Union Plus
Consumer Tips

How Can I Quickly Improve My Credit Score?

Most people know that paying your bills on time is important if you want a good credit score. But, paying your bills on time is not always enough to ensure a strong credit score.

How Can I Quickly Improve My Credit Score?

The median FICO credit score is 723, but FICO scores above 760 are ideal for getting the best credit offers. If your credit score is not as high as you would like, here are five quick ways to help improve it.

  1. Pay down credit cards that are close to their credit limits. 
    If you are using more than 30% of your available credit on any individual credit card, your score will likely be brought down by that balance. Try to pay down cards that are getting close to their credit limits as quickly as possible. After you pay off a credit card, do not close the account unless there is an annual fee the card issuer refuses to waive. 
  2. Check your credit report and dispute mistakes that may lower your score. 
    Many credit reports contain errors. When you dispute these errors, keep your letter short and to the point, and save a copy for your records. If you request your investigation online, print out a copy of the page before you send it and be sure to note the date you submitted it. Lenders and credit reporting agencies must get back to you within 30 days to tell you whether they are correcting the information or confirming it. 

    Remember: don't dispute old accounts that still appear open on your credit report. Doing so may lower your score!
  3. Build positive new credit references by using credit (carefully). 
    Many people who have experienced credit problems are scared they will get in trouble if they start using credit again, but avoiding credit altogether can hurt your credit score also. You don't have to carry balances to build credit, but you can use a major credit card from time to time to keep your account active and to build a positive credit reference. Charge things you would buy anyway: groceries, gas, your cable bill, for example, and then pay the balance in full to avoid debt.
  4. Pay your bills on time.
    Making a disciplined effort to pay your bills on time each month is one action that will pay off in the long run. You may not see results instantly, but over time, if you keep up good payment habits, you'll find your credit will get stronger.
  5. Keep it going. 
    When it comes to building better credit, time does heal the wounds. As negative information becomes older, it has less of an impact on your credit scores, especially if your report lists current, positive credit references. Pay your bills on time, monitor your credit reports for accuracy, and maintain low balances on your credit cards. Not only is that a good way to build better credit, but a good way to manage your financial life as well!

When you are ready to buy or refinance a home, contact Union Plus Mortgage Company, a union-owned company that provides home financing options to union members and their families.

Visit UNIONPLUSMORTGAGE.COM
or call 1-855-UNION-53 (855-864-6653)
to speak with a loan officer

The AFL-CIO, Union Privilege and a group of unions own Union Plus Mortgage Company and will benefit if you get your loan through the company. However, you are not required to use Union Plus Mortgage for your loan and are free to shop.

For your Affiliated Business Arrangement Disclosure Statement, please visit www.unionplusmortgage.com.

Union Plus Mortgage Company has a services agreement with Union Privilege in which Union Privilege receives a financial benefit for providing agreed upon services.
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