Improving Your Credit Score

Your credit score significantly influences your financial options, affecting your ability to qualify for loans, secure lower interest rates, or even rent a home. A higher score can save you thousands over the lifetime of your loans. Jordan Credit Union recognizes how vital it is for our members to maintain and improve their credit scores, and we are committed to providing clear, actionable advice to help you achieve financial success. Here’s how you can proactively enhance your credit score:

• Pay Bills Promptly: Your payment history comprises 35% of your credit score, making it the most critical factor. Setting up automatic payments or reminders ensures you avoid late payments.
• Lower Your Credit Usage: Keep your balances below 30% of your available credit, ideally under 10%, to quickly improve your score.
• Maintain Older Credit Accounts: Longer credit histories are viewed positively by lenders. Even if you seldom use them, older accounts boost your credit longevity.
• Limit Credit Applications: Frequent applications for new credit can negatively impact your score. Apply only when necessary and space your applications out.
  
  

Taking these steps consistently can significantly boost your financial health.