Four Ways To Boost Your Credit Score!
on Wednesday, September 1, 2021
Do these things to build better credit and enjoy the perks of lower loan rates.
1. Get Your Credit Report And Dig In
- 20% of all credit reports have mistakes.
- Experts recommend checking your credit report at least 1x per month.
2. Automate To Ensure On-Time Payments And Help Avoid Late Fees.
- Payment history makes up 40% of your credit score.
- A missed payment could drop your score by 100 points. Set up Automatic Payments to avoid this.
3. Pay Down Debt Then Keep It Low
- Lenders don't want to see sky-high balances on your credit cards.
- Owing more than 30% of your credit limits can be a red flag to those in the money-lending business.
- Aim to use 10% to 30% of the total credit you have.
4. Use It Or Lose It
- Leaving a credit card sitting in the drawer for 6 months or more is risky - the card issuer could cancel your card. Make a small purchase once a month then immediately pay the bill.
Protect and Manage Your Credit with Credit Sense.
Access your credit score* along with personalized tips on how to improve or maintain an already great score with Credit Sense. It's built right into your Northwest Bank Online and Mobile Banking App, so you won't need a new login.
*Know Your Score Today!
Information powered by savvymoney©
*The credit score provided is intended to help you understand the factors that affect your credit score, and ways you may be able to save money with Northwest Bank loan products. It is generally not used for loan approval purposes or for determining loan rates. Loan rates and approvals are based on information provided to the bank when you apply for a loan. The credit score found in the credit report may be different than the credit score you see here. The offers presented here are not offers to lend; normal underwriting criteria apply. Terms and conditions and offers are subject to change at any time.