Having a bad credit score may seem overwhelming. Lucky for you, Philadelphia Federal Credit Union has many quick tips to help you raise your score.
First off, it is important to know your credit score. As a PFCU member, you can access your credit score that is built right into our easy-to-use online and mobile banking platforms. You will have access to all the resources within your credit score for FREE – without impacting your score, right from within Teller Net, our online banking system, and our Mobile App. Knowing your score is the first step to improving it.
Another essential step in improving your score is to review your credit report. Access a free weekly credit report through www.annualcreditreport.com. Reviewing your report allows you to spot any errors that may be negatively impacting your score and dispute any inaccurate information. Fixing errors can give your score an instant boost.
Next, pay all your bills on time each month. Payment history makes up a significant portion of your credit score. Set up autopay or payment reminders to avoid missed payments. If you have missed payments, get current as soon as possible and make on-time payments going forward.
Additionally, keep credit card balances low. High credit utilization hurts your score, so try to keep balances below 30% of your credit limit. Pay down high balances aggressively to lower your utilization. You can also request a credit limit increase to lower your utilization rate.
Checking your credit report regularly and disputing errors quickly is key. Monitoring your score lets you see the impact of positive credit habits. Take advantage of free access to your credit score for frequent check-ins.
If improving your credit feels overwhelming, PFCU offers credit counseling services to help you make a plan. Whether you're interested in developing a workable budget, getting out of debt, or planning for your financial future, our partner Clarifi can help. Their certified credit counselors provide customized guidance and support.
You can improve your credit score over time with some healthy credit habits. Check your PFCU credit score often, pay bills on time, lower debt, and let us know if you need guidance. Our credit tips and counseling services will help you boost your score. Find additional resources and information on our website here.
Yahne Jackson
PFCU Financial Educator
Philadelphia Federal Credit Union
yjackson@PFCU.COM