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Building and Improving Your Credit Score- Start Small and Don’t Be Afraid To Ask For Help!

We’re frequently asked by customers of all ages how to build and improve their credit score. These inquiries range from young adults just getting started in life as a consumer to other customers who have past derogatory information reported on their credit reports or have preferred to pay cash for all of their past purchases. The reality of today’s world is that many product and service providers check our credit scores when evaluating our requests to their company. Having a solid score can save you money on such things as interest rates on loans and premiums you pay for insurance coverage.
These are some tips on how to build and improve your credit score:

Have a plan. Start with a small loan or credit card application with intent on making payments in a timely, aggressive manner to pay the balance down.

Talk with family members about your plan and see if you can find a credit worthy partner to sign as a guarantor if needed to get you started.

Cash secured options are an option if you are unable to find a guarantor.

Once you have started toward your goal of a healthy credit score, make it a point to check your credit periodically. Consumers are entitled to one free credit report per year through www.annualcreditreport.com, so that you can make sure your credit report is accurate. There are also services that are available to subscribe to that can monitor your credit report on an ongoing basis to make sure no incorrect information is being reported.

Credit scoring continues to emerge as a qualifying measurement in our day to day lives. Whether you are purchasing a new home, car, or insuring your property having a solid credit score can be a helpful tool for consumers of all ages. If you would like to look into ways to improve your credit score, I encourage you to visit your local Community Bank for ways to do so.