Credit Score Mastery: Boosting Your Financial Standing with Eastex

Britney Balderas | Posted on September 9, 2024 |

We’ve all heard the importance of having good credit, but not everyone explains how to start building your credit and maintaining a good credit score. Eastex Credit Union wants to make sure you can master having a good credit score. We’ll go through tips and tricks to stay ahead of the financial game.

What Factors Impact Your Credit Score?

There are many things that impact your credit score and the amount they impact. Here are some things to keep in mind when building your credit.

Payment History: 35% of your credit score is impacted by your payment history. That means paying your bills on time. Avoid paying bills late as much as possible. Set calendar reminders before your bills are due to make sure they are paid on time.
Credit Card Utilization: This is also a significant factor when it comes to your credit score. The rule of thumb is, you should never use more than 30% of your credit limit. To keep your utilization low, set balance alerts. Another way is making extra payments during the month to keep the balance low.
Length of Credit History: If you don’t have credit or just got your first credit card, it will take time to build up your score. If you keep using your credit card and paying your bills on time, your credit score will eventually go up.
Credit Mix: This means if you have any type of loans right now whether it’s student loans, auto or home loans. Having a variety of loans isn’t a bad thing, it shows that you can manage several types of borrowing. Just make sure you’re making payments on time.

How Do I Maintain a Good Credit Score?

We just listed all the factors that impact your credit score, so how do we keep good credit? If you’re continually paying on time and keeping a low utilization, you’ll maintain a good score. Also, don’t get rid of credit cards. Even if you started with a basic one, the longer you have it, the better your score will get. The last way to maintain credit is to check your credit report regularly. Errors are more common than you think and it’s good to ensure everything is correct. You get yearly reports for FREE, and it doesn’t impact your score to check. If there is an error, report it right away.

Build Your Credit with an Eastex Credit Card

We’re here for your financial goals! If you need somewhere to start building credit, we can help. At Eastex Credit Union, we offer our Visa credit card that will save you money and fit into your lifestyle. With our Visa credit card, you get an interest-free grace period and no annual fees. You can also earn points on every purchase and redeem them for gift certificates, travel, and more! Check out more of the benefits.

Use CreditSense℠ at Eastex CU

If you need to check your credit score, look no further! At Eastex CU, we offer our members access to their credit score with CreditSense℠. Credit Sense is a free resource available through our Online Banking platform which allows members to check credit scores at any given time. If you’re looking to start building credit, need help on ways to maintain a good credit score, or have more questions regarding your overall credit, stop by an Eastex CU branch or give us a call to discuss your individual questions and needs.