You are more than a number, but your credit score does make a difference in your financial life, impacting everything from loan approvals to interest rates and even insurance premiums. Whether you’re establishing credit for the first time or working to recover from past credit challenges, consistent, informed actions can help improve your score over time and open new doors to your financial future.
Credit unions like Mazuma are invested in the financial well-being of our Members and communities, so we offer information (and products!) that can help you achieve your goals.
Your payment history is the single largest factor that makes up your credit score. Even one missed payment can have a negative impact, so set up automatic payments or calendar reminders to ensure you pay at least the minimum amount due by the due date, every time.
Check out our Member Payment Center for help setting up automatic bill payments!
Credit reporting errors are more common than many people realize. So, it’s important to review your credit reports from all three major credit bureaus at least once a year (annualcreditreport.com is a good resource) and dispute any inaccurate information. Correcting errors can sometimes result in a quick score increase.
If you have limited or damaged credit, tools like secured credit cards can help you establish healthy habits and a stronger credit history.
With a Secured Visa® Card from Mazuma, you can build or rebuild credit with no annual fee! Set your credit limit with a cash deposit (up to $5,000) then use your credit card to build or rebuild your credit.
Our secured cards are designed to report consistent payment activity while limiting risk. When used responsibly, they can help you establish a positive track record over time.
The length of your credit history is another important factor in your score. Closing older accounts (especially if they’re in good standing) can shorten your credit history and reduce available credit, which may also impact your credit utilization. So, keep older accounts open when possible.
Credit score increases probably won’t happen overnight. Reliable progress results from steady, responsible behavior over months and even years. But don’t be intimidated - small, consistent steps can become meaningful long-term results.
For more information about credit and debt, check out this recent blog post.
Building or rebuilding credit is less about quick fixes and more about developing good financial habits that will help in all areas of your life. With time, planning, and attention to detail, you can improve your credit score and increase the financial options that are available to you.
Remember, we’re here to help!
All credit cards are subject to approval.
Rates, terms, and conditions are subject to change and may vary based on creditworthiness and qualifications.
See a Team Member for complete details.