Enhance and Manage Your FICO® Score with SECU
SECU understands the importance of a healthy credit score in achieving your financial goals. That’s why we’re here to provide you with valuable insights and practical tips on improving and maintaining your FICO score. Follow these steps to boost your credit health and help ensure a solid financial foundation:
Monitor Regularly
Stay vigilant by checking your credit report from all three major credit bureaus—Equifax, Experian, and TransUnion. You have the right to receive a free credit report from each of the three major credit bureaus once a year through annualcreditreport.com. Promptly address any inaccuracies to ensure your reports reflect accurate information. Members with an active lending relationship with SECU can also view their FICO score online through Member Access.
Make Timely Payments
Pay your bills on time, every time. Consistent and punctual payments establish a positive payment history, a crucial factor in determining your FICO score.
Control Utilization
Keep your credit card balances low. It is recommended that you utilize less than 30% of your available credit.1 Responsible credit usage demonstrates your ability to manage debt effectively.
Be Cautious with Applications for New Credit
Limit the number of credit applications you make within a short period. Frequent applications and the opening of various new credit accounts can raise concerns among lenders and have a negative impact on your score.
Diversify Your Credit
Maintain a healthy mix of credit types, such as credit cards, loans, and mortgages. A diverse portfolio showcases your ability to handle different types of credit responsibly.
Longevity Matters
Keep longstanding accounts open, even if they’re not actively used. A longer credit history indicates stability and positively influences your score.
SECU is dedicated to supporting your financial well-being. By following these guidelines, you can take control of your credit health and enjoy the benefits of a strong FICO score. Empower yourself with knowledge and make informed choices. We’re here to help you every step of the way. For more information about managing your FICO score, visit our website at ncsecu.org or contact us online through Member Access, by phone at (888) 732-8562, or in person at your local branch.
1 Equifax. (n.d.). What Is a Credit Utilization Ratio? Retrieved May 19, 2023 from www.equifax.com/personal/education/debt-management/credit-utilization-ratio/.