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Your Bank > Education and Advice > CNB University

Increasing Your Credit Score

C Spaker
Christopher R. Spaker, AMP is President, CNB Mortgage Company and can be reached at CSpaker@CNBank.com or 585-385-2370 x50955.

Has your credit score suffered a setback as a result of challenges presented by the recent recession or other circumstances? If so, you can take steps to improve your score and gain your financial footing.

Taking simple, consistent steps, over time, can translate into a higher credit score. Your credit score is a big factor for loan approval and can determine the interest rate you will pay, so it is advantageous to you to take steps to increase your credit score.
Consider the following measures:

Promptly Pay Your Bills
Each month, pay at least the minimum amount due on each bill. A consistent record of bills paid on time, over time, will improve your credit rating.

Keep in Touch with Your Creditors
If you’re having trouble paying your bills, contact your creditors. They may be willing to work out a reduced payment schedule with you, to help you get your financial situation back on track.

Pay Down Balances
Lowering the balances you carry on your credit cards can increase your credit score. It usually makes sense to pay off the card that charges the highest interest rate first. Just transferring outstanding balances to new accounts, without actually making payments that reduce the amount you owe, won’t raise your score.

Check Your Credit Report Annually
You can order your own credit reports free from the three major credit reporting bureaus annually and check to see if there are any errors or problems. The website address is www.annualcreditreport.com.