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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