Build & Boost Your Credit
Your life stage and financial goals can guide you to a better credit score:
Your credit score and debt history work hand in hand. Learn to pay down personal debt while boosting your credit score simultaneously.
How to Build Credit
These methods will help safeguard your identity and credit score:
Protect Yourself from Fraud
Build Credit
Pay Down Debt
Resources
Contactless payment
Methods like Apple Pay hide credit card numbers when you make a purchase.
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(While Paying Down Debt)
Gen Z
(Born 1997-2012)
(Born 1981-1996)
Millennials & Gen X
(Born 1946-1964)
Baby Boomers
& Retirees
“There isn’t a right number of credit cards. What’s more important is how your credit cards contribute to your credit score. Be sure to consider their impact before opening or closing an account.”
Sam Rose, Personal Finance Writer, OppU
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Your life stage and financial goals can guide you to a better credit score:
Personal loans
Don’t have a credit card? You still have credit-building options.
PAY DOWN DEBT
Too much debt can drag down your credit score.
3 Repayment Strategies
of your FICO score
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Regular account review
Review billing statements frequently to look for fraudulent charges.
Dedicated credit cards
Use one card for online purchases for easier account tracking.
Safeguarding personal information
Don't give your financial information over the phone unless you initiate the call.
Avoid Hacking
Only use home Wi-Fi or password-protected networks for online purchases.
Secured credit cards
Lending circles
Report utility payments
Start small
Gain momentum by paying down the smallest debt first while making minimum payments on all other balances. Then start again with the next smallest debt.
Limit long-term interest
Pay down the debt with the highest interest rate and make minimum payments on all other balances. Once the highest-interest debt is gone, start the process again.
Consolidate debt
Use a low-interest personal loan to pay off higher-interest balances and replace them with a single monthly payment.
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What if those strategies aren’t enough? Can you negotiate debt?
Maybe.
Determining factors:
Your current credit score
Your account status
Your lender’s settlement terms
Resources
Tips for building credit
Gen Z
Millennials & Gen X
Baby Boomers
& Retirees
Paying down debt can take time, but it is possible. Finding the right strategy can help.
Dealing with debt
Learn to read your credit card statement
Debt repayment worksheets
Looking for additional credit boosting tips? Find them on our blog.
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Pay student loan bills
on time.
Student loans add to your credit mix, the length of your credit history, and payment history.
Fix credit report errors.
You may incur bad marks or errors on your credit report over time. Your score may increase after filing a dispute to eliminate erroneous information.
Maintain credit cards and limit new debts.
Keep your credit cards active, but don’t carry a balance. Pay attention to your credit limit. Avoid co-signing new loans with family members.
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