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Collins Community Credit Union

About Your Credit Score

Credit scores are calculated by the length of your credit history, if you carry balances on your credit cards, if you max out your cards, how much debt you carry, if you make your loan payments on time, and more.

The FACT Act allows you the right to get one free credit report from each of the three major reporting bureaus (Equifax, Experian and TransUnion) once a year.

Your credit report will show any delinquencies you may have, and a history of all loans and credit cards in your name. Reviewing your credit report frequently also helps you ensure you haven't been a victim of identity theft. 

What can hurt your credit score Maxing out your credit cards, not paying your bills on time and opening too many new accounts in a short period of time are a few key factors that can hurt your credit score. 
 

A good way to start establishing your credit history is to open a credit card. If you're in college, you can start with a student card, or perhaps you'd like to open a card for your favorite store. Opening a store card can be a good idea because usually you get coupons and can earn points, just make sure that you're using it responsibly.

With credit cards, we recommend never carrying a balance of more than 30% of your credit limit, pay off your balance in full each month and may your payments on time.  

Loans, such as auto and student loans can also help you build credit history. Again, you want to make sure you are making your payments on time and in full. 

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