Help! My Credit Score is too Low!
Posted by mygofcu on April 25th, 2019
Ways to improve and repair your scoreAlso See: Credit Union, Go Federal, Federal Credit, Members Achieve, Credit, Score, Union
As one of the best credit unions in the Dallas area, GO Federal Credit Union is dedicated to helping its members achieve all of their financial goals. As credit scores play a significant role in loan rates, determination of services, and even potential employment, GOFCU has a few tips and tricks on how you can improve your score.
The first step is to get credit reports from all three of the credit reporting agencies: Equifax, Experian, and TransUnion. You are entitled to one free report from each of these agencies every 12 months. Look over your reports to ensure the information is accurate and to review any credit issues. There are many factors that determine your score, a few being: the amount of debt, payment history, account mix, history of applying for credit, and age of your accounts.
Once you’ve read everything over, the first corrective step is to rectify any past due accounts or late payments. Don’t close out those older accounts, though you may be tempted, because the length of time you have had credit matters.
After reviewing your accounts, you need to develop a mix of credit: installment loans or opening a credit card if you don’t already have these. Looking at your credit utilization ratio (what each of your credit limits is) and try to pay down debt to under 50% of the credit limits.
Finally, be aware of applying for store credit cards: lots of credit inquiries at one time can temporarily lower your score.
Following these simple steps can help you recover and increase your credit score. It can take anywhere from 9-12 months depending on your current circumstances but you should begin seeing an improvement after this time. Once you start taking action, your score will tend to rise much quicker as long as you consistently follow these basic principles.
Based in Dallas TX, GO Federal Credit Union has committed itself to empowering its members through meeting their various financial needs. Like any other credit union, GOFCU is also a not-for-profit financial institution.
Federally insured by NCUA and Equal Housing Lender
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