GRAND RAPIDS, Mich. (WOTV) – Are you financially fit? Do you need help either fixing your credit score or learning more about it? Maranda sat down with Patricia Van Pelt from Fifth Third Bank to talk about the importance of establishing and understanding credit.
A starting point is to know your credit score. It’s important to know what is being reported about you. And, the good news is that every consumer is entitled to a free reporter once a year. Each credit reporting company Experian, Equifax and TransUnion is required to provide you with a free copy. You can contact them directly.
Tips for making smart credit decisions
- Apply for and open new credit accounts only as needed.
- Pay more than the minimum
- Prioritize your purchases
Why a good credit score is important? Your credit score is based on your history on repaying loans and other factors. A higher score indicates to a lender that you are a responsible borrower. Potential landlords, employers and even utility companies may check your credit score before agreeing to a lease, job or contract, the cost of insurance, even the ability to rent a car.