First Bank of the Lake: 5 Tips for Boosting Your Credit

Whether you are looking to buy a house or a car, it is always a good idea to have the best credit score you can. If you are struggling to keep a good credit score, this blog is for you. Our bank at the Lake of the Ozarks is here to give you a few tips for boosting your credit. For a mortgage loan at the Lake of the Ozarks or an installment loan for your next car, call First Bank of the Lake today at 573-348-2265.

5 Tips for Boosting Your Credit

Pay your bills ON TIME.
Paying your credit card bills late can hurt your score and your chances of qualifying for a great rate on a loan. Just set yourself a reminder each month and make it a priority to pay your bill on time. This is a big deal and shouldn't be taken lightly.

Only apply for NEW credit cards when you need to.
There is such a thing as having TOO MANY credit cards. Only apply for one when you really need it. For example, if you are at the check out stand and the cashier offers you 10 percent off your purchase if you sign up for a credit card, weigh the pros and cons and decide if you really need it. Applying for too many credit cards can hurt your score too.

Avoid closing a credit card you don't use.
Unless you are having to pay an annual fee for this card you are not using, it may be in your best interest to keep it open. Having less open credit cards can hurt your score in some cases.

Keep track of your score.
How you can be expected to improve your score if you don't know what it is? You can try tracking it by using something along the lines of Credit Karma®. This way you are constantly in the know and can do things to improve your credit score when you need it.

Don't miss your payments and get organized.
Missing a payment on your credit card all together can really hurt your score. Don't let this happen to you and just develop a system for paying it and get organized. If you are the type of person that will forget often, some companies will allow you to set up online bill pay where your payment balance will just automatically be paid from an account of your choosing.

Need a Loan at the Lake of the Ozarks?

First Bank of the Lake is here for your financial needs. When you work with a local bank in Osage Beach, loan approvals and other key decisions are made locally by people who live in the community, have face-to-face relationships with our customers, and who understand local needs. Learn more and stop by today!

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