Credit Score Update
Changes in lending rules have made your credit score even more important to your long-term economic health. In general, a credit score above 700 is considered good. A score between 600-700 is considered marginal and probably subject to higher interest rates. Scores below 600 are considered poor with borrowing nearly impossible.
Suggestions to improve your credit score:
- Make your payments on time
- Pay down your debt so the balance is 50% or less of the total credit limit
- Limit new credit inquiries
- Don’t close existing accounts after paying down the balance