can have low scores. Credit scores only suggest the risk to lenders of you going into debt, nothing more.
To learn more about your credit, join us Wednesday, November 6th 4:30-6pm at the Seton Center for Credit Cafe. Contact Lacy Ames at (301)-788-0239 [email protected] or Kelly Overholtzer at (301)-447-6102 x17 [email protected] to register for one-on-one sessions with our Credit Advisors. Free and open to the public, but you must register in advance.