Ways to Improve Your Credit Scores

WAYS TO IMPROVE
YOUR CREDIT SCORES

Join our #CreditChat every Wednesday at 3 p.m. ET.
This week, we talked about ways to improve your credit scores.
ex.pn/improvecredit

What info is on a credit report? (And what’s not
on your report?)
#CreditChat
Wednesday | 3 p.m. ET

#CreditChat
“Credit report contains: personal
information, credit history/inquiries, public
records and even consumer statements
from you!”
- @KOFETIME

#CreditChat
“Your name, address, payment history on accounts,
balances, collections, public records and inquires.”
- Jeanne Kelly, @creditscoop

#CreditChat
“Four categories of information:
identification, account information, public
records, inquires. All debt related
information.”
- @Rod_Griffin

How often should people review their credit
reports?
#CreditChat

#CreditChat
“You can check your own credit as often as
you like without negatively affecting your
score, so it’s good to check often.”
- @Purefy

#CreditChat
“Twice a year, set a schedule January 1 and July 1, fresh
start to new year and summer fun.”

#CreditChat
“At an absolute minimum, check your report
once every 12 months. It’s free at
annualcreditreport.com.”
- @Rod_Griffin

What should you do if you find an error on your
credit report?
#CreditChat

#CreditChat
“Contact your creditors and request
information on your account. Review and
then report to the FTC and file a police
report.”
- @LeslieHTayneEsq

#CreditChat
“Dispute it with the credit bureau reporting it and
contact the creditor responsible for it.”

#CreditChat
“Explain what you think is wrong, why, and
include copies of documents that support
your dispute.”
- @AirForceFCU

What should you do if you’re worried about
credit fraud?
#CreditChat

#CreditChat
“If you are worried about credit fraud, check
your report often and consider enrolling in
a credit monitoring service.”
- @SFCUNews

#CreditChat
“Monitor your credit and check the inquiries. Possibly put
an alert or freeze.”

#CreditChat
“Shred all documents with personal
information, be wary of what site you give
information to and check your credit
reports regularly!”
- @LeslieHTayneEsq

Why are credit scores important? How are
scores calculated?
#CreditChat

#CreditChat
“Credit scores are a tool used by lenders to
analyze the information in your report to
determine lending risk. Payment history
and utilization rate are 60-70% of a credit
score. Pay bills on time, keep balances low
for good scores.”
- @Rod_Griffin

#CreditChat
“Scores are used to approve or deny and also at what
interest rate.”

#CreditChat
“The major factors used to calculate your
credit score are your payment history,
amount owed, and length of credit history.”
- @Purefy

#CreditChat
“Credit Scores represent your
creditworthiness and are used for loans,
employment, insurance, etc.”
- @AirForceFCU

How can cosigning on a loan/credit account
impact you?
#CreditChat

#CreditChat
“As the cosigner on a loan, you assume FULL
responsibility. If it’s not paid, it hurts your
credit.”
- @FedChoiceFCU

#CreditChat
“Co-sign should just be called JOINT. It is same as if you
were taking out loan.”

#CreditChat
“If you cosign and they don’t pay, it can
wreck your credit.”
- @Rod_Griffin

What are ways to build a great credit history?
#CreditChat

#CreditChat
“Paying before the deadlines, and more than
the minimum amount required, keeping a
balance less than 50% of credit allowed.”
- Andie @moneyinmy30s

#CreditChat
“By paying bills on time and lowering any outstanding
credit card debt. Having accounts open for a long time,
varies types of accounts, these are all great.”

#CreditChat
“Make payments on your accounts on time
and in full every month. 35% of your FICO
score is based on your payment history.”
- @care4yourfuture

What are some of the biggest credit myths
you’ve heard?
#CreditChat

#CreditChat
“Biggest myth is that credit is not
important. So not true!”
- @JusOnePay

#CreditChat
“People think that if they paid off their mortgage, pay cash for
cars that they are not a credit risk, they think it’s great credit,
people also think a debit card reports on their credit report.”

#CreditChat
“Myths: It is better to buy everything with
cash and it is better to carry balances on
your credit cards.”
- @CaryCarbonaro

#CreditChat
“Myth: If a credit score is bad it can never be
rebuilt, so not true!”
- @taynelawgroup

Any final tips for those that want to improve
their credit?
#CreditChat

#CreditChat
“Don’t focus on the number. Instead, pay
attention to the list of factors affecting your
score.”
- @jennifercwhite

#CreditChat
“Take care of your credit report and your
scores will take care of themselves.”
- @Rod_Griffin

#CreditChat
“Don’t be afraid of it, start today paying attention and
you will see a difference soon.”

#CreditChat
“If you want to close a card because of a fee
try to transfer to a non-fee card with the
same company, this helps maintain credit
card history.”
- @Purefy

#CreditChat
“Your credit is extremely important for
numerous reasons. Make on-time payments
on your account and it will help you
greatly.”
- @care4yourfuture

#CreditChat
Wednesdays | 3 p.m. ET
Check out all the resources and tips shared:
ex.pn/improvecredit

#CreditChat
Wednesdays | 3 p.m. ET
Join Us Every Wednesday at 3 p.m. ET.
experian.com/creditchat

Ways to Improve Your Credit Scores

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