Know your score. It’s a good idea to familiarize yourself with your credit score. Under federal law, the three major credit reporting companies –
Equifax, Experian and TransUnion –are each required to provide one free credit report to consumers each year. While the credit reports are free, keep in mind that you may need to request and pay a fee to obtain your actual credit score.
Pay bills promptly. According to myFICO.com, 35 percent of your credit score is based on your payment history. The importance of making timely payments cannot be overstated. Limit debt-to-credit available ratio. Try not to use more than 30 percent of your available credit, as a higher percentage of debt can negatively impact your score.
Tina Robinson is a senior vice president and regional manager for Union Bank, N.A., a full-service commercial bank providing an array of financial services to individuals, small businesses, middle-market companies and major corporations. Visit www.unionbank.com for more information.
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