It’s an ideal time to clean up your credit and improve your credit score.
Most working adults have a credit score – a number that can range between 300 and 850. The higher your score, the more beneficial it is for you.

The impact of your score

  • Scores below 600 are deemed low; scores above 720 are excellent.
  • A higher score entitles you to lower loan rates, better pricing on insurance, and other advantages.
  • Errors can easily appear on your credit report and often negatively impact your score.
  • A poor score can end up costing you money at American Spirit FCU, so we’re happy to review your credit report with you. We’ll explain the highlights and see if there are items to improve on – for example, paying down debt or consolidating certain loans. If there are errors on your report, we can assist with steps to get them corrected

Tips to improve your score

  • Pay your bills on time, every month. Set calendar reminders, establish alerts and enroll in automatic payments. On-time payments affect your score in a significant and positive way. Late payments hurt your score.
  • Avoid exhausting all sources of available credit – strive to keep 50% of credit lines open. n Build your credit early with reputable lenders – the longer your history, the greater potential for a stronger score.
  • Don’t apply for credit too often. Too many credit applications can lower your score. Don’t take advantage of every offer you receive.
  • Focus on securing “good debt.” Good debt can include share secured loans, auto loans, and mortgages from your credit union. Avoid ruthless payday lenders.

If it’s time for a fresh start with your credit, stop in and see us. We can discuss your options and provide tips and money management tools to make staying on track easier.