Among all the New Year’s resolutions you’ve made this year, fixing your finances should be one of them. Millions of people have credit problems. The average credit score is close to 700. To start off the New Year on the right foot, sit down and go over your finances and figure out how to manage your money and fix your credit.
Credit Unions are nonprofit organizations and are there to help their members. They offer lower interest rates on loans and even credit counseling. They can show you how to set a budget and keep track of your payments.
There are a few factors that could affect your credit score that you may not know.
- Parking tickets or fines – Some cities send fines for parking ticket to collections. So make sure to pay them off as soon as possible.
- Open accounts – Any unsettled accounts can linger on your credit report. Make sure and settle up on any open accounts you may have.
- Unused credit cards – That credit card that you never use could actually be hurting you. Closing it or inactivity looks negatively on your credit. Try to use it even for small purchases if possible and pay it in full.
- Owe IRS – If you owe back taxes, the IRS will get their money however they see fit, whether it is by liens or garnishing your wages. This looks bad on your credit, so try and settle with the IRS.
- Excessive credit checks – The more times you have your credit checked to open accounts the worse it looks on your credit. Make sure that a credit check is absolutely necessary. If not, try to avoid it.
Credit unions are unlike banks in that they were formed by members for members. A credit union can help you get your finances back on track while providing personal service.
For more information about how a credit union can help fix your credit, contact Brownsville’s top credit union, Valley Federal Credit Union at (956) 546-3108.