Guide to a Solid Credit Score
Having a stellar credit score can help you access a better financial future. A higher credit score often leads to lower interest rates, higher chances of approval, and larger limits for credit products like mortgages, auto loans and credit cards.
We know that building your credit score can feel challenging. To get started, we’ve put together a few tips to help you achieve the credit score of your dreams.
Tips & Tricks
Try to use 30% or less of your available credit, says NerdWallet. Low credit utilization indicates that you won’t overspend and that you’re able to manage your credit, which can lead to higher scores and higher credit limits down the line.
Make your payments on time. Reliable, timely repayment history helps build trust and is factored into your credit score, Experian emphasizes.
Use a variety of credit options like loans, credit cards, and a mortgage. NerdWallet suggests that this demonstrates an ability to manage different forms of credit.
Maintaining a long-term relationship with the accounts you open can have a positive impact, Credit Karma adds. The longer they’re open, the more extensive your credit history.
Perpay+
With Perpay+, our credit-building service, you can build your credit while paying for products you want and/or need over time.
Payments come straight from your paycheck, which helps you make consistent payments and establish positive repayment history.
By enabling Perpay+, you can apply this history towards building your credit. On average, our members see their credit scores boosted by nearly 40 points!