How to Improve Your Credit Score

Understanding and Reviewing Your Credit Score

The following factors may be impacting your credit score.

  • Amount owed on accounts is too high

  • Level of delinquency on accounts

  • Proportion of loan balances to loan amounts is too high

  • Lack of recent installment loan information

  • Too many accounts with balances

  • Too many consumer finance company accounts

  • Account payment history is too new to rate

  • Too many inquiries last 12 months

  • Too many accounts recently opened

  • Proportion of balances to credit limits is too high on bank or other revolving accounts

  • Length of time revolving accounts have been established

  • Time since delinquency is too recent or unknown

  • Lack of recent revolving account information

  • Number of accounts with delinquency

  • Date of last inquiry too recent

  • Length of time since derogatory public record or collection is too short

  • Amount past due on accounts

  • Too few accounts currently paid as agreed

  • Number of established accounts

  • Time since most recent account opening is too short

  • Serious delinquency, and public record or collection filed

A good credit score is crucial for financial success. Credit scores can vary from 300 to 850. It is important to continue building your score in order to receive the most favorable interest rates. You should know what your credit score is, what factors influence it and how you can improve it.

Start the new year right!

Contact a Branch Partner today to start reviewing your credit score.

Prospera Credit Union is not a certified credit counselor.