Credit building blocks

[Asumsion]

Have financial goals and credit score goals showing on your account that the individual needs to work towards in order to get a home loan, car loan, personal loan or increased credit lines. It’s externally frustrating seeing a credit score then making all your ontime payments and never gaining traction or seeming like you can get ahead. If there was a light at the end of the tunnel that showed if you achieve X then your score will go to X and we can up your line or approve you for X.

[KBG]

I really agree with this.  Sometimes it feels like it's impossible to know how to most effectively raise your credit score, and it feels like the credit score isn't designed to reward responsible financial choices.  Seeing frequent feedback about what really works would be great.

[JohnS]

I totally get where you're coming from @Asumsion. It can be overwhelming figuring out the intricacies of your credit score and how it can impact your financial goals. We have some great resources available on our website. As you mentioned, paying your bills on time is very important, but not the only action that impacts your score. Here are a couple other things to consider that can give your credit score a boost;

• Don't apply for credit frequently. It can be tempting, especially when the salesperson is offering a discount on those pants if you open a credit card with the store - I've been there, done that. Try to stay vigilant and open new accounts sparingly.
• Reduce your credit card balances is another way to improve your score. Paying more than the minimum owed, even if it's a small amount, will make a real dent in your debt.

Along with the resources I've included below, we also offer free consultations with trained specialists to help you make decisions and take actions on savings, budgeting and debt management. For more information and to schedule an appointment for a Financial Health Check, please click here. Thanks! JohnS

Other Resources:

Bankrate

Federal Trade Commission

Annual Credit Report

My FICO

[sylvesterstephe]

it is thought showing financial goals and credit score goals will not do much on one being financially wealthier