Making Money Personal

What the Heck is Credit and Why is it Important?

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Credit woes can lead to “no’s”. Learn how important your credit score is to your financial wellbeing and how to turn a potential “no” to a “yes”. Your credit score plays a role in your ability to get a car loan, an apartment, a mortgage and, in some cases, even a job.

In this episode we talk with Rosemary Gagne, one of Triangle’s Senior Loan Officers for over 17 years. With her experience using credit scores as one of the many factors used to qualify loans, Rosemary provides a substantial amount of credit knowledge for anyone trying to understand more about credit scores and their impact on the ability to borrow.

Important notes:

  • The best way to boost your score is to pay your bills on time!
  • If you are struggling to make your payments, reach out to your lender. They can help you if you need it. Don’t let your credit score take the hit.
  • Make sure you review your score regularly. Watching it can help you determine your chances of securing the loan you want.
  • You are entitled to one free credit report a year from the three big credit bureaus – Experian, Equifax, and TransUnion. You also get a quarterly report with your Better Checking account and can review your score regularly.
  • Your credit score plays an important role in the interest rate you’ll get. A higher score can get you a better rate!
  • Never charge more than 50% of your credit limit. This can hurt your score in the long run.
  • Teach your kids and family how to pay back the money they spend. Paying back what you owe is important for maintaining a healthy score.
  • “Make sure you use credit. Don’t let credit use you.” – Rosemary Gagne

    • Links:

    • Get your credit score and report with a Better Checking account
  • Use rate calculators to determine what you’ll pay in the long run
  • Try AutoSMART for easy auto research and buying
  • Get pre-approved for your auto purchase before shopping
  • Contact us today about using a Shared secure loan to build credit
  • Open a Triangle credit card to help build credit
  • Contact us for more information on one-payment loans
  • View your credit reports from Experian, Equifax, and TransUnion
  • View this episode transcript.

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    Making Money PersonalBy Triangle Credit Union
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