Is your credit not as good as it could be? You’re not alone. About 20% of Americans have credit in the poor to fair range (669 or lower). WWFCU is always looking out for its members and your financial health. So, we thought we’d share a few general tips on how to boost your credit and some specific things you can do at WWFCU to help as well.
How to Increase Your Credit Score
- Review and Fix Your Credit Report– You’re allowed one free credit report per year from one of the major reporting agencies (TransUnion, Equifax and Experian) at annualcreditreport.com. Review the report to make sure it’s accurate and contact the credit reporting agency and creditor to dispute any errors.
- Contact Your Creditors – If you’re going through a tough financial time, credit unions, banks and other creditors are usually more willing to work with you if you reach out to them beforeyou default on your payments or even if you’re already missing a few payments.
- Set Up Payment Reminders – Stop letting payments slip through the cracks by setting up payment reminders on your calendar or through an app, or by setting up automatic bill pay on your main checking account.
- Diversify Your Accounts – To build credit, you need a good combination of both revolving and installment credit. Credit reporting agencies like seeing both, especially if you have a good payment history with both kinds of credit. This includes credit cards, personal loans, auto loans, mortgages, etc.
- Shop Around – Just because your credit has hit rock bottom, that doesn’t mean you can’t build your credit. There are secured credit cards and quick loans to help build your payment history and improve your score.
How WWFCU Can Help Boost Your Credit Score
- First Chance Finance Loan – If your credit score is low because you’re just starting out, this loan can help. If you’re age 18 to 20, you can start building a solid payment history. No credit or cosigner needed! Get more information.
- Credit Rebuilder Loan – Increase your credit with loan amounts from $500 to $1,000 with a 12-month term. Click here for requirements and terms.
- Bounce-free Loan – Have a negative WWFCU account balance? Fix it and re-establish credit. Rates are based on your credit score. Click here for details.
- Loan Extension – Is your WWFCU loan more than you can handle right now? Loan extensions go up to three months. Learn more about it here.
- Secured Visa – If you have bad credit but you still need a credit card, a WWFCU Secured Visa is equal to the cash in your WWFCU account. Get more info here.
- Bill Pay – Paying bills on time is easy with WWFCU’s Bill Pay through our online banking. Learn how to set up Bill Pay here.
- CardNav – Take control of your WWFCU Visa with CardNav. It lets you manage how, when and where your card is used. It also lets you set controls based on transaction type, location and retail merchants. Find out more.
- Free Financial Counseling – Need help with budgeting or debt management? We offer free counseling through our partner, GreenPath. Learn more.
If you have any questions about the WWFCU products listed above or need additional help, stop by our branch or call a Member Service Specialist at (734)721-5700.