Little steps go a long way.

There is a lot of information taken into consideration when your credit score is calculated by the three major credit reporting bureaus (Equifax, Experian and TransUnion).

Payment History – 35%
Amounts Owed – 30%
Length of Credit History – 15%
New Credit – 10%
Types of Credit Used – 10%

As you can see, the single most important factor is on-time payments of all obligations, whether they're loans, rent, credit cards, utility bills, etc. If you've had late payments in the past, the longer you pay your bills on time, the more your credit score will recover. And, the impact of older missed or late payments will decrease.

And although having a higher amount of credit versus total debt is also taken into account, don't go out opening a bunch of new accounts. This could actually lower your credit score. Instead, if you have the means to do so, you'd be better off getting a car loan than you would by opening additional credit card accounts.

Also, once you have paid a credit card off, do not close the account right away. The length of time that you have had the account plays into a positive credit score.

There are a variety of ways that you can get your credit score back on track, and we're happy to help you Chart Your Path. Give us a call or come in and see us and let us do a free comprehensive review of your credit history and finances to see what we can do to improve your score and maybe even put some extra money in your pocket each month.

If you're not a member yet, let RiverTrace help you Chart Your Path. It's easy to enroll and we can take care of it for you when you open an account or apply for a loan.


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Thursday: 10:00 - 5:00

Friday: 9:00 - 5:00

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