5 Ways to Improve Your Credit Score

By: The Whil Team

Asian woman makes online purchases over the internet using a laptop and a bank card
Share with your community

Your credit score affects your ability to get a loan, get housing, and even obtain/maintain a security clearance. Did you know that 62% of Americans have a credit score lower than 750?1 Improve your credit score with these five tips.

  1. Pay your bills on time, every time. 35% of your credit score is built on credit history. If you’re in the habit of making late payments, you have a poor credit history. Depending on how late your payments are and for how long you continue to make late payments, you could hurt your score by 10 – 100 points.
  2. Maintain a low credit card balance because the closer you reach your credit limit, the more points you’re likely to knock off your credit score. High utilization could even drag down your score by 100 points or more! A good goal for helping your credit score is to not exceed 25% of your credit limit.
  3. Refrain from constantly closing old accounts and opening new ones. Your credit score can take a hit when you open new lines of credit; plus, the age of an account factors into your score, so the longer you’ve had an account open, the better. Opening new lines of credit could decrease your credit score by 10 – 60 points.
  4. Look out for fraudulent activity. Every two seconds someone becomes a victim of identity theft.2 Identity theft can cost thousands of dollars to repair and can ruin your credit. Check your credit report for suspicious activity – like accounts you didn’t open – that may mean someone has stolen your personal information, so you have a better chance of catching fraudulent acts before they get out of hand.
  5. Periodically check your credit report for errors. You should also check your credit report for errors that may be lowering your score. In a study on the accuracy of credit reports, one in four people found errors on their reports.3 Each major credit bureau (Equifax, TransUnion, and Experian) has action steps for reporting and correcting errors; therefore, if you see a mistake, visit the reporting agency’s website.

Did you know that you can view your TransUnion credit score and access your TransUnion credit report right from your member dashboard? And it’s absolutely free! Plus, viewing them through MSA won’t negatively impact your score. You also get free 24/7 credit monitoring of all credit activity as reported by TransUnion, and alerts are sent, via email or text, for any detected activity, so you have the ability to confirm whether suspicious activity is fraudulent or not.

If you have more questions about how credit scores work, talk to your Money Coach. Every coach is a Certified Credit Counselor who can help you create an action plan to boost your credit score and provide next steps for looking through your credit reports and protecting yourself from identity theft. It’s easy to get started, call 888-724-2326 today.

1 Bell, R. “FICO Scores Reflect Slow Economic Recovery.” FICO® Banking Analytics Blog. N.p. 18 Sep. 2012. Web. 12 Jul. 2013.

2 “A New Identity Fraud Victim Every Two Seconds in 2013 According to Latest Javelin Strategy & Research Study.” javelinstrategy.com. San Francisco: Javelin Strategy & Research, 5 Feb. 2014. Web. 25 Nov. 2014.

3 “In FTC Study, Five Percent of Consumers Had Errors on Their Credit Reports that Could Result in Less Favorable Terms for Loans.” Federal Trade Commission. N.p. 11 Feb. 2013. Web. 6 Nov. 2013.

We share this article with permission. This article originally appeared here on My Secure Advantage.

Sign up for our Newsletter

Subscribe to our monthly newsletter on the latest industry updates, Rethink happenings, and resources galore. Simply follow the link to the footer and enter your email.

Related Resources

To prepare future generations for a diverse and inclusive workplace where employees feel they belong,...

Learn more about Rethink

Take care of your people with Whil’s evidenced-based solutions that support the well-being your entire employee base in all aspect of their lives - from personal to parenting, and professional

Build strong school communities and healthy, safe learning environments for all your students with RethinkEd’s evidence-based strategies and technology solutions across SEL, Special Ed, Behavioral & Training

Start, grow and manage your practice with Rethink’s workflow automation and evidenced-based clinical best practice tools that help you optimize outcomes and operations

Support your members and your provider networks with Rethink’s solutions that support autism care management across your network while offering unique value-added services to your members.

logo rethinkfirst white

Together We’re Powering Potential

Transforming the Behavioral Health landscape requires scalable platforms that address a broad range of mental, emotional, and wellness needs. At Rethink First we are proud to work across the continuum of care to help individuals and the people they care about live healthier, happier and more fulfilling lives.

The leading behavioral and mental health enterprise platform to support working parents, caregivers and their families.

Award-winning solutions empower districts and their educators to improve outcomes and wellness for all tiers of students and to build healthy and safe learning environments.

Fully integrated workflow automation and evidenced-based clinical tools help behavioral health organizations optimize outcomes and operations.

Patent-pending clinical solutions and member engagement services streamline autism care management processes and support outcomes for health plans, providers, and members.