3 Things That May Be Hurting Your Credit Score
These are easy to correct habits that will make a big impact on your credit score.
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How to Read Your Credit Report
Knowing what areas of your credit report need improvement is the first step to improving your credit score.
If you've never looked at your credit report, the notion of looking at it to understand how what you do affects your score might seem intimidating. That said, the free report you get when you request it from annualcreditreport.com is actually pretty easy to understand.
When you walk through your report piece by piece, the most important part of it is your summary:
On your summary you get a quick overview of your report, and based on the information you get from there you can find areas of your report you want to investigate further. Based on the five factors that influence your score, you can make determinations on how to improve your score based on the information in your report.
READ: 5 Factors that impact your credit score
After your summary, your report goes further in-depth into each of your credit accounts, their payment histories, and your credit mix.
My Credit Journey
If you want to take the work out of analyzing your credit score, My Credit Journey is a fantastic tool that will help you better understand your score.
My Credit Journey provides you with personalized score analysis and recommendations on what you can do to improve your score. P1FCU have free access to My Credit Journey in their Online and Mobile Banking by simply selecting My Credit Journey in the Menu.
Take a Strategic Approach to Paying Off Debt
When you allocate extra money towards your payments, be intentional about where you put those extra payments.
Who Calculates Your Credit Score?
Credit bureaus collect your credit information to create your credit score. What do you know about them?