Improving Your Credit Report

Follow these tips to improve your credit report!

 Someone checking their credit report

Your credit score is an important factor in your financial life. The higher your scores, the more likely you are to qualify for loans and credit cards at the most favorable terms, which will save you money.

  1. Make Payments on Time

    Create a plan to make payments on time in whichever way is best for you. One way to keep track of payment due dates is to use a calendar, marking the days you have bills due and checking them off once you pay them. This can be done using a smartphone calendar that will alert you when bills are due. You can also set up automatic payments to manage your bills without having to manually make payments.
  2. Stay on Top of Your Finances

    Use a budget tracking app or website to help you stay on track. A budgeting app can help remind you of expenses that aren’t on a regular payment period, and can help keep you financially responsible by tracking subscriptions and set goals.
  3. Don’t Apply for Too Much Credit

    If you are following your budget and making timely payments, opening another credit card can help increase your credit limit. However, be aware that applying for a new card will result in a credit check, which is recorded on your credit report. Having too many credit checks in a short period can negatively impact your credit score. It's important to balance the benefits of a higher credit limit with the potential drawbacks of multiple credit inquiries.
  4. Check Your Score Periodically

    The best way to keep track of your progress is to periodically check your credit score. One option to check your score is by purchasing it from any of the three major credit bureaus (Experian, TransUnion, and Equifax). Check that everything is accurate and contact the credit bureau if you notice any activity you didn’t initiate.
  5. Talk to a Credit Counselor

    Consider meeting with a credit counselor who will evaluate your credit, debt and budget to help you make positive changes to improve your credit report. This will not affect your credit score and they can advise you on ways to better manage your finances.

With these tips, you can improve your credit report for life. A good credit score can open doors for you – helping you qualify for the best interest rates and terms, to influencing how much you pay for life insurance, the possibilities are endless.

The information provided in these articles is intended for informational purposes only. It is not to be construed as the opinion of Central Bancompany, Inc., and/or its subsidiaries and does not imply endorsement or support of any of the mentioned information, products, services, or providers. All information presented is without any representation, guaranty, or warranty regarding the accuracy, relevance, or completeness of the information.