HCTA Federal Credit Union
3454 Ellicott Center Drive
Ellicott City, MD 21043
410 461-2257 FAX 410 461-4691
www.hctafcu.org
info@hctafcu.org
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HCTA Federal Credit Union |
Know Your Score |
| Are you paying high interest rates on loans and credit card balances? Taking steps to improve your credit score can help you qualify for lower rates, potentially saving you money. Lenders base your loan terms on a three digit number they calculate from the information in your credit report-the higher that score, the better your terms. |
Two Credit Don'ts Don't close unused accounts. Accounts equals credit. Closing the account, even if it is unused, will reduce your available credit. Lenders like to see a lot of available credit, so keep those accounts open! Don't make payments late. Be sure to pay at least the minimum each month to maintain good credit. Whenever possible attempt to pay more than the minimum. If for some reason a payment is going to be late, make sure to make the payment as soon as possible. Payments that are less than 30 days late may not show up on your credit report. Payments 30 days late and beyond will definitely show up on your credit report. Timeliness is important! |
Things To Do Do review your credit report. It is important to review your credit report to ensure that all information shown is valid. Sometimes erroneous information, that is dragging down your score, may still be visible on your report. For example, bankruptcies are supposed to remain in your file for ten years and other negative information for seven years. Do pay down your credit card balances. Credit firms base your score partly on how much of your available credit you've used. Paying down credit cards will reduce your outstanding debt, potentially improving your score significantly. |
What's Your Score? You can get a free copy of your credit report from three nationwide credit agencies--Equifax, Experian, and TransUnion---once a year from: www.annualcreditreport.com online or by phone at (877) 322-8228 You can also purchase your credit score through the website as well as through the following credit report companies: Equifax: Experian: TransUnion: |