Is Your Credit Score Going in the Right Direction? | St. Johns Bank

What’s your vision for 2018? Are you seeing a new home or a new car in your future? For many people, those are the goals. That’s why our team at St. Johns Bank wants to offer suggestions on how to positively impact your credit score—a significant step toward making those goals a reality this year.

It’s Time to Raise Your Credit Score!

Even if you aren’t ready to buy a new home or purchase a car just yet, the time to improve your credit score is now. Let’s take a look at ways to do just that.

First, pay each and every bill you receive on time, every time! Better yet, pay your bill as soon as it arrives. If you have a hard time remembering to pay your monthly bills, check out these tips to learn how to stop procrastinating and start paying your bills on time!

Second, if you owe debt, it’s time to get it paid off! One factor used in compiling your credit score is how much debt you have in comparison with your credit limits. For example, if you have a credit card with a limit of $5,000 and your balance stays up near that number, your credit score will be dinged. So work to bring down your balances steadily.

Finally, don’t close your old credit cards. Credit history is also considered in compiling a credit score. The score considers how long your longest standing line of credit has been open, as well as that debt-to-credit limit ratio we mentioned above. Keeping credit cards open, even with no balance, helps your credit score overall.

The credit score you need for a home or auto loan will vary depending on the type of loan and the creditor. However, the higher the better. For example, if you really want to make an impact on the type of home loan rate you receive, aim for a credit score of 660 or higher.

Are you looking for ways to improve your credit score this year? Visit our website today to learn about our St. Johns Bank MasterCard® Credit Card and how it can meet your financial needs!