9 Tips For Improving Your Credit Score: Nutley Experts Share Advice

NUTLEY, NJ — Improving your credit score takes time and requires responsible financial habits. However, there are several moves that people can make to boost their numbers, a credit union in New Jersey says.

Proponent Federal Credit Union in Nutley recently offered Patch a list of tips for people who are trying to boost their credit scores (see below).

These scores – which typically range from 300 to 850 – are considered an indicator of financial reliability. Higher scores make it easier to qualify for credit cards and loans with better terms, lower interest rates and higher credit limits.

People can check their credit scores for free at AnnualCreditReport.com, Proponent noted.

Want to get that score up? Here is some advice from the Nutley-based credit union:

1. Check Your Credit Report - Review your credit report annually for errors like incorrect late payments or unfamiliar accounts. Dispute any inaccuracies promptly.
2. Pay Bills on Time -Missed payments can be visible for seven years. Set reminders or use autopay to avoid missed payments.
3. Keep Balances Low - Aim to use less than 30% of your available credit.
4. Maintain Your Credit History - The length of your credit history matters. Keep old accounts open to improve your credit length and utilization rate.
5. Limit New Accounts - Avoid opening multiple new accounts in a short period. Hard inquiries made on your credit report after each new card or loan can temporarily lower your score.
6. Diversify Your Credit - Keep a mix of credit types (credit cards, loans) to show lenders you can responsibly manage different forms of debt.
7. Reduce Debt - Lowering overall debt improves your debt-to-income ratio, which positively affects your score.
8. Settle Collections Accounts - Pay off any collections accounts to improve your score over time.
9. For New Credit Users or Those Needing a Boost - Become an Authorized User: Ask someone with a strong credit history to add you as an authorized user. They don’t even have to let you use their card. Get a Secured Credit Card: If you don’t qualify for a regular credit card, build your credit score by using a secured one that requires a deposit.

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