FirstBank FTHBPacket FinalNoBleeds - Flipbook - Page 4
Your Credit Score and the
Factors that Influence It.
Understanding the makeup of your credit score
is the first step toward managing and improving it.
To help achieve or maintain a healthy
score, always remember the following:
CREDIT TO AVOID
• Don’t be afraid to use credit. You need several accounts
in order to have a credit score. Just be sure to keep
corresponding payments within your means.
Credit report errors occur
• Have a system to assure your bills are always paid on time.
mistakes can reduce your
• Avoid late payments or the excessive use of credit by
maintaining a cash “cushion” to pay for unexpected expenses.
harder to get a mortgage.
• Don’t “max out” your cards. It’s better to have a high credit
limit with a low balance.
• If you shop for credit, do so in the shortest time period
possible to minimize inquiries counted against you.
• Consult your loan officer before closing old accounts, as the
age of these can actually help your score.
more than many realize,
and unfortunately, these
credit score and make it
Order your free credit
report each year from
Contact creditors directly
to correct inaccuracies
or file a dispute with the