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4 Credit Habits You Can Be Proud Of

Smart planning and wise financial decisions can result in credit — and a credit score — you can be proud of. The good news is, some of them use everyday technology.

  1. Use automatic payments
    Life happens, and you may fall behind on a bill or two. But beware — the factor that impacts your credit score most is your payment history. Help ensure your car payments arrive on time; log in to MyAccount to set up Auto Pay.
  2. Download apps
    Remember life before apps? (Neither do we!) They make it easier to manage finances from anywhere. Download apps from your bank and lenders to help stay on top of your fiscal business and view alerts to unusual spending or payment reminders.
  3. Keep score
    Remember you can request one free credit report each year, per agency, from the three main credit reporting agencies — Equifax, Experian and TransUnion — on annualcreditreport.com. They also offer email alerts and monitoring for a fee.
    Don’t forget about your FICO® score. For a monthly fee, you can track all three agency scores at once at myfico.com.
  4. Avoid ‘extra’ credit
    Once you’ve established credit, don’t apply for more than you actually need. Too many inquiries may affect your credit score. On-time payments for revolving accounts (think credit cards) and installment/fixed-payment loans (such as a car payment) can help get your credit score on the right track. Keep your credit card balances low so as not to appear overextended, says Experian.

If you notice a negative change in your score, it's worth looking into why your credit score dropped.

For more information on financial wellness and specific courses on credit scores and reports, visit KEYS® Online.

  
Eric Jordan
By Eric Jordan, GM Financial

Eric Jordan is passionate about helping others strengthen their financial savvy. He also spends a lot of time strengthening his dad skills as a father of three boys (soon to be four). It’s not uncommon to find Eric rearranging car seats in his Yukon XL, or playing “the bad guy” to the kiddos “superheroes.”

 

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