Every year we set resolutions with the intention of keeping them throughout the year. One of the most important resolutions you can set for yourself is to improve your credit score. Not only will this help your financial situation immediately, but will also help you long term when it comes to purchasing large items like cars and homes.
No one likes paying high interest rates on credit cards. If you carry a balance on your credit cards, consider transferring your balance to a Founders Platinum Credit Card. We are currently offering balance transfer rates as low as 1.75%* APR for 12 months with no transfer fees.
Improving your credit score is different for everyone based on individual situations. Maybe you need to lower credit card debt or maybe you just need to be more consistent on your payments. If you need some assistance with improving your credit score, our Financial Counseling department can assist you in reviewing your individual situation and finding the best answer to your problems.
Don’t forget to do your homework when it comes to your credit score. You are entitled to one free credit report every 12 months from all three national credit reporting agencies. You won’t get your credit scores with your free credit reports, but you will be able to review your credit report to ensure everything is correct and you don’t see any concerning red flags. Keeping an eye on your credit reports and credit score and knowing where you stand is an important step in improving your credit score.
* Rate reduction only applies to balances transferred from January 15, 2013 to March 31, 2013. Special “promo” rates will apply and remain in effect as to these specific balance transfers for 12 months from the date of the transaction. After 12 months from the date of the transaction, the special “promo” rate will revert to the regular rate of interest in force on your account. Minimum Payments on your account will be applied first to pay balances incurred during the lowest APR still in effect on your account. Payment amounts above your minimum payment will be applied first to the highest APR still in effect on your account. This promotion and special rate does not apply to purchases or cash advances, or any transaction involving any payment to an existing loan at Founders. If, during the life of this promotional balance, the Founders Visa or MasterCard account becomes sixty (60) days delinquent, the promotional balance will revert to the normal rate of interest. Except as specifically provided, all terms and conditions of your existing agreements with the credit union remain in full force and effect. Rates, terms and conditions determined by an evaluation of credit history and underwriting factors and are subject to change.
This article was published in Founders CU Connect Newsletter (January 2013).