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Improve Your Credit Score


What It Means to You

High credit score =

Lower interest rate
Higher chances of qualifying for a loan

Low credit score =

Higher interest rate
Lower chances of qualifying for a loan

FICO scores range from 300 to 850.

In general, people with high FICO scores consistently:

  • Pay their bills on time
  • Keep balances low on credit cards
  • Apply for and open new credit accounts only as needed

If you think you might have a low credit score, please contact us to help guide you through the necessary steps to improve your credit score.

Click here for a complete guide to understanding your FICO score.

What Makes up a Credit Score

Payment History – 35%

  • Bills paid as agreed on time
  • Most weight placed on largest monthly payments

Balances Carried – 30%

  • Keep total outstanding balance below 30% of your total available credit limit
  • Example: Total outstanding balance $3,000 / Total credit limit $10,000 = 30%

Credit History – 15%

  • Longer credit history = higher credit score
  • Never close credit accounts as it shortens credit history

Mix of Accounts – 10%

  • Ideal to have installment and revolving accounts
  • Example: mortgage, home equity, auto, personal loans and credit cards

Inquiries – 10%

  • Each inquiry averages 5 point deduction
  • Multiple inquiries when shopping around for mortgage and auto loan rates count as only 1 inquiry if within 45 days

More Questions?