How to Boost Your Credit and Make It Stronger

07-26-2016
Whether you are just starting out or striving to rebuild your credit, it takes time and perseverance. And, building credit can be tricky. If you don’t have a credit history, it’s hard to get a loan, a credit card or even an apartment. So how are you supposed to show a history of responsible repayment if no one will give you credit in the first place?
Here are a few good credit habits to build your credit score and show that you’re creditworthy:
- Make 100% of your payments on time, not only with credit accounts but also with other accounts, such as utility bills. Bills that go unpaid may be sold to a collection agency, which will seriously hurt your credit.
- Keep your credit card debt low. It’s best to pay your balance in full each month, but if do you carry a balance from month to month don’t let your debt balance exceed 30% of your credit limit.
- Avoid opening too many new accounts at once; new accounts lower your average account age, which makes up part of your credit score.
- Keep accounts open for as long as possible. Unless one of your unused cards has an annual fee, you should keep them all open and active for the sake of your length of payment history and credit utilization.\
- Check each of your credit reports annually for errors and discrepancies.
That’s where our Credit Booster Loan can make a huge difference. Here’s how it works
- First Basin loans $1,000 to you. This loan is held in a frozen, interest-bearing savings account.
- You make timely loan payments for 12 months to create a positive financial record and strengthen your credit score.
- You can make automatic loan payments with convenient payroll deductions.
- Getting into financial shape is simple and systematic!
When your loan is paid in full, First Basin can increase your line of credit and issue another loan. Your $1,000 remains as a frozen balance at First Basin, while you enjoy full use of the second loan amount. As you continue your loan payments, your credit continues to build.
Getting your credit established or back into shape can be a challenge, but with the Credit Booster Program you’re one step closer to achieving your credit goals.
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