Dreaming of a Higher Credit Score? | First Volunteer Bank

It’s the most wonderful time of the year! And while the team at First Volunteer Bank will be right there with you dreaming of a White Christmas, we also want you to realize it’s a great time of year to dream of a higher credit score (and make it happen!).

What Is a Credit Score?

Credit scores range from 300 to 850. While a great credit score is in the 800–850 range, many people can still receive excellent lending rates when landing in the very good (740–799) or good (670–739) credit score ranges.

Having a good credit score is important for a number of reasons. You need to have good credit before any lender will consider lending you money for a house, boat, car, etc. Therefore, if your score is not as high as you want it to be and you hope to make one of those major purchases in the next year or two, now is the time to improve your credit score.

Tips to Improve Your Credit Score

First, when it comes to your bills, you need to pay on time. Better yet, pay early if you can. Late payments, as well as not paying at all, have a negative effect on your credit score because you’re viewed as unreliable.

Second, if you do have some debt built up, you need to try and pay that off as quickly as possible instead of moving it from one zero-interest card to another. The less you have on your credit cards, the better your score will be in the end.

Finally, don’t apply for a credit card if you don’t need it. In addition, try to avoid cancelling the credit cards you do have, as that can hurt your credit score, too.

Whether you’re using your improved credit score to help with purchasing a home, buying a new car or obtaining a personal loan for another item, contact the team at First Volunteer Bank today. We can help you choose the right personal loan for you and your needs.