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MVCU, credit score, credit card, credit cards,
Home / News & Financial Education / How to Improve Your Credit Score
How to Improve Your Credit ScoreBy Chris O'Shea on 5/9/2024

How to Improve Your Credit Score

Building a strong credit score takes time. If you’ve pulled your credit score lately and you’re not satisfied with the number you received, there are several things you can do to raise your credit.

Raise Your Credit Score by Doing the Following:  

  • Pay your bills on time. Your payment history is one of the most important factors in determining your score. One day late is still considered late, and just one late payment can lower your score.
  • Pay down credit card debt. You don’t want to be using more than 30% of the total credit available to you. Keeping your utilization well below that (closer to 10%) can give your score a boost.  For example, if the credit limit on your credit card is $10,000, try to only use $1,000 of your available credit.
  • Hang onto old cards. Your credit score benefits from long relationships with lenders, so cut them up, but don’t cancel them if you can help it.
  • Be thoughtful about shopping for new credit. Every time you apply for a new card or loan, the lender takes a peek at your credit history, which dings your score.
  • Spread your debts around. The mix of credit you have in your file—mortgages, student loans, auto loans, credit cards—shows that you can manage debt from multiple sources.

There is no set timeline for rebuilding your credit. How long it takes depends on the factors impacting your credit and the actions you’re taking to repair it.

Need help building or rebuilding your credit?  MVCU has partnered with GreenPath Financial Wellness to provide free one-on-one counseling. 

Learn more

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Category: Budgeting & Debt Reduction



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