Credit Scores

Credit bureaus provide credit unions your credit scores based on payment patterns and the nature of your credit use.

A credit score is calculated based on:

• Your previous credit performance.
• Current debt levels.
• The depth of your credit file: How far back your credit history runs and the amount of information on your payment patterns.
• Whether you have recently added new debt.
• The type and frequency of debts you take on.

How to Improve or Protect Your Credit Profile:

• Pay your bills on time and include at least the minimum amount due.
• Don't "max out" your credit cards.
• Limit the number of credit cards you have.
• Avoid impulse buying on major purchases.
• You are responsible for all joint accounts opened with another individual and for all loans now which you're the cosigner.
  • Cosigning a loan is generally not a good idea. If an individual requires a cosigner, it's a likely indication that he or she can't afford the loan.
• Review your credit report at least once each year. Get reports from several major credit agencies.
• Treat student loans like any other debt and pay on time.

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