If you’ve ever applied for a loan, you know how important your credit score is!
Your credit score is a number that tells a story about your creditworthiness, and it’s based on your payment history, amounts owed, length of credit history, new credit, and types of credit used.
If you’re thinking about making a major purchase, like a home or a car, it could be wise to take a look at your credit score and make sure it’s in good standing before applying.
There are sites, like credit karma, where you can retrieve your credit score. But, unfortunately, those scores aren’t always accurate. Plus, knowing your score is only one side of the equation. The other side is knowing what you can do to improve it.
What steps can you take to improve your credit score?
Step 1 is to get an accurate score. Casco Federal Credit Union offers Free Credit Report Month for members and non members during the month of August. You can stop in anytime and ask to get your free credit report.
Step 2 is to analyze what is on your report and look for opportunities to make improvements. Casco FCU staff can also help you with this! Experienced loan officers and member service representatives will sit down with you when you come in during free credit report month. They will look for ways to help you boost your score.
Step 3 is to take action! Improving your credit score will take time and commitment on your part. Whether you need to set up a system to make your payments on time, or whether you need to establish new lines of credit, taking control of your finances means being responsible and committed!
Step 4 is to check your score once per year. Check in once per year to make sure you’re on track to improve your score. Checking in on a yearly basis also means that you can catch any red flags on your credit report.