Your credit score is a number that can greatly affect your opportunities in life. Don’t let a three-digit number run your life. Take back the power by improving your credit score. Some credit score improvement plans require time and patience.

Pay Off Your Credit Balance

Pay off the balance of your credit card to give your credit score a quick boost.

If you pay off your outstanding balance on your credit card more than once a month, your credit score will improve. Paying off your credit balance too frequently does keep you from building credit, so make sure to carry some balance in order to show use of the line of credit.

Even if you do not pay off your entire credit card balance each month, you can keep your credit card balance low to establish that you use around or less than 30% of your offered credit at any given point. If you keep your balance low, your credit score will get better!

Reduce Your Debt

Outstanding debts take a toll on your credit score over time. Limit the amount of debt you carry by paying off any outstanding loans. If you have multiple outstanding loans like student loans and business loans, consider paying off one loan completely to cut interest from that loan.

Get Another Credit Card

Improve your credit score by opening up another credit card. Make sure you don’t double your spending for two cards, though!

Your credit score includes a calculation of how much of your line of credit you are using at any given time. If you open a new credit card, your proportion of amount of credit used versus amount of credit offered will help raise your credit score.

Pay Bills On Time

Your credit score is a number that reflects your financial behavior, including if you pay your bills on time. Avoid taking a hit to your credit score from paying bills late by marking your bill dates on your calendar. Don’t forget to add time for payments to process as well!

Make Adjustments

People can fall on tough times, and money can get tight. The tough time is the reason why we have a credit card for emergencies — to help us through. If you endured a period where you took a hit to your credit score because you had to use all of your resources to make ends meet, look at clearing up your records with a creditor.

You can repair your credit score by negotiating with a creditor. If you have a relationship with your bank or credit union and a reputation as someone who pays on time, you can negotiate with your creditors. Borrowers who have established a strong reputation for paying bills and balances on time can may be able to erase some of the harsh penalties in a credit score for a late payment here or there when the going gets tough.

Improve Your Credit Score

You can improve your credit score with the help of Great Basin Federal Credit Union. Consider our Rebuild Together Loan, where we at GBFCU give you the chance to rebuild your credit with a manageable loan from us. You can use the personal loan opportunity to rebuild your credit and open doors.

Learn more about building your credit with Great Basin Federal Credit Union today!