What's your credit score? Most of us would probably like to get it higher.
Cyprus Credit Union Chief Marketing Officer David Sant joined us with some sneaky ways to increase your credit score.
Correct Errors
• 1 in 4 have some type of error on their report
Pay on time
• Late payment = loss of 60 – 110 points
• Find out when your issuer reports to the credit bureaus
• Set up automatic payments
Keep Balances Low (Credit Utilization of 30% or less)
Changes in two ways: you reduce debt or increase credit
o Pay down the card/loan with the worst utilization first (if interest is comparable or lower)
o Increase Limit: if you can be responsible, increase your credit limits when you aren't able to pay completely off
o Only do for cards you have no missed payments or it could signal distress and they may lower your limit instead
Don't Cancel Cards
• This can affect length of history and credit utilization
Only Open Accounts as Needed
• Become an authorized user on someone with good credit history
Get more financial tips at cypruscu.com
