Score with Your Credit Score

You’ve diligently paid your bills, taken steps to address credit reporting errors and closely managed your credit card balances. While you can get by with lower credit, developing a high credit score and good credit history can certainly make life easier. Here’s why:

Excellent credit card deals 

Credit-savvy consumers know that it pays to use reward credit cards when the balance is paid each month. The best rewards cards provide attractive incentives, gifts, cash-back deals, and lower rates. If you are in need of a new card with great terms, check out the Visa® Platinum Rewards Credit Card from Mountain America Credit Union. Stick to your smart spending habits to get the best deal.

Attractive interest and refinancing rates

Lenders are more likely to extend an attractive rate with a high credit score and clean credit history. According to CreditSesame.com, having a score of 650 vs. 760 can cost you an additional $125 per month on a 30-year-fixed rate mortgage loan.

Lower insurance rates 

Don’t forget about rates for auto, home and life insurance. Enjoy a better rate as a result of stellar credit and consistent payment history.

Easy vacation home rental reservations 

Most rental agencies will run a credit check before extending a rate. If you’re planning an extended-stay vacation and looking for a rental home, talk to the agency about waiving fees or negotiate lower rates based on your credit history. You could end up saving a decent amount of money.

Increased credit card limits 

When you manage credit responsibly, your borrowing capacity increases. Request an increase directly or receive one periodically from your credit card company. Since the ratio of available credit plays a role in calculating your score, raising the limit could also bump you up a few points.

More negotiating power 

Don’t be afraid to use your credit score as leverage when negotiating a deal. Get a higher line of credit, lower interest rates, or work out an attractive repayment plan with your solid credit history.

“Knowing your score is the first order of business. We provide our members with easy access to their FICO® Score through our mobile banking app,” says Jade Beckman, vice president consumer loans for Mountain America Credit Union. Take advantage of these benefits to learn your starting point. Then, put together a plan of action to improve or maintain your financial wellness.

If you are ready to take the steps to improve your credit score, don’t forget that Mountain America is here to help you. We have a whole library of educational materials including e-learning, videos, games, seminars and more that can give you the information you need to get started. An important first step is accessing your credit report. This will allow you to know where you currently stand confirm that everything is accurate. Did you know you can obtain a free copy of your credit report once per year? Do it now! Then give us a call.
 

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